Enforceable and Perfected Security Interest. The provisions of this Agreement and each of the other Collateral Documents, when delivered, are effective upon proper filing to create in favor of Administrative Agent, for the benefit of the Lending Parties, a valid and enforceable security interest or other Lien in all right, title, and interest of each Loan Party in the collateral described therein. Each such security interest or other Lien in favor of Administrative Agent, to the extent the same may be perfected by the filing of a Uniform Commercial Code or PPSA financing statement, as applicable or by control (within the meaning of the Uniform Commercial Code, the PPSA or the STA, as applicable), has, except as otherwise expressly provided in any Collateral Document, been perfected. Except as otherwise expressly provided herein or in any Collateral Document, each security interest or other Lien in the Collateral described in any Collateral Document will upon proper filing by Administrative Agent constitute a perfected, first-priority security interest or other Lien in the subject Collateral, subject to no Liens other than Permitted Liens.
Appears in 4 contracts
Samples: Forbearance Agreement and Fourth Amendment to Loan and Security Agreement (TENOR CAPITAL MANAGEMENT Co., L.P.), Forbearance Agreement and Fourth Amendment to Loan and Security Agreement (DG Capital Management, LLC), Forbearance Agreement and Fourth Amendment to Loan and Security Agreement (Endurant Capital Management LP)
