Common use of Perfection of Security Interests in the Collateral Clause in Contracts

Perfection of Security Interests in the Collateral. The Security Documents create, as security for the Obligations, valid and enforceable, exclusive security interests in and Liens on, subject only in priority to the Liens under the Existing Credit Agreement, all of the Collateral in which any Loan Party has any right, title or interest, in favor of Administrative Agent for the benefit of the Secured Parties, subject to no other Liens, except for Permitted Liens and as enforceability may be limited by Debtor Relief Laws and equitable principles.

Perfection of Security Interests in the Collateral. The Security Documents create, as security for the Obligations, valid and enforceable, exclusive exclusive, first priority security interests in and Liens on, subject only in priority to the Liens under the Existing Credit Agreement, on all of the Collateral in which any Loan Party has any right, title or interest, in favor of Administrative Agent for the benefit of the Secured Parties, subject to no other Liens, except for Customary Permitted Liens and as enforceability may be limited by Debtor Relief Laws and equitable principles.