Security Interest and Liens. Each of the Security Documents creates and grants to Agent, for its own benefit and for the benefit of the Lenders, a legal, valid and enforceable first priority (except as permitted pursuant to Section 6.02 hereof) Security Interest in the Collateral identified therein, and when the appropriate recordings and filings have been effected in the applicable public offices, each of the Security Documents will constitute a perfected Security Interest in all such Collateral, prior and superior to all other Security Interests with respect to such Collateral, except as permitted under the Financing Documents. Such Collateral is not subject to any other Liens whatsoever and no Credit Party or any of its Affiliates has made or assumed any contract or other arrangement that could give rise to any Lien on all or any portion of the Collateral, except Liens permitted by Section 6.02 hereof. No Credit Party or any of its Affiliates is under any contractual restriction which would prohibit it from granting such perfected first priority Security Interests in the Collateral except as disclosed on Exhibit P annexed hereto.
Security Interest and Liens. Except for Permitted Encumbrances, the security interests and liens granted herein and in the Loan Documents constitute and shall at all times constitute valid first priority perfected liens and the only liens on the Collateral; the Borrower is the absolute owner of its Collateral with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or liens in favor of others, except for the Permitted Encumbrances; and the Equipment does not comprise a part of the Inventory of the Borrower and the Equipment is and will only be used by the Borrower in its business and will not be held for sale or lease, or removed from its premises, or otherwise disposed of by the Borrower without the prior written approval of the Agent, except as otherwise permitted under Section 9.03 hereof.
Security Interest and Liens. The Security Instruments create, as security for the Obligations, valid and enforceable first perfected first priority security interests in and Liens on all of the Collateral in favor of the Lender and subject to no other Liens other than Permitted Liens. Such security interests in and Liens on the Collateral shall be superior to and prior to the rights of all third parties in the Collateral, and, other than in connection with any future change in the name of the a Loan Party or the location in which a Loan Party is organized or registered, no further recordings or filings are or will be required in connection with the creation, perfection or enforcement of such security interests and Liens, other than the filing of continuation statements in accordance with applicable Laws.
Security Interest and Liens. Section 10.4 of the Credit Agreement is hereby amended by deleting the word "and" from the end of ss.10.4(h), replacing the period at the end of ss.10.4(i) (as added by the Third Amendment) with the phrase "; and", and adding the following new ss.10.4(j):
Security Interest and Liens. The Security Documents are effective to create, as security for the obligations of the Loan Parties to the Administrative Agent and the Lenders under the Loan Documents, valid and enforceable security interests in and Liens on all of the Collateral in favor of the Administrative Agent, subject to no other Liens, other than Permitted Liens, and such security interests in and Liens on the Collateral shall be superior to and prior to the rights of all third parties (other than for such Permitted Liens or Liens arising by operation of law under the UCC or other applicable Law) and, upon the recordations and filings contemplated by Section 5.7(d), the security interests and Liens created under the Security Documents shall constitute perfected security interest and Liens to the extent the perfection thereof is achieved through the filing of financing statements under the Uniform Commercial Code as in effect in the jurisdiction in which the applicable Loan Party is located for purposes of the UCC.
Security Interest and Liens a. Company acknowledges that NewRoads may haves a warehousemen's statutory lien on the Merchandise, as provided for by the laws of the States in which the Merchandise is being warehoused.
Security Interest and Liens. (a) Each Security Agreement is effective to create in favor of the Lender, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral (as defined in such Security Agreement , subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law and, when (i) the property constituting such Collateral (for which possession is required for perfection) is delivered to the Lender, (ii) the financing statements in appropriate form are filed in the offices specified on Schedule 6 to the Perfection Certificate and (iii) all other applicable filings under the Uniform Commercial Code or otherwise that are required under the Loan Documents are made, the security interests and liens granted pursuant to each Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the grantors thereunder in such Collateral, in each case prior and superior in right to any other Person, other than with respect to Liens expressly permitted by Section 7.3.
Security Interest and Liens. The Security Agreement, the Durocraft Security Agreement and the Pledge Agreement create in favor of the Agent and the Lenders valid 'and enforceable Liens on the Collateral described therein which secure the payment and performance of the Obligations, including without limitation, all future Advances pursuant to this Agreement and the Notes and all extensions, renewals and other modifications thereof Upon the filing of Uniform Commercial Code Financing Statements naming Borrower or Durocraft, as Craftmade International, Inc. Second Amended and Restated Credit Agreement
Security Interest and Liens. Borrower hereby grants to Lenders a security interest in the Funds Held Account to secure the obligations of Borrower to Lenders. Lenders will not accept liens or claims on the Funds Held Account from other creditors of the Borrower. Borrower acknowledges that there are no other claims against the Funds Held Account as of the date of this Master Agreement. For so long as funds are on deposit in the Funds Held Account, the Borrower hereby appoints the Lenders and each of them as its attorneys-in-fact for the following purposes: to do all acts and things which the Lenders may deem necessary or advisable to perfect and continue to perfect the security interest created by this Agreement and, upon an Event of Default to preserve, process, develop, maintain and protect the collateral, to protect the Lenders' security interest therein and to take such actions as will enable the Lenders to receive the benefit of their security interest in the funds in the Funds Held Account.
Security Interest and Liens. (i) The Borrower further warrants and represents that, from and after entry of the Interim Order, except for the Permitted Encumbrances, the security interests granted herein constitute and shall at all times constitute the first liens on the Collateral; that, except for the Permitted Encumbrances and the Tax Liens (as to which, from and after entry of the Interim Order, the Borrower warrants and represents that the liens granted under this Financing Agreement shall be senior to and shall prime the Tax Liens), the Borrower is the absolute owner of the Collateral with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or liens in favor of others; and that the Equipment does not comprise a part of the Inventory of the Borrower and that the Equipment is and will only be used by the Borrower in its business and will not be held for sale or lease, or removed from its premises, or otherwise disposed of by the Borrower without the prior written approval of Lenders Agent or as otherwise expressly permitted by this Financing Agreement.
