Common use of Priority Security Interest Clause in Contracts

Priority Security Interest. Each of the Security Documents is effective to create in favor of the Administrative Agent a legal, valid and enforceable Lien as purported therein on the collateral described therein and, when the Mortgages and the Assignment of Residency Documents are recorded in accordance with Exhibit 8.01(e), the financing statements identified on Exhibit 8.0l(f) are filed in the offices specified, and upon execution and delivery of an Account Control Agreement with respect to each account described in Section 5.21 or 6.21, the Liens created by the Security Documents shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the grantors thereunder in the collateral described therein, to the extent perfection can be obtained by such recordation and filing, in each case, except for Permitted Encumbrances, prior and superior in right to any other Person to the extent perfection can be obtained by such recordation and filing.