Unperfected Sample Clauses

Unperfected is not subject to a first priority (subject to any Permitted Liens arising by operation of law) perfected Lien in favor of the Collateral Agent as to such Inventory;

Unperfected. Inventory that is not subject to a first priority Lien in favor of Administrative Agent on behalf of itself and the Secured Parties (unless the Administrative Agent’s Liens are subject only to (i) Prior Claims not yet due and payable in respect of which the Credit Party maintains sufficient cash reserve for payment or (ii) Liens described in subsection 5.1(d) (subject to Reserves));

Unperfected. 9-322(a)(2): A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien.

Unperfected. 9-322(a)(3): The first security interest to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected. Future Advances A future advances clause is a provision in a security agreement that secures any advances that the secured party may make or is obligated to make under the terms of the security agreement. Some security agreements go even further, covering all obligations owed to the debtor by the creditor through an all obligations clause. In General. Under 9-204(c) collateral may secure future as well as past or present advances if the security agreement so provides. Any future advances made by the secured party to the debtor are secured by the original collateral.

Unperfected. Inventory that is not subject to a first priority Lien in favor of Agent on behalf of itself and the Secured Parties, except for Liens described in subsection 5.1(d) (subject to Reserves); provided, the amount of Eligible Inventory located in Canada shall be limited to the Dollar equivalent amount of $700,0000 unless, at Borrower’s request, Agent shall obtain an opinion of Canadian counsel opining as to the perfection and enforceability of Agent’s Liens on Inventory located in Canada;