Common use of First Priority Lien Clause in Contracts

First Priority Lien. The pledge and grant of a security interest in, and delivery pursuant to this Pledge Agreement of, the Pledged Collateral creates a valid first priority perfected security interest on and in such Pledged Collateral, and the proceeds thereof, securing the payment of the Secured Obligations, subject to no prior lien, assuming continued possession of the original certificates, if any, evidencing the Pledged Shares constituting such Pledged Collateral by the Escrow Agent. Separately, the security interest on and in the Pledged Collateral will become a valid first priority lien upon the due filing of a UCC Financing Statement describing the Pledged Collateral in the applicable filing office in the State in which Grantor was formed.

First Priority Lien. The pledge and grant of a security interest in, and delivery of the Pledged Collateral pursuant to this Pledge Agreement ofAgreement, the Pledged Collateral creates will create a valid first priority perfected security interest Lien on and in the Pledged Collateral pledged by such Pledged CollateralPledgor, and the proceeds thereof, securing the payment of the Secured Obligations, subject to no prior lienLien, assuming continued possession of the original certificates, if any, certificates evidencing the Pledged Shares Equity constituting such Pledged Collateral by the Escrow Collateral Agent. Separately, the security interest Lien on and in the Pledged Collateral will become a valid first priority lien Lien upon the due filing of a UCC Financing Statement financing statement describing the Pledged Collateral in the applicable filing office offices in the State in which Grantor such Pledgor was formed.