Common use of Security Interest and Lien Clause in Contracts

Security Interest and Lien. This Agreement creates, as security for the Obligations, a valid and enforceable security interest in and a Lien on the Collateral, in favor of the Lender, and subject to no other security interest and Lien other than those set forth on Schedule 1 hereto. The security interest in and Lien on the Collateral in favor of the Lender are superior to and prior to the rights of all third parties except as set forth on Schedule 1 hereto. No further recordings or filings are or will be required in connection with the creation, perfection or enforcement of such security interest and Lien.