Perfection; Priority. The Administrative Agent, as agent for the Banks, -------------------- will have a valid, perfected first priority lien or security interest, as applicable, in the Hotel Property (including without limitation the Participating Lessee Pledged Property through the Collateral Assignment and Security Agreement), subject only to the Permitted Encumbrances.
Appears in 2 contracts
Sources: Credit Agreement (American General Hospitality Corp), Credit Agreement (American General Hospitality Corp)