Common use of First Perfected Security Interest Clause in Contracts

First Perfected Security Interest. The Security Agreement is effective to create in favor of the Secured Parties (as defined therein) a legal, valid and enforceable first lien on and security interest in all of the collateral purported to be covered thereby, and all filings, recordings and other actions that are necessary in order to establish, preserve and perfect the Secured Parties' lien on, and security interest in, the collateral as a legal, valid and enforceable first lien and security interest, shall have been duly effected upon the due filing of the Uniform Commercial Code financing statements, except that the foregoing representation shall not be deemed to be violated as a result of the existence or priority of any lien permitted under Section 8.02 hereof.

First Perfected Security Interest. The Security Agreement is effective to create in favor of the Secured Parties (as defined therein) a legal, valid and enforceable first lien on and security interest in all of the collateral purported to be covered thereby, and all filings, recordings and other actions that are necessary in order to establish, preserve and perfect the Secured Parties' lien on, and security interest in, the collateral as a legal, valid and enforceable first lien and security interest, shall have been duly effected upon by the due filing of the Uniform Commercial Code financing statements, except that the foregoing representation shall not be deemed to be violated as a result of the existence or priority of any lien permitted under Section 8.02 hereof8.02.