Common use of Priority Interest Clause in Contracts

Priority Interest. The Administrative Agent, for the benefit of itself, the Fronting Bank, the L/C Administrator and the Lenders, has a first priority (subject only to Liens of the type described in Sections 7.06(b) and (n) to the extent set forth in the applicable Control Agreement) perfected security interest in the Collateral pledged by each Borrower pursuant to its respective Security Agreement.

Priority Interest. The Administrative Agent, for the benefit of itself, the Fronting BankBanks, the L/C Issuers, the L/C Administrator and the Lenders, has a first priority (subject only to Liens of the type described in Sections 7.06(b) and (n) to the extent set forth in the applicable Control Agreement) perfected security interest in the Collateral Collateral, if any, pledged by each Borrower pursuant to its respective Security Agreement.