Common use of First Priority Liens Clause in Contracts

First Priority Liens. As of the Closing Date, the Liens and security interests granted pursuant to this Agreement (a) upon completion of the UCC financing statement filing set forth on Schedule 3 will constitute valid perfected Liens on, and security interests in, all of the Collateral in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, to the extent such Liens may be perfected by filing a UCC financing statement, as collateral security for such Grantor’s 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 and (b) are prior to all other Liens on the Collateral in existence on the Closing Date, except for Liens expressly permitted under Section 7.2 of the Credit Agreement that have priority over the Liens on the Collateral by operation of law.