Common use of Perfection and Priority of Security Interests Clause in Contracts

Perfection and Priority of Security Interests. Any and all security interests, assignments, pledges, mortgages, deeds of trust, deeds to secure debt and other liens, charges or encumbrances now existing or hereafter created or arising of the Borrower or any Guarantor in favor of the Second Priority Collateral Agent for the benefit of the Second Priority Secured Parties with respect to the Collateral and securing the Second Priority Obligations are expressly junior in priority, operation and effect to any and all security interests, assignments, pledges, mortgages, deeds of trusts, deeds to secure debt and other liens, charges or encumbrances now existing or hereafter created or arising in favor of the Senior Collateral Agent for the benefit of the Senior Secured Parties with respect to the Collateral and securing the Senior Obligations, notwithstanding anything to the contrary contained in any agreement or filing to which the Second Priority Collateral Agent or any Second Priority Secured Party may now or hereafter be a party, and regardless of the time, order or method of attachment, recording or perfection of any financing statements or other security interests, assignments, pledges, mortgages and other liens, charges or encumbrances or any defect or deficiency or alleged defect or deficiency in any of the foregoing.