Common use of Enforceable Obligation; Perfected, First Priority Security Interests Clause in Contracts

Enforceable Obligation; Perfected, First Priority Security Interests. This Agreement constitutes a legal, valid and binding obligation of the Grantor, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. The security interests granted pursuant to this Agreement 1. upon completion of the filings and other actions specified on Schedule 4 will constitute perfected security interests in the Collateral as collateral security for the Secured Obligations and 2. are prior to all other Liens on the Collateral in existence on the date hereof except for any Permitted Liens that may be permitted to have priority pursuant to the Secured Instruments.

Enforceable Obligation; Perfected, First Priority Security Interests. This Agreement constitutes a legal, valid and binding obligation of the GrantorBorrower, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. The security interests granted pursuant to this Agreement 1. upon completion of the filings and other actions specified on Schedule 4 will constitute perfected security interests in the Collateral as collateral security for the Secured Obligations and 2. are prior to all other Liens on the Collateral in existence on the date hereof except for any Permitted Liens that may be permitted to have priority pursuant to the Secured Instruments.