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 each Grantor, enforceable against such Grantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors' rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and the security interests granted pursuant to this Agreement (a) upon-completion of the filings and other actions specified in Schedule I hereto shall constitute perfected security interests in the Collateral (other than as to the Specified Equipment) in favor of the Administrative Agent for the ratable benefit of the Secured Parties, and (b) are prior to all other Liens on the Collateral in existence on the date hereof, except for any Specified Liens and Select Liens.

Enforceable Obligation; Perfected, First Priority Security Interests. This Agreement constitutes a legal, valid and binding obligation of each such Grantor, enforceable against such Grantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors' rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and the security interests granted pursuant to this Agreement (a) upon-upon completion of the filings and other actions specified in Schedule SCHEDULE I attached hereto shall constitute perfected security interests in the such Collateral (other than as to the Specified Equipment) in favor of the Administrative Collateral Agent for the ratable benefit of the Secured Parties, and (b) are prior to all other Liens (other than Permitted Liens) on the such Collateral in existence on the date hereof, except for any Specified Liens and Select Liens.

Enforceable Obligation; Perfected, First Priority Security Interests. This Agreement constitutes a legal, valid and binding obligation of each Grantor, enforceable against such Grantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors' rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and the security interests granted pursuant to this Agreement (a) upon-completion of the filings and other actions specified in Schedule I hereto shall constitute perfected security interests in the Collateral (other than as to the Specified Equipment) in favor of the Administrative Agent for the ratable benefit of the Secured Parties, and (b) are prior to all other Liens on the Collateral in existence on the date hereof, except for (i) any Specified Liens, (ii) any Select Liens and Select Liens(iii) Liens granted pursuant to the Senior Security Agreement.

Enforceable Obligation; Perfected, First Priority Security Interests. This Agreement constitutes a legal, valid and binding obligation of each Grantor, enforceable against such Grantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors' rights generally and except as enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and the security interests granted pursuant to this Agreement (a) upon-upon completion of the filings and other actions specified in Schedule I attached hereto shall constitute perfected security interests in the Collateral (other than as to the Specified Equipment) in favor of the Administrative Agent for the ratable benefit of the Secured Parties, and (b) are prior to all other Liens on the Collateral in existence on the date hereof, except for (i) any Specified Liens and (ii) any Select Liens.