First Priority Perfected Security Interest. Upon the filing ------------------------------------------ of UCC financing statements and Agent's taking possession of the certificates representing the stock included in the Collateral, this Agreement creates in favor of the Agent a first priority perfected security interest in the Collateral. There are no conditions precedent to the effectiveness of this Agreement that have not been fully and permanently satisfied.
Appears in 6 contracts
Samples: Credit Agreement (Cellstar Corp), Credit Agreement (Cellstar Corp), Pledge Agreement (Cellstar Corp)