Common use of First Priority Clause in Contracts

First Priority. Upon the execution of this Agreement by Debtor and the delivery of this Agreement to Secured Party, Secured Party shall have a perfected security interest in and to the Collateral having first priority; and

First Priority. Upon the execution of this Agreement by Debtor and the delivery of this Agreement to -------------- by Debtor and TVN and the filing of appropriate financing statements with the appropriate governmental agencies or, as applicable, upon Secured Party's taking possession of the Collateral, Secured Party shall will have a perfected first priority security interest in and to the Collateral having first priority; andfor the full amount of all of the Secured Obligations;