Common use of First Priority Liens Clause in Contracts

First Priority Liens. Each Senior Credit Lien is a valid, perfected first priority Lien on the portion of the Collateral covered thereby, subject only to Permitted Encumbrances. Except for the filing of the financing statements referred to in Section 4.03, no further action, including any filing or recording of any document, is necessary in order to establish, protect and perfect the first priority Lien of the Administrative Agent, for the benefit of the Secured Parties, in any part of the Collateral as against any third party in any applicable jurisdiction, including, without limitation, any purchaser from, or creditor of, the Borrower or any of its Subsidiaries. Except for the filing of the financing statements referred to in Section 4.03, no consent of any other Person and no authorization, approval, or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for (x) the pledge by the Borrower or any of its Subsidiaries of any of the Collateral pursuant to the applicable Collateral Agreement or Pledge Agreement, (y) the perfection or maintenance of the Lien created thereby (including the first priority nature of such Lien) or (z) the exercise by the Administrative Agent of the rights or the remedies in respect of the Collateral provided for in this Agreement, any Collateral Agreement or any Pledge Agreement.