Common use of Conveyance; First Priority Lien Clause in Contracts

Conveyance; First Priority Lien. Upon delivery to the Buyer of the Purchased Certificates (and assuming the continuing possession by the Buyer of such Certificate in accordance with the requirements of applicable law) and the filing of a financing statement covering the Purchased Certificates in the State of Delaware and naming the Seller as debtor and the Buyer as secured party, Seller has conveyed and transferred to Buyer all of its right, title and interest to the Purchased Certificates, including taking all steps as may be necessary in connection with the indorsement, transfer of power, delivery and pledge of all Purchased Certificates as “securities” (as defined in Section 8-102 of the Uniform Commercial Code) to Buyer. The Lien granted hereunder is a first priority Lien on the Purchased Certificates.