Common use of First Priority Security Interest Clause in Contracts

First Priority Security Interest. The pledge of Pledged ----------------------------------- Securities pursuant to this Agreement, the delivery to Secured Party of the certificates representing the Pledged Securities accompanied by stock powers duly executed in blank and the filing of appropriate financing statements in the relevant locations create a valid and perfected first priority security interest in the Collateral, enforceable against Pledgor and all third parties and securing payment of the Obligations.

First Priority Security Interest. The pledge of Pledged ----------------------------------- ---------------------------------- Securities pursuant to this Agreement, the delivery to Secured Party of the certificates representing the Pledged Securities accompanied by stock powers duly executed in blank and the filing of appropriate financing statements in the relevant locations create a valid and perfected first priority security interest in the Collateral, enforceable against Pledgor and all third parties and securing payment of the Obligations.

First Priority Security Interest. The pledge of the Pledged ----------------------------------- Securities pursuant to this Agreement, the delivery to Secured Party of the certificates representing the Pledged Securities accompanied by stock powers duly executed in blank Agreement creates and the filing of appropriate financing statements in the relevant locations create will at all times constitute a valid and perfected first priority security interest in the Collateral, enforceable against Pledgor and all third parties and securing payment of the Secured Obligations, subject to no other Liens other than Permitted Encumbrances.