Security Interests; Collateral Sample Clauses
Security Interests; Collateral. (a) The Collateral Agreements are effective to create in favor of the Pari Passu Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral and, in each case subject to the terms of the Intercreditor Agreement, (i) the Security Agreement constitutes a fully perfected Lien on, and security interest in, all right, title and interest of the grantors thereunder in such portion of the Collateral in which a security interest may be perfected by the filing of a financing statement under the applicable Uniform Commercial Code, in each case prior and superior in right to any other Person (except that it ranks as Pari Passu Indebtedness with respect to each other holder of other Pari Passu Obligations), other than Permitted Liens having priority under Legal Requirements, and (ii) the Security Agreement creates a fully perfected first priority Lien on, and security interest in, all right, title and interest of the pledgors thereunder in the Collateral that has been delivered to the Collateral Agent (to the extent it constitutes a certificated security or an instrument under the applicable Uniform Commercial Code), in each case prior and superior in right to any other Person (except that it shall rank as Pari Passu Indebtedness with respect to each other holder of other Pari Passu Obligations), other than Permitted Liens having priority under Legal Requirements.
(b) Each Ship Mortgage is effective to create in favor of the Collateral Agent for the ratable benefit of the Secured Parties a legal, valid and enforceable security interest in all Collateral (as defined in such Mortgage) and constitutes a perfected preferred mortgage Lien on all right, title and interest of the applicable Credit Party thereunder in the applicable Vessel, prior and superior in right to any other Person, other than Permitted Liens, and constitutes a “preferred mortgage” within the meaning of Section 31301(6) of Title 46 of the United States Code, entitled to the benefits accorded a preferred mortgage on a foreign vessel, in the case of Vessels not registered under the laws and flag of the United States, and in the case of Vessels registered under the laws and flag of the United States, constitutes a “preferred mortgage” within the meaning of Section 31301(6) of Title 46 of the United States Code, entitled to the benefits accorded a preferred mortgage on a registered vessel under the laws and flag of the United States.
(c...
Security Interests; Collateral. 54 7.2 Guaranties ..................................................... 55
Security Interests; Collateral. As security for the full and timely payment and performance of all obligations of the Borrower hereunder and under the other Loan Documents, now existing or hereafter arising, the Borrower and each of its Subsidiaries (which is a Collateral Guarantor) have granted to the Collateral Agents for the benefit of the Administrative Agent, the Collateral Agents, and the Lenders a valid, binding, enforceable, duly perfected security interest in the Collateral (second in priority only to Prior Permitted Liens and as set forth in the Intercreditor Agreement).
Security Interests; Collateral. As security for the full and timely payment and performance of all obligations of the Company hereunder, now existing or hereafter arising, the Company has granted to Barclays a valid, binding, enforceable, duly perfected first priority security interest in the Collateral pursuant to the Security Agreement.
Security Interests; Collateral. Pursuant to the Financing Order, as security for the full and timely payment and performance of all obligations of the Company hereunder, now existing or hereafter arising, SC Michigan has granted to the Issuing Bank a valid, binding, enforceable, duly perfected security interest in the Collateral Account and the Company has granted to the Issuing Bank a valid, binding, enforceable, duly perfected security interest in the Propco Collateral Account. Without limiting the generality of the foregoing, (a) the repayment of the Other Obligations shall be granted a first administrative priority claim by the Bankruptcy Court pursuant to Section 364(d) of the Bankruptcy Code, with priority and superpriority over (i) any and all other Liens and claims against the property of the Company or the Collateral existing on the Filing Date, and (ii) priority claims (including administrative expenses) alleging priority pursuant to Section 503, Section 506(c) or Section 507 of the Bankruptcy Code, heretofore or hereafter arising or incurred in the Chapter 11 Cases or in any superseding case or cases under any chapter of the Bankruptcy Code and (b) the repayment of the Reimbursement Obligations and all other obligations of the Company arising under this Agreement shall be secured by a first priority security interest and Lien on the Collateral pursuant to the Financing Order and the Collateral Documents.
Security Interests; Collateral