Common use of Perfection and Priority Clause in Contracts

Perfection and Priority. Except for Permitted Encumbrances, the Security Interest is a valid and perfected first priority lien, security title or security interest in the Collateral in favor of Administrative Agent, for the benefit of Administrative Agent and Lenders, securing, in accordance with the terms of the Security Documents, the Obligations, and the Collateral is subject to no Lien other than permitted pursuant to Subsection 3.2. The Security Interest is enforceable as security for the Obligations in accordance with its terms.

Perfection and Priority. Except for Permitted Encumbrances, the The Security Interest is a valid and perfected first priority lien, security title or security interest in the Collateral in favor of Administrative Agent, for the benefit of Administrative Agent itself and Lenders, securing, in accordance with the terms of the Security Documents, the Obligations, and the Collateral is subject to no Lien other than permitted pursuant to Subsection 3.2. The Security Interest is enforceable as security for the Obligations in accordance with its terms.

Perfection and Priority. Except for Permitted Encumbrances, the The Security Interest is a valid and perfected first priority lien, security title or security interest in the Collateral in favor of Administrative Agent, for the benefit of Administrative Agent itself and Lenders, securing, in accordance with the terms of the Security Documents, the Obligations, and the Collateral is subject to no Lien other than as permitted pursuant to Subsection 3.23.2 or as set forth on Schedule 5.19. The Security Interest is enforceable as security for the Obligations in accordance with its terms.

Perfection and Priority. Except for Permitted Encumbrances, the Security Interest is a valid and perfected first priority lien, security title or security interest in the Collateral in favor of Administrative Agent, for the benefit of Administrative Agent and LendersLender, securing, in accordance with the terms of the Security Documents, the Obligations, and the Collateral is subject to no Lien other than permitted pursuant to Subsection 3.2. The Security Interest is enforceable as security for the Obligations in accordance with its terms.

Perfection and Priority. Except for Permitted Encumbrances, the The Security Interest is a valid and ----------------------- perfected first priority lien, security title or security interest in the Collateral in favor of Administrative Agent, for the benefit of Administrative Agent and Lenders, Lender securing, in accordance with the terms of the Security Documents, the Obligations, and the Collateral is subject to no Lien other than permitted pursuant to Subsection 3.2. The Security Interest is enforceable as security for the Obligations in accordance with its terms.

Perfection and Priority. Except for Permitted Encumbrances, the Security Interest is a valid and perfected first priority lien, security title or lien security interest in the Collateral in favor of Administrative Agent, for the benefit of Administrative Agent and Lenders, securing, in accordance with the terms of the Security Documents, the Obligations, and the Collateral is subject to no Lien other than permitted pursuant to Subsection Section 3.2. The Security Interest is enforceable as security for the Obligations in accordance with its terms.

Perfection and Priority. Except for Permitted Encumbrances, the The Security Interest is a valid and perfected first priority lien, security title or security interest in the Collateral in favor of Administrative Agent, for the benefit of Administrative Agent itself and Lenders, securing, in accordance with the terms of the Security Documents, the Obligations, and the Collateral is subject to no Lien other than as permitted pursuant to Subsection 3.23.2 or as set forth on Schedule 5.19. The Security Interest is enforceable as security for the Obligations in accordance with its terms.. Third Amended and Restated Credit Agreement/D&E Communications, Inc.