Common use of Perfected Second Priority Liens Clause in Contracts

Perfected Second Priority Liens. The security interests in the Revolving Lender Priority Collateral granted pursuant to this Agreement (a) upon completion of the filings and other actions specified on Schedule 4 (which, in the case of all filings and other documents referred to on such Schedule 4, have been delivered to the Administrative Agent in completed and duly executed form) will constitute valid perfected security interests in all of the Revolving Lender Priority Collateral in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor's Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Revolving Lender Priority Collateral from such Grantor and (b) are prior to all other Liens on the Revolving Lender Priority Collateral in existence on the date hereof except for (x) Liens securing the ABL Facility and (y) Liens permitted by the Loan Agreement which have priority over the Liens on the Revolving Lender Priority Collateral.

Perfected Second Priority Liens. The security interests in the Revolving Lender Second Priority Collateral Interests granted pursuant to this Agreement (a) upon completion of the filings and other actions specified on Schedule 4 3 (which, in the case of all filings and other documents referred to on such Schedule 4said Schedule, have been delivered to the Administrative Collateral Agent in completed and and, if applicable, duly executed form) will constitute valid perfected security interests in all of the Revolving Lender Second-Priority Collateral other than the IRB Deposit Accounts in favor of the Administrative Collateral Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor's ’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Revolving Lender Second-Priority Collateral from such Grantor and (b) are prior to all other Liens on the Revolving Lender Second-Priority Collateral in existence on the date hereof except for (x) Liens securing the ABL Facility and (y) Liens permitted by all of the Loan Agreement which Secured Debt Documents that have priority over the Liens on the Revolving Lender Second-Priority CollateralCollateral granted hereby by operation of law.

Perfected Second Priority Liens. The security interests in the Revolving Lender Priority Collateral granted pursuant to this Agreement (a) upon completion of the filings and other actions specified on Schedule 4 (which, in the case of all filings and other documents referred to on such Schedule 4, have been delivered to the Administrative Agent in completed and duly executed form) will constitute valid perfected security interests in all of the Revolving Lender Priority Collateral in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor's ’s Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Revolving Lender Priority Collateral from such Grantor and (b) are prior to all other Liens on the Revolving Lender Priority Collateral in existence on the date hereof except for (x) Liens securing the ABL Facility and (y) Liens permitted by the Loan Agreement which have priority over the Liens on the Revolving Lender Priority Collateral.