Prior Security Interest Sample Clauses
The Prior Security Interest clause establishes that certain assets or collateral may already be subject to an existing security interest in favor of another creditor before the current agreement takes effect. In practice, this clause identifies and acknowledges any pre-existing liens or claims on the collateral, ensuring that all parties are aware of the priority of claims in the event of default or enforcement. Its core function is to provide transparency regarding the order of security interests, thereby managing expectations and reducing the risk of disputes over collateral priority.
Prior Security Interest a valid and enforceable perfected first priority security interest under the Code which is subject only to Liens for taxes not yet due and payable to the extent such prospective tax payments are given priority by statute.
Prior Security Interest. Except for the due and timely filing or recording of any Security Document (and except for the delivery to the Lender of any Collateral as to which possession is the only method of perfecting a security interest in or Lien on such Collateral), no further action is necessary to establish and perfect the Lender's prior security interest in or shared first Lien on all Collateral other than Collateral subject to Permitted Liens and the Lien created by the TSVLP Security Agreement.
Prior Security Interest. Secured Party acknowledged that the ----------------------- security interest of Secured Party is subject to the prior and senior security interest of Sirrom Capital Corporation.
Prior Security Interest. With regard to any other security agreement or other lien document purporting to create a prior or subordinate security interest or encumbrance on any Agency Asset, Borrower hereby agrees:
(i) to make all payments when due and to perform or comply with all covenants contained therein; (ii) to promptly deliver to Lender any notices that Borrower receives from the holder of such security interest; and (iii) not to allow any modification or extension of nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. Borrower warrants that it has disclosed in writing any such prior or subordinate security interest to Lender and that nothing in this paragraph is to be interpreted to allow Borrower to grant a prior or subordinate security interest in the Agency Assets without Lender's prior written consent.
Prior Security Interest. Except for the due and timely filing or recording of any Security Document (and except for the delivery to the Lender of any Collateral as to which possession is the only method of perfecting a security interest in or Lien on such Collateral), no