Common use of First Priority Liens Clause in Contracts

First Priority Liens. Except for Permitted Liens, this Agreement, together with the Security Documents and the actions described in clauses (i), (ii) and (iii) of Section 3.2 of the Security Agreement, will create valid, perfected, first-priority security interests in the collateral described in the Security Documents, in each case enforceable against the Borrower and each of its Subsidiaries and securing the payment of all obligations purported to be secured thereby.

First Priority Liens. Except for Permitted Liens, this Agreement, together with the Security Documents and the actions described in clauses (i), (ii) and (iii) of Section 3.2 of the Security AgreementDocuments, will create valid, perfected, first-priority security interests in the collateral described in the Security Documents, in each case enforceable against the Borrower Parent and each of its Subsidiaries and securing the payment of all obligations purported to be secured thereby.

First Priority Liens. Except for Permitted Liens, this Agreement, together with the Security Documents and the actions described in clauses (i), (ii) and (iii) of Section 3.2 of the Security AgreementDocuments, will create valid, perfected, first-priority security interests in the collateral described in the Security DocumentsCollateral, in each case enforceable against the Borrower and each of its Subsidiaries Company and securing the payment of all obligations purported to be secured thereby.