Common use of Perfection of Security Interest in Collateral Clause in Contracts

Perfection of Security Interest in Collateral. The provisions of this Agreement and of each other applicable Other Document and Security Document are effective to create in favor of the Agent, for the benefit of itself and the other Secured Parties, a legal, valid and enforceable first priority security interest in all right, title and interest of the Credit Parties in each item of Collateral, except (i) in the case of any Permitted Encumbrances, to the extent that any such Permitted Encumbrance would have priority over the security interest in favor of Agent pursuant to any Applicable Law and (ii) Liens perfected only by possession or control (within the meaning of the Uniform Commercial Code) to the extent Agent has not obtained or does not maintain possession or control of such Collateral (provided that such possession or control of such Collateral shall be given to Agent to the extent such possession or control is required by the terms of this Agreement or any Other Document or Security Document).

Perfection of Security Interest in Collateral. The provisions of this Agreement and of each other applicable Other Document and Security Document are effective to create in favor of the Agent, for the benefit of itself and the other Secured Parties, a legal, valid and enforceable first priority security interest in all right, title and interest of the Credit Parties in each item of Collateral, except (i) in the case of any Permitted Encumbrances, to the extent that any such Permitted Encumbrance would have priority over the security interest in favor of Agent pursuant to any Applicable Law and Law, (ii) Liens perfected only by possession or control (within the meaning of the Uniform Commercial Code) to the extent Agent has not obtained or does not maintain possession or control of such Collateral (provided that such possession or control of such Collateral shall be given to Agent to the extent such possession or control is required by the terms of this Agreement or any Other Document or Security Document)) and (iii) Liens securing the Senior Lien Obligations.