Automatic perfection definition
Automatic perfection means that the security interest is effective against third parties as soon as it attaches (that is (1) a security agreement concluded, (2) value given by the secured party,
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Related to Automatic perfection
Excluded Perfection Assets means, collectively:
Perfection Representations means the representations, warranties and covenants set forth in Schedule 1 attached hereto.
Discharge of First Lien Obligations shall have the meaning assigned to such term in the Intercreditor Agreement.
Discharge of Term Obligations shall have the meaning provided in the Intercreditor Agreement.
Equitable Defenses means any bankruptcy, insolvency, reorganization and other laws affecting creditors’ rights generally, and with regard to equitable remedies, the discretion of the court before which proceedings to obtain same may be pending.