Common use of Priority of Security Interest Clause in Contracts

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority security interest in the Collateral, perfected where applicable (subject only to such Permitted Liens which are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien). If Borrower shall acquire a commercial tort claim in excess of Five Hundred Thousand Dollars ($500,000), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral and a first priority fixed and floating charges as set forth in the ISR Debentures (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s LienLien under this Agreement). If Borrower shall acquire a commercial tort claim in excess of Five Hundred Thousand Dollars ($500,000)claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien)Lien under this Agreement) so long as Bank has filed its UCC and PPSA financing statements (as applicable) against Borrower. If Borrower shall acquire a commercial tort claim in excess of Five Hundred Thousand Dollars ($500,000)claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s LienLien under this Agreement). If Borrower shall acquire a commercial tort claim in excess for monetary damages of Five more than One Hundred Fifty Thousand Dollars ($500,000150,000), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s LienLien under this Agreement). If Borrower shall acquire a commercial tort claim in an amount in excess of Five One Hundred Thousand Dollars ($500,000100,000) (of, if an Event of Default exists, any amount), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien)Lien under this Agreement) so long as Bank has filed its UCC and PPSA financing statements (as applicable) against Borrower. If Borrower Xxxxxxxx shall acquire a commercial tort claim in excess of Five Hundred Thousand Dollars ($500,000)claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s LienLien under this Agreement). If Borrower shall acquire a commercial tort claim with an amount at issue in excess of Five One Hundred Thousand Dollars ($500,000100,000), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that that, upon the filing of appropriate financing statements, continuation statements or other appropriate filings, the security interest granted herein and in the other Security Documents is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which are that expressly permitted pursuant to the terms or by operation of this Agreement to law have superior priority to Bank’s LienLien under this Agreement). If Borrower shall acquire a commercial tort claim in excess of Five Hundred Thousand Dollars ($500,000)claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s LienLien under this Agreement). If Borrower shall acquire a commercial tort claim in excess with a reasonably anticipated value of Five One Hundred Thousand Dollars ($500,000)100,000.00) or more, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s LienLien under this Agreement). If Borrower shall acquire a commercial tort claim in excess of Five Hundred for greater than Fifty Thousand Dollars ($500,00050,000), individually or in the aggregate, then, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to Bank’s LienLien under this Agreement). If Borrower shall acquire a commercial tort claim in excess for monetary damages of Five more than One Hundred Thousand Dollars ($500,000100,000.00), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral, perfected where applicable Collateral (subject only to such Permitted Liens which that are expressly permitted pursuant to the terms of this Agreement to have superior priority to BankLender’s LienLien under this Agreement, including, the Liens under the Senior Loan Agreement). If Borrower shall acquire a commercial tort claim in excess of Five Hundred Fifty Thousand Dollars ($500,00050,000.00), Borrower shall promptly notify Bank Lender in a writing signed by Borrower of the general details thereof and grant to Bank Lender in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to BankLender.