Common use of Lien Priority and Perfection Clause in Contracts

Lien Priority and Perfection. The security interest in the Collateral created pursuant to this Security Agreement creates a valid and binding security interest in the Collateral, securing the performance and payment of the Secured Obligations, and such security interests will be perfected first priority security interests upon the filing of appropriate financing statements naming the Debtor as debtor and Collateral Agent as collateral agent in the jurisdictions set forth on the attached Schedule 3.2, or as otherwise notified to the Collateral Agent, to the extent such interest may be perfected under the UCC.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Pride International Inc), Term Loan Agreement (Pride International Inc)

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Lien Priority and Perfection. The security interest in the Collateral created pursuant to this Security Agreement creates a valid valid, binding, and binding first priority security interest in the Collateral, securing the payment, performance and payment observance of the Secured Obligations, and such security interests will be perfected first priority security interests upon the filing of appropriate financing statements naming the Debtor as debtor and Collateral Agent Secured Party as collateral agent secured party in the jurisdictions set forth on the attached Schedule 3.23.7, or as otherwise notified to the Collateral Agent, in each case only to the extent such interest may be perfected by the filing of a financing statement under the UCC.

Appears in 1 contract

Samples: Security Agreement (Probex Corp)

Lien Priority and Perfection. The security interest in the Collateral created pursuant to this Security Agreement creates a valid valid, binding, and binding perfected first priority security interest in the CollateralCollateral except for any certificated motor vehicles, securing the payment, performance and payment observance of the Secured Obligations, and such security interests will be perfected first priority security interests upon the filing of appropriate financing statements naming the Debtor as debtor and Collateral Agent Secured Party as collateral agent secured party in the jurisdictions set forth on the attached Schedule 3.2, or as otherwise notified to the Collateral Agent3.06, to the extent such interest may be perfected under the UCC.

Appears in 1 contract

Samples: Credit Agreement (Global Industries LTD)

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Lien Priority and Perfection. The security interest in the Collateral created pursuant to this Security Agreement creates a valid valid, binding, and binding perfected first priority security interest in the Collateral, securing the payment, performance and payment observance of the Secured Obligations, and such security interests will be perfected first priority security interests upon the filing of appropriate financing statements naming the Debtor as debtor and Collateral Agent Secured Party as collateral agent secured party in the jurisdictions set forth on the attached Schedule 3.2, or as otherwise notified to the Collateral Agent3.05, to the extent such interest may be perfected under the UCC.

Appears in 1 contract

Samples: Credit Agreement (Global Industries LTD)

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