Common use of First Priority Security Interest Clause in Contracts

First Priority Security Interest. All actions necessary to establish that the Administrative Agent will have a perfected first priority security interest (subject only to Permitted Encumbrances to be prior to such first priority security interest) in the Collateral shall have been taken.

First Priority Security Interest. All actions Take all reasonable steps necessary to establish that or reasonably requested of it by the Administrative Agent will have to maintain a perfected first priority (except with respect to Liens permitted by Section 7.2) security interest (subject only to Permitted Encumbrances to be prior to such first priority security interest) in the Collateral shall have been takenevidenced by the Lien in favor of the Collateral Agent on behalf of the Lenders and the other Senior Lenders (as such term is defined in the Security Agreement).

First Priority Security Interest. All actions necessary to establish that the Administrative Agent will have a perfected first priority security interest (subject only to Permitted Encumbrances Liens to be prior to such first priority security interest) in the Collateral shall have been taken.