Common use of Valid and Perfected Security Interest Clause in Contracts

Valid and Perfected Security Interest. The pledge of the Shares pursuant to this Agreement creates a valid security interest in the Shares as security for the prompt and full satisfaction of all terms, conditions, covenants, recitals, stipulations and agreements contained in the Obligations and the Secured Party shall, upon delivery of the Shares to the Security Agent, as agent for the Secured Party, have a perfected first priority security interest in the Shares.