Collateral; Security Interest. Each Security Document is effective to create in favor of the Administrative Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest, as security for the Obligations, in the Collateral subject to such Security Document and each such security interest is perfected on a first-priority basis (subject only to Permitted Priority Liens).
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Samples: Forbearance Agreement and Second Amendment to Credit Agreement and Guaranty (Icagen, Inc.), Forbearance Agreement and First Amendment to Credit Agreement and Guaranty (Icagen, Inc.), Forbearance Agreement and First Amendment to Credit Agreement and Guaranty (Icagen, Inc.)
Collateral; Security Interest. Each Security Document is effective to create in favor of the Administrative Agent (for the benefit of the Secured Parties) Parties a legal, valid and enforceable security interest, as security for the Obligations, interest in the Collateral subject to such Security Document thereto and each such security interest is perfected on to the extent required by (and has the priority required by) the applicable Security Document. The Security Documents collectively are effective to create in favor of Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable security interest in the Collateral, which security interests are first-priority basis (subject only to Permitted Priority Liens).
Appears in 2 contracts
Samples: Term Loan Agreement (NeuroPace Inc), Term Loan Agreement (NeuroPace Inc)
Collateral; Security Interest. Each Security Document is effective to create in favor of the Administrative Agent (for the benefit of the Secured Parties) Parties a legal, valid and enforceable security interest, as security for the Obligations, interest in the Collateral subject to such Security Document thereto and each such security interest is perfected on to the extent required by (and has the priority required by) the applicable Security Document. The Security Documents collectively are effective to create in favor of Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable security interest in the Collateral, which security interests are first-priority basis (subject only to Permitted Priority Liens), in each case to the extent required by the Security Documents.
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Samples: Term Loan Agreement (EyePoint Pharmaceuticals, Inc.)
Collateral; Security Interest. Each Security Document is effective to create in favor of the Administrative Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest, as security for the Obligations, interest in the Collateral subject to such Security Document and each thereto and, such security interest is perfected on a firstto the extent required by (and has the priority required by) the Security Documents, except to the extent that the creation, perfection or priority of such security interest is subject to the completion of any Post-priority basis (subject only to Permitted Priority Liens)Closing Action.
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Collateral; Security Interest. Each Security Document is effective to create in favor of the Administrative Agent (for the benefit of the Secured Parties) Parties a legal, valid and enforceable security interest, as security for the Obligations, interest in the Collateral subject to such Security Document thereto and each such security interest is perfected on to the extent required by (and has the priority required by) the applicable Security Document. The Security Documents collectively are effective to create in favor of Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable security interest in the Collateral, which security interests are first-priority basis (subject only to Permitted Priority Liens)) to the extent required by the Security Documents.
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