Common use of Perfection and Evidence of Priority Clause in Contracts

Perfection and Evidence of Priority. Evidence that the security interests and liens in favor of the Bank in the Cash Collateral Account are valid, enforceable (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability), and prior to all others’ rights and interests.

Perfection and Evidence of Priority. Evidence that the security interests and liens in favor of the Bank in the Cash Collateral Account are valid, enforceable (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability), properly perfected and prior to all others’ ' rights and interests, except those the Bank consents to in writing.