Common use of Personal Property Security Clause in Contracts

Personal Property Security. The Guarantor Security Documents create, in favour of the Collateral Agent for the benefit of the Secured Creditors, a valid and enforceable perfected security interest in and Lien on all of the property and assets of the Guarantor, superior to and prior to the rights and Liens of all third Persons and subject to no other Liens. Except as have been obtained or made, no consents, filings or recordings are required to maintain the perfection and priority of the security interests purported to be created by the Guarantor Security Documents.