Common use of First Mortgage Liens Clause in Contracts

First Mortgage Liens. The Liens granted to the Collateral -------------------- Agent for the benefit of the Banks pursuant to the First Mortgages constitute a valid first priority Lien under applicable law, subject only to Permitted Liens. All such action as will be necessary or advisable to establish such Lien of the Collateral Agent and its priority as described in the preceding sentence will be taken at or prior to the time required for such purpose, and there will be as of the date of execution and delivery of the First Mortgages not necessity for any further action in order to protect, preserve and continue such Lien and such priority.

First Mortgage Liens. The Liens granted to the Collateral --- -------------------- Agent for the benefit of the Banks pursuant to the First Mortgages constitute a valid first priority Lien under applicable law, subject only to Permitted Liens. All such action as will be necessary or advisable to establish such Lien of the Collateral Agent and its priority as described in the preceding sentence will be taken at or prior to the time required for such purpose, and there will be as of the date of execution and delivery of the First Mortgages not necessity for any further action in order to protect, preserve and continue such Lien and such priority.