Common use of Continued Priority of Security Interest Clause in Contracts

Continued Priority of Security Interest. The Company represents that the Security Interest is a valid, perfect security interest, enforceable against the Company, securing the Obligations, subject to prior security interests in the Collateral that may have been granted by the Company before the date of this Agreement. The Company shall ensure that the Security Interest shall at all times be a valid and (except with respect to the Collateral consisting of cash or bank deposits and any other Collateral, a security interest in which may be perfected only by possession) perfected security interest, enforceable against the Company, securing the Obligations in accordance with the terms of this Agreement, and the Collateral shall not at any time be subject to any Liens that are prior to, on a parity with or junior to the Security Interest other than Permitted Encumbrances.