Common use of Security Interest and Liens Clause in Contracts

Security Interest and Liens. The Security Instruments create, as security for the Obligations, valid and enforceable first perfected first priority security interests in and Liens on all of the Collateral in favor of the Lender and subject to no other Liens other than Permitted Liens. Such security interests in and Liens on the Collateral shall be superior to and prior to the rights of all third parties in the Collateral, and, other than in connection with any future change in the name of the a Loan Party or the location in which a Loan Party is organized or registered, no further recordings or filings are or will be required in connection with the creation, perfection or enforcement of such security interests and Liens, other than the filing of continuation statements in accordance with applicable Laws.