Common use of Priority; Security Matters Clause in Contracts

Priority; Security Matters. (a) The U.S. Secured Indebtedness is and shall be at all times secured by valid, perfected first priority Liens in favor of the Global Administrative Agent, covering and encumbering the Mortgaged Properties and other Properties pledged pursuant to the U.S. Security Instruments, to the extent perfection has occurred or will occur, by the recording of a mortgage, the filing of a UCC financing statement or by possession (in each case, to the extent available in the applicable jurisdiction); provided, that the priority of the Liens in favor of the Global Administrative Agent may be subject to Permitted Liens.

Priority; Security Matters. (a) The U.S. Secured Indebtedness is and shall be at all times secured by valid, perfected first priority Liens in favor of the Global Administrative Agent, covering and encumbering the Mortgaged Properties and other Properties pledged pursuant to the U.S. Security Instruments, to the extent perfection has occurred or will occur, by the recording of a mortgage, the filing of a UCC financing statement or by possession (in each case, to the extent available in the applicable jurisdiction); provided, that the priority of the Liens in favor of the Global Administrative Agent may be subject to Permitted Liens.