Common use of Perfection; Priority Clause in Contracts

Perfection; Priority. Upon the execution and delivery of the Escrow Agreement, which is being done contemporaneously with the execution and delivery of this Security Agreement, the delivery to the Secured Party of the Collateral and the documents listed on Schedule C attached hereto, to the extent such Liens and security interests are created under applicable federal and New York laws, the security interests and Liens in the Collateral created pursuant to this Security Agreement create a valid and perfected first priority security interest, subject to the Liens listed on Schedule B attached hereto in the Existing Collateral, securing the payment of the Obligations for the benefit of the Secured Party, and enforceable as such against all creditors of the Debtor and any Persons purporting to purchase any of the Existing Collateral from the Debtor other than as permitted by the Indenture; as of the date hereof, there are not other security interests in or liens on the Existing Collateral or any portion thereof, and no financing statement, pledge, notice of lien, assignment or collateral or any portion thereof exists or is on file in any public office,

Perfection; Priority. Upon the execution and delivery of the Escrow Agreement, which is being done contemporaneously with the execution and delivery of this Security Agreement, the delivery to the Secured Party of the Collateral and the documents listed on Schedule C attached hereto, to the extent such Liens and security interests are created under applicable federal and New York laws, the security interests and Liens in the Collateral created pursuant to this Security Agreement create a valid and perfected first priority security interest, subject to the Liens listed on Schedule B attached hereto in the Existing Collateral, securing the payment of the Obligations for the benefit of the Secured Party, and enforceable as such against all creditors of the Debtor and any Persons purporting to purchase any of the Existing Collateral from the Debtor other than as permitted by the Indenture; as of the date hereof, there are not other security interests in or liens on the Existing Collateral or any portion thereof, and no financing statement, pledge, notice of lien, assignment or collateral or any portion thereof exists or is on file in any public office,, except with respect to Liens listed on Schedule B attached hereto.