Common use of First Priority Liens Clause in Contracts

First Priority Liens. Other than with respect to Collateral in respect of which perfection of the Administrative Agent’s security interest therein would require actions constituting Excluded Perfections, the security interests granted pursuant to this Agreement, upon completion of the filings and other actions specified on Schedule 3 (which, in the case of all filings and other documents referred to on said Schedule have been delivered to the Administrative Agent in completed and, where applicable, duly executed form), will at all times constitute valid, perfected, First Priority, continuing security interests in all of the Collateral (other than Excluded Accounts) in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for the Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Collateral from such Grantor, subject only to Permitted Liens.