Common use of Security Interests in Collateral Clause in Contracts

Security Interests in Collateral. The security interests and Liens granted to the Collateral Agent pursuant to the Security Documents, together with the Financing Statements provided by the Borrower and filed and recorded on or about the Original Effective Date, constitute valid and perfected security interests in the Collateral described therein. Except as otherwise provided in the Loan Documents and the NBA Consent Letter, such security interests are not subordinate or junior to the security interests, Liens or claims of any other Person, including the United States or any department, agency or instrumentality thereof, or any state, county or local governmental agency, other than with respect to the rights of Persons pursuant to Liens expressly permitted by Section 5.09.

Security Interests in Collateral. The security interests and Liens granted to the Collateral Agent pursuant to the Security Documents, together with the Financing Statements provided by the Borrower and filed and recorded on or about the Original Effective Date, constitute valid and perfected security interests in the Collateral described therein. Except as otherwise provided in the Loan Documents and the NBA Consent Letter, such security interests are not subordinate or junior to the security interests, Liens or claims of any other Person, including the United States or any department, agency or instrumentality thereof, or any state, county or local governmental agency, other than with respect to the rights of Persons pursuant to Liens expressly permitted by Section 5.09.