Common use of Perfected First Priority Security Interest Clause in Contracts

Perfected First Priority Security Interest. This Agreement 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 the Collateral and the Proceeds thereof. In the case of the certificated Pledged Securities, when stock certificates representing such Pledged Securities are delivered to the Collateral Agent and in the case of the other Collateral, when financing statements and other filings specified on Schedule 3 hereof in appropriate form are filed in the offices specified on Schedule 3 hereof and other actions described in Schedule 3 hereof are taken, this Agreement shall constitute, and will at all times constitute, a fully perfected First Priority Lien on, and security interest in, all rights, title and interest of the Grantors in such Collateral and the Proceeds thereof, as security for the Secured Obligations.

Perfected First Priority Security Interest. This Agreement 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 the Collateral and the Proceeds thereof. In the case of the certificated Pledged Securities, subject to the Intercreditor Agreement, when stock certificates representing such Pledged Securities are delivered to the Collateral Agent and in the case of the other Collateral, when financing statements and other filings specified on Schedule 3 hereof in appropriate form are filed in the offices specified on Schedule 3 hereof and other actions described in Schedule 3 hereof are taken, this Agreement shall constitute, and will at all times constitute, a fully perfected First Priority Lien on, and security interest in, all rights, title and interest of the Grantors in such Collateral and the Proceeds thereof, as security for the Secured Obligations.

Perfected First Priority Security Interest. This Agreement is effective to create in favor of the Collateral Administrative Agent for the ratable benefit of the Secured Parties/Lender, a legal, valid and enforceable security interest in the Collateral and the Proceeds proceeds thereof. In the case of the certificated Pledged SecuritiesStock, subject to compliance with Gaming Laws, when stock certificates representing such Pledged Securities Stock are delivered to the Collateral Administrative Agent and in the case of the other Collateral, when financing statements and other filings specified on Schedule 3 hereof in appropriate form are filed in the offices specified on Schedule 3 hereof and other actions described in Schedule 3 hereof are taken, this Agreement shall constitute, and will at all times constitute, a fully perfected First Priority Lien on, and security interest in, all rights, title and interest of the Grantors in such Collateral and the Proceeds proceeds thereof, as security for the Secured ObligationsObligations except as provided for herein and in the Credit Documents.

Perfected First Priority Security Interest. This Agreement is effective to create in favor of the Collateral Agent for the ratable benefit of the Secured Parties, a legal, valid and enforceable First Priority security interest in the Collateral following the execution of this Agreement, the filing of the UCC-1 financing statements and the Proceeds thereoftaking of the other perfection steps contemplated hereby. In the case of the certificated Pledged Securities, when stock certificates representing such Pledged Securities are delivered to the Collateral Agent and in the case of the other Collateral, when financing statements and other filings specified on Schedule 3 3.03 hereof in appropriate form are filed in the offices specified on Schedule 3 3.03 hereof and other actions described in Schedule 3 3.03 hereof are taken, this Agreement shall constitute, and will at all times constitute, constitute a fully perfected First Priority Lien on, and security interest in, all rights, title and interest of the Grantors in such Collateral and the Proceeds proceeds thereof, as security for the Secured Obligations.

Perfected First Priority Security Interest. This Agreement is effective to create in favor of the Collateral Agent for the ratable benefit of the Secured Parties, a legal, valid and enforceable First Priority security interest in the Collateral and the Proceeds proceeds thereof. In the case of the certificated Pledged Securities, when stock certificates representing such Pledged Securities are delivered to the Collateral Agent (or, subject to the Noteholder Intercreditor Agreement, to the Notes Collateral Agent) and in the case of the other Collateral, when financing statements and other filings specified on Schedule 3 3.03 hereof in appropriate form are filed in the offices specified on Schedule 3 3.03 hereof and other actions described in Schedule 3 3.03 hereof are taken, this Agreement shall constitute, and will at all times constitute, constitute a fully perfected First Priority Lien on, and security interest in, all rights, title and interest of the Grantors in such Collateral and the Proceeds proceeds thereof, as security for the Secured Obligations.