Common use of Personal Property Security Clause in Contracts

Personal Property Security. The personal property security interests granted to Lender in the Loan Documents shall have been or be capable of being duly perfected in a first lien position on all of the Subsidiaries' accounts receivable and a second lien on all other assets of the Subsidiaries immediately after the Effective Date. The priority lien on the Subsidiaries' accounts receivable by the Lender and the first lien on all other assets by Fleet Business Credit Corporation ("Fleet") are more fully described in the Intercreditor Agreement by and between Lender and Fleet. The lien obtained by Fleet in the assets of the Subsidiaries shall be referred to as the "Fleet Lien."

Personal Property Security. The personal property security interests granted to Lender in the Loan Documents shall have been or be capable of being duly perfected in a first lien position on all of the Subsidiaries' Borrower's accounts receivable and a second lien on all other assets of the Subsidiaries Borrower immediately after the Effective Date. The priority lien on the Subsidiaries' Borrower's accounts receivable by the Lender and the first lien on all other assets by Fleet Business Credit Corporation ("Fleet") are more fully described in the Intercreditor Agreement by and between Lender and Fleet. The lien obtained by Fleet in the assets of the Subsidiaries Borrower shall be referred to as the "Fleet Lien."