Common use of Perfected First Priority Security Interest Clause in Contracts

Perfected First Priority Security Interest. Upon the satisfaction of the Perfection Requirements with respect to the Aircraft Collateral, Collateral Agent shall have a first priority perfected security interest in the Aircraft Collateral to the extent required by the terms of this Agreement and no further action is necessary in order to perfect in favor of Collateral Agent a first priority security interest in the Aircraft Collateral to the extent required by the terms of this Agreement.

Perfected First Priority Security Interest. Upon the satisfaction of the Perfection Requirements with respect to the Aircraft Collateral, Collateral Agent shall have a first priority perfected security interest in the Aircraft Collateral to the extent required by the terms of this Agreement and no further action is necessary in order to perfect in favor of Collateral Agent a first priority security interest in the Aircraft Collateral to the extent required by the terms of this Agreement. 6 Section 2.03.