Nature of Security Interest. The pledge and grant of the Pledged Collateral pursuant to this Agreement creates a valid and perfected first priority security interest in the Pledged Collateral in favor of the Collateral Agent, acting on behalf of the Secured Parties, securing the payment of all of the Secured Obligations.
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Samples: Pledge and Security Agreement (Ce Generation LLC), Pledge and Security Agreement (Ce Generation LLC)
Nature of Security Interest. The pledge and grant of the Pledged Collateral pursuant to this Agreement creates a valid and perfected first priority security interest in the Pledged Collateral in favor of the Collateral Agent, acting on behalf of the Secured Parties, securing the payment of all of the Secured Obligations.
Appears in 2 contracts
Samples: Pledge and Security Agreement (LSP Batesville Funding Corp), Pledge and Security Agreement (LSP Batesville Funding Corp)
Nature of Security Interest. The Upon the delivery of all certificated Pledged Securities to the Security Agent and satisfaction of the other perfection requirements specified herein, the pledge and grant of the Pledged Collateral pursuant to this Pledge Agreement creates a valid and perfected first priority security interest in the such Pledged Collateral in favor of the Collateral Agent, acting on behalf of the Secured PartiesCollateral, securing the payment of all prompt and complete payment, performance and observance of the Secured Obligations.
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