Common use of Priority of Security Interests Clause in Contracts

Priority of Security Interests. Each of the security interests granted by the GUARANTOR to the SECURED PARTIES pursuant to this AGREEMENT shall be a perfected first priority security interest in the COLLATERAL, except for PERMITTED LIENS which by operation of law or the written consent of the ADMINISTRATIVE AGENT constitute prior encumbrances.

Priority of Security Interests. Each of the security interests LIENS granted by the GUARANTOR BORROWER to the SECURED PARTIES pursuant to this AGREEMENT any of the CREDIT DOCUMENTS shall be a perfected first priority security interest in the COLLATERALLIENS, except for PERMITTED LIENS which by operation of law or the written consent of the ADMINISTRATIVE AGENT constitute prior encumbrances.