Security Interest and Priority Clause Samples
The 'Security Interest and Priority' clause establishes the lender's legal right to claim specific collateral if the borrower defaults on their obligations. It typically details how the security interest is created, perfected, and maintained, and may specify the order of priority among multiple creditors, such as by requiring registration of the interest or prohibiting the borrower from granting higher-ranking claims to others. This clause ensures that the lender's claim to the collateral is enforceable and prioritized over other claims, thereby reducing the lender's risk and clarifying the hierarchy of creditor rights in the event of default.
Security Interest and Priority. Lender fails to have an enforceable first lien security interest under the Collateral Assignment of Contract Rights and Proceeds given as security for this Agreement.
Security Interest and Priority. This Pledge Agreement creates a ------------------------------ valid security interest, in favor of Lender, in the Pledged Collateral. The taking possession by Lender of the certificates representing the Pledged Shares and all other certificates and instruments constituting Pledged Collateral will perfect and establish the first priority of Lender's security interest in the Pledged Shares and, when properly perfected by filing or registration, in all other Pledged Collateral represented by such Pledged Shares and instruments securing Pledgor's Obligations. Except as set forth in this subsection 4(d), no action is necessary to perfect or otherwise protect such security interest.
Security Interest and Priority. Upon (a) in the case of Security Interests that may be perfected by filing of a financing statement under the UCC, the filing of a financing statement under the UCC naming Grantor as “debtor”, naming Secured Party as “secured party” and describing the Collateral, in the filing office of the Secretary of State of the State of Delaware, (b) in the case of any Intellectual Property Collateral, in addition to the filing of such UCC financing statement, the recordation of a grant with the U.S. Patent and Trademark Office or the U.S. Copyright Office, as applicable, and (c) in the case of the Blocked Accounts, the entry into the Blocked Account Control Agreements, this Security Agreement shall create a valid and perfected first-priority Security Interest (subject to Permitted Liens) in favor of the Secured Party in the Collateral.
Security Interest and Priority. Borrower confirms and agrees that it has previously granted a first priority security interest to Lender in all of Borrower's assets and collateral in connection with the Original Security Agreements, and the Loan Amount and any interest accrued thereon is secured by all of the assets and collateral of Borrower on a first-priority basis as further described in the Amended Security Agreements, and as evidenced by a UCC-1 Financing Statement previously filed with the applicable govemmental authorities.
Security Interest and Priority. Upon the filing of a financing statement under the UCC and the entry into the Account Control Agreement, this Pledge Agreement shall create a valid and perfected first-priority security interest in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, in the Collateral.
Security Interest and Priority. FreshRealm confirms and agrees that it has previously granted a first priority security interest to Calavo in all of FreshRealm's assets and collateral in connection with the Original Amended Security Agreements, and the amounts due under the Senior Amended Note. The Second Note Amount due to Calavo by FreshRealm hereunder, any interest accrued thereon, and all obligations of FreshRealm to Calavo hereunder is secured by all of the assets and collateral ofFreshRealm on a first-priority basis (except as otherwise subordinated to the Senior Amended Note) pursuant to and as further described in the Amended Security Agreements, and as evidenced by a UCC-1 Financing Statement previously filed with the applicable governmental authorities. This Second Note does not extinguish or modify Calavo's security interest in the assets and collateral of FreshRealm in connection with and under Original Amended Security Agreements, which shall continue in full force and effect, except as specifically amended and restated in the Amended Security Agreements.