Common use of Collateral; Security Interest Clause in Contracts

Collateral; Security Interest. Each Security Document is effective to create in favor of the Lenders a legal, valid and enforceable security interest in the Collateral subject thereto and each such security interest upon the filing of all UCC financing statements and Short-Form IP Security Agreements naming Borrower and the Subsidiary Guarantors as debtor shall be perfected to the extent required by (and has the priority required by) the applicable Security Document to the extent the same may be perfected by the filing of a financing statement or a Short-Form IP Security Agreement. The Security Documents collectively are effective to create in favor of the Lenders a legal, valid and enforceable security interest in the Collateral, which security interests are first-priority (except with respect to Permitted Priority Liens).

Collateral; Security Interest. Each Security Document is effective to create in favor of the Lenders Secured Parties a legal, valid and enforceable security interest in the Collateral subject thereto and each such security interest upon the filing of all UCC financing statements and Short-Form IP Security Agreements naming Borrower and the Subsidiary Guarantors as debtor shall be perfected to the extent required by (and has the priority required by) the applicable Security Document to the extent the same may be perfected by the filing of a financing statement or a Short-Form IP Security Agreement. The Security Documents collectively are effective to create in favor of the Lenders Secured Parties a legal, valid and enforceable security interest in the Collateral, which security interests are first-priority (except with respect subject only to Permitted Priority Liens).

Collateral; Security Interest. Each Security Document is effective to create in favor of Administrative Agent for the Lenders benefit of the Secured Parties a legal, valid and enforceable security interest in the Collateral subject thereto and each such security interest and, upon the filing of all UCC financing statements and Short-Form IP other steps required to be taken by Administrative Agent on behalf of the Lenders under the Security Agreements naming Borrower and the Subsidiary Guarantors as debtor shall be Documents, each such security interest is perfected to the extent required by (and has the priority required by) the applicable Security Document to the extent the same may be perfected by the filing of a financing statement or a Short-Form IP Security AgreementDocument. The Security Documents collectively are effective to create in favor of Administrative Agent for the Lenders benefit of the Secured Parties a legal, valid and enforceable security interest in the Collateral, which security interests are first-priority (except with respect subject only to Permitted Priority Liens)) to the extent required by the Security Documents.