Common use of Security Interest; Binding Obligations Clause in Contracts

Security Interest; Binding Obligations. This Agreement and -------------------------------------- the Transaction Documents to which it is a party have been duly executed and delivered and shall create a valid first priority security interest (except, as to priority, for any tax liens or mechanics liens that may arise after the Closing Date) in the Borrower Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, enforceable against the Borrower and creditors of and purchasers from the Borrower; and this Agreement and the other Transaction Documents to which it is a party constitute legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law.

Security Interest; Binding Obligations. This Agreement and -------------------------------------- the Transaction Documents to which it is a party have been duly executed and delivered and shall create a valid first priority security interest (except, as to priority, for any tax liens or mechanics liens that may arise after the Closing applicable Purchase Date) in the Borrower Collateral in favor of the Collateral Agent, on behalf for the benefit of the Secured Parties, enforceable against the Borrower and creditors of and purchasers from the BorrowerBorrower and any Affiliate thereof (including Drive); and this Agreement and the other Transaction Documents to which it is a party shall constitute legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law.

Security Interest; Binding Obligations. This Agreement and -------------------------------------- the Transaction Documents to which it is a party have been duly executed and delivered and shall create a valid first priority security interest (except, as to priority, for any tax liens or mechanics liens that may arise after the Closing Date) in the Borrower Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, enforceable against the Borrower and creditors of and purchasers from the Borrower; and this Agreement and the other Transaction Documents to which it is a party constitute legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law.

Security Interest; Binding Obligations. This Agreement and -------------------------------------- the other Transaction Documents to which it the Borrower is a party have been duly executed and delivered and shall create a valid first priority security interest (except, as to priority, for any tax liens or mechanics liens that may arise after the Closing Date) in the Borrower Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, enforceable against the Borrower and creditors of and purchasers from the Borrower; , and this Agreement and the other Transaction Documents to which it the Borrower is a party constitute legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law.

Security Interest; Binding Obligations. This Agreement and -------------------------------------- the Transaction Documents to which it is a party have been duly executed and delivered and shall create a valid first priority security interest (except, as to priority, for any tax liens or mechanics liens that may arise after the Closing Date) in the Borrower Collateral Pledged Receivables and the Other Conveyed Property in favor of the Collateral Agent, on behalf of the Secured Parties, enforceable against the Borrower and creditors of and purchasers from the Borrower; , and this Agreement and the other Transaction Documents to which it is a party shall constitute legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law.