Priority and Security. The Collateral Agents shall have a legal, valid and perfected Lien on and security interest in the Collateral with the priorities as set forth in Sections 3.20 and 10.1 (subject only to Permitted Senior Liens) and the Collateral Vessels shall be free of all Liens other than Permitted Collateral Vessel Liens and all other Collateral shall be free of all Liens other than Permitted Liens.
Appears in 2 contracts
Sources: Secured Super Priority Debtor in Possession Credit Agreement (Trico Marine Services Inc), Credit Agreement (Trico Marine Services Inc)