Common use of First Priority Clause in Contracts

First Priority. Each of the Pledge Agreements and each of the Security Agreements (assuming possession by the Agent of certificates representing Collateral consisting of Securities and proper and timely filing of the Financing Statements and continuation statements in the locations set forth in the Schedules to the Security Agreements) creates a valid and perfected first priority security interest and lien in and to the Collateral described therein, in each case enforceable against the Borrower Affiliate party thereto and all third parties in all relevant jurisdictions and securing the payment of all Obligations purported to be secured thereby.