Common use of Perfection and Priority of Liens Clause in Contracts

Perfection and Priority of Liens. The Lenders shall have received satisfactory evidence that the Administrative Agent, on behalf of the holders of the Obligations, shall have a valid and perfected first priority Lien in the Collateral (subject to Permitted Liens).

Perfection and Priority of Liens. The Lenders shall have received satisfactory evidence that the Administrative Collateral Agent, on behalf of the holders of the ObligationsLenders, shall have a valid and perfected first priority Lien in the Collateral (subject to Permitted Liens).