Valid Perfected First Lien Sample Clauses
The 'Valid Perfected First Lien' clause establishes that a lender or secured party holds a legally enforceable and properly documented security interest in specific collateral, which takes priority over any other claims. In practice, this means the lender has completed all necessary legal steps, such as filing financing statements or taking possession of the collateral, to ensure their interest is both valid and perfected under applicable law. This clause is crucial because it assures the lender that, in the event of default, they have the first right to the collateral, thereby reducing their risk and providing certainty regarding their ability to recover the loaned funds.
Valid Perfected First Lien. The Borrower covenants that the pledge, assignment and delivery of the Pledged Bonds under this Agreement will create a valid, perfected, first priority security interest in all right, title or interest of the Borrower in or to such Pledged Bonds and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrower which would include the Pledged Bonds and the proceeds thereof. The Borrower covenants and agrees that it will defend the Administrative Agent’s right, title and security interest in and to the Pledged Bonds and the proceeds thereof against the claims and demands of all persons whomsoever.
Valid Perfected First Lien. The Company covenants that the pledge, assignment and delivery of the Pledged Bond Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Company in or to such Pledged Bond Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Company which would include the Pledged Bond Collateral. The Company covenants and agrees that it will defend the Bank's right, title and security interest in and to the Pledged Bond Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.
Valid Perfected First Lien. 9 9.4 Release of Pledged Bonds........................................................................9 ARTICLE X MISCELLANEOUS.........................................................................................10 10.1 Transfer of Letter of Credit...................................................................10 10.2 Reduction of Letter of Credit..................................................................10 10.3 Liability of the Issuing Lender................................................................11
Valid Perfected First Lien. The Company covenants that the pledge, assignment and delivery of the Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Company in or to such Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Company which would include the Collateral. The Company covenants and agrees that it will defend the Bank's right, title and security interest in and to the Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.
Valid Perfected First Lien. The Borrower covenants that the pledge, assignment and delivery of the Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Borrower in or to such Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrower which would include the Collateral. The Borrower covenants and agrees that it will defend the Bank's right, title and security interest in and to the Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.
Valid Perfected First Lien. The Applicant and the Operator covenant that the pledge, assignment and delivery of the Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Applicant and the Operator in or to such Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Applicant or the Operator which would include the Collateral. The Applicant and the Operator covenant and agree that they will defend the Bank's right, title and security interest in and to the Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.
Valid Perfected First Lien. 27 9.4 Release of Pledged Bonds.......................................................................28