Common use of Valid Perfected First Lien Clause in Contracts

Valid Perfected First Lien. The Borrower covenants that the pledge, assignment and delivery of the Pledged Bonds under this Agreement will create a valid, perfected, first priority security interest in all right, title or interest of the Borrower in or to such Pledged Bonds and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrower which would include the Pledged Bonds and the proceeds thereof. The Borrower covenants and agrees that it will defend the Administrative Agent’s right, title and security interest in and to the Pledged Bonds and the proceeds thereof against the claims and demands of all persons whomsoever.

Valid Perfected First Lien. The Borrower covenants that the pledge, assignment and delivery of the Pledged Bonds under this Agreement Bond Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Borrower in or to such Pledged Bonds Bond Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrower which would include the Pledged Bonds and the proceeds thereofBond Collateral. The Borrower covenants and agrees that it will defend the Administrative Agent’s right, title and security interest in and to the Pledged Bonds Bond Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.

Valid Perfected First Lien. The Borrower covenants that the pledge, assignment and delivery of the Pledged Bonds under this Agreement Bond Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Borrower in or to such Pledged Bonds Bond Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrower which would include the Pledged Bonds and the proceeds thereofBond Collateral. The Borrower covenants and agrees that it will defend the Administrative Agent’s right, title and security interest in and to the Pledged Bonds and the proceeds thereof against the claims and demands of all persons whomsoever.Bank's

Valid Perfected First Lien. The Borrower covenants Borrowers covenant that the pledge, assignment and delivery of the Pledged Bonds under this Agreement Bond Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Borrower Borrowers in or to such Pledged Bonds Bond Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrower Borrowers which would include the Pledged Bonds and the proceeds thereofBond Collateral. The Borrower covenants Borrowers covenant and agrees agree that it they will defend the Administrative Agent’s 's right, title and security interest in and to the Pledged Bonds Bond Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.

Valid Perfected First Lien. The Borrower covenants that the pledge, assignment and delivery of the Pledged Bonds under this Agreement Bond Collateral hereunder will create a valid, perfected, first priority security interest in all right, title or interest of the Borrower in or to such Pledged Bonds Bond Collateral, and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrower which would include the Pledged Bonds and the proceeds thereofBond Collateral. The Borrower covenants and agrees that it will defend the Administrative Agent’s Bank's right, title and security interest in and to the Pledged Bonds Bond Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.

Valid Perfected First Lien. The Borrower covenants Obligors covenant that the pledge, assignment and delivery of the Pledged Bonds under this Agreement will create a valid, perfected, first priority security interest in all right, title or interest of the Borrower Obligors in or to such Pledged Bonds and the proceeds thereof, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge, option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets of the Borrower Obligors which would include the Pledged Bonds and the proceeds thereof. The Borrower covenants Obligors covenant and agrees agree that it they will defend the Administrative Agent’s 's right, title and security interest in and to the Pledged Bonds and the proceeds thereof against the claims and demands of all persons whomsoever.