Common use of PERFECTION AND PRIORITY OF SECURITY Clause in Contracts

PERFECTION AND PRIORITY OF SECURITY. Silicon shall have received evidence satisfactory to it that its security interest in the Collateral has been duly perfected and that such security interest is prior to all other liens, charges, security interests, encumbrances and adverse claims in or to the Collateral other than Permitted Liens, which evidence shall include, without limitation, a certificate from the appropriate state agencies showing the due filing and first priority of the UCC Financing Statements to be signed by the Borrower covering the Collateral, and evidence of the due filing of any Security Agreement in Copyrighted Works with the U.S. Copyright Office or other security documents required by Silicon.

PERFECTION AND PRIORITY OF SECURITY. Silicon shall have received evidence satisfactory to it that its security interest in the Collateral has been duly perfected and that such security interest is prior to all other liens, charges, security interests, encumbrances and adverse claims in or to the Collateral other than Permitted Liens, which evidence shall include, without limitation, a certificate from the appropriate state agencies showing the due filing and first priority of the UCC Financing Statements to be signed by the Borrower covering the Collateral, and evidence of the due filing of any Intellectual Property Security Agreement in Copyrighted Works with the U.S. Copyright Office or other security documents required by Silicon.