Perfected First Priority Liens definition

Perfected First Priority Liens. The security interests granted pursuant to this Agreement (a) (i) upon completion of the filings and other actions specified on Schedule 2 (which, in the case of all filings and other documents referred to on said Schedule, have been delivered to the Agent in completed and duly executed form), (ii) with respect to any Vehicles, upon completion of such actions as may be requested by the Agent pursuant to Section 5.5, (iii) with respect to any Pledged Capital Stock which constitutes Securities and which are not evidenced by a certificate, the delivery of an Instructions Agreement in the form of Annex A, (iv) with respect to each Deposit Account, upon the execution by the depositary bank, the relevant Grantor and the Agent of a Deposit Account Control Agreement substantially in the form of Exhibit C to the Credit Agreement or other form satisfactory to Agent and (v) with respect to Letter-of-Credit Rights, upon the Agent taking control thereof, to its satisfaction, in accordance with section 9-107 of the UCC, will constitute valid perfected security interests in all of the Collateral in favor of the Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor’s Obligations, which security interest is enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Collateral from such Grantor and (b) are prior to all other Liens on the Collateral in existence on the date hereof except for Permitted Liens.
View Source

Examples of Perfected First Priority Liens in a sentence

  • REPRESENTATIONS AND WARRANTIES 7 3.1. Representations in Credit Agreement 7 3.2. Title; No Other Liens 8 3.3. Perfected First Priority Liens 8 3.4. Name; Jurisdiction of Organization, etc 8 3.5. Inventory and Equipment 9 3.6. Types of Collateral 9 3.7. Investment Property 9 3.8. Receivables 10 3.9. Intellectual Property 10 3.10.

  • REPRESENTATIONS AND WARRANTIES 13 5.1. Title; No Other Liens 13 5.2. Perfected First Priority Liens 13 5.3. Jurisdiction of Organization 13 5.4. Domestic Subsidiaries 13 5.5. Pledged Stock 14 5.6. Receivables 14 SECTION 6.

  • REPRESENTATIONS AND WARRANTIES 14 5.1. Title; No Other Liens 14 5.2. Perfected First Priority Liens 14 5.3. Jurisdiction of Organization 14 5.4. Pledged Securities 15 SECTION 6.

  • REPRESENTATIONS AND WARRANTIES 13 5.1. Title; No Other Liens 13 5.2. Perfected First Priority Liens.

  • REPRESENTATIONS AND WARRANTIES 12 5.1. Title; No Other Liens 12 5.2. Perfected First Priority Liens 12 5.3. Jurisdiction of Organization 12 5.4. Domestic Subsidiaries 13 5.5. Pledged Stock 13 5.6. Receivables 13 SECTION 6.

  • REPRESENTATIONS AND WARRANTIES 9 4.1 Perfected First Priority Liens 10 4.2 Jurisdiction of Organization or Incorporation; Chief Executive Office 10 4.3 Pledged Notes; Pledged Stock 10 4.4 Receivables 10 4.5 Contracts 10 SECTION 5.

  • REPRESENTATIONS AND WARRANTIES 7 3.1. [Reserved] 7 3.2. Title; No Other Liens 7 3.3. Valid, Perfected First Priority Liens 7 3.4. Name; Jurisdiction of Organization, Etc 7 3.5. Investment Property 8 3.6. Commercial Tort Claims 9 3.7. Intellectual Property 9 3.8. Special Collateral 9 SECTION 4.

  • REPRESENTATIONS AND WARRANTIES 13 4.1 Representations in Credit Agreement 1213 4.2 Title; No Other Liens 1213 4.3 Perfected First Priority Liens 1213 4.4 Jurisdiction of Organization; Chief Executive Office 13 4.5 Inventory and Equipment 14 4.6 Farm Products 14 4.7 Investment Property 14 4.8 Receivables 1314 4.9 Intellectual Property 14 SECTION 5.

  • REPRESENTATIONS AND WARRANTIES 16 Section 4.1 Representations in Bridge Facility Agreement 16 Section 4.2 Title; No Other Liens 16 Section 4.3 Perfected First Priority Liens 17 Section 4.4 Name; Jurisdiction of Organization, etc.

  • REPRESENTATIONS AND WARRANTIES 9 4.1 Representations in Credit Agreement 9 4.2 Title; No Other Liens 9 4.3 Perfected First Priority Liens 9 4.4 Jurisdiction of Organization; Chief Executive Office 10 4.5 [Intentionally Omitted] 10 4.6 Farm Products 10 4.7 Investment Property 10 4.8 Receivables 11 4.9 Intellectual Property 11 SECTION 5.

Related to Perfected First Priority Liens

  • First Priority Liens means all Liens that secure the First Priority Lien Obligations.

  • First Priority Lien means any Lien created by the First Priority Security Documents.

  • First Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.

  • Second Priority Liens means all Liens on the Second Priority Collateral securing the Second Priority Claims, whether created under the Second Priority Security Documents or acquired by possession, statute (including any judgment lien), operation of law, subrogation or otherwise.

  • First Priority Secured Parties means, with respect to each Type of Common Collateral, the First Priority Representative and the holders of the First Priority Obligations.