Common use of Security Interests and Liens Clause in Contracts

Security Interests and Liens. The Security Documents create in favor of Administrative Agent for the benefit of the Lenders valid and enforceable Liens in the Collateral described therein which secure the payment and performance of the Obligations that are described therein, including without limitation, all future Advances pursuant to this Agreement and the Notes, all contingent Obligations arising in connection with the Letters of Credit and all extensions, renewals, and other modifications thereof. Upon delivery to the Administrative Agent from time to time of any promissory note evidencing Permitted Coho Shell Advances or any Permitted Intercompany Advances and any other Collateral the possession of which is necessary to perfect the security interest therein, the Liens created by the Loan Documents shall constitute perfected, first priority Liens upon the property described therein which shall be superior and prior to the rights of all third Persons now existing or hereafter arising except for Liens permitted by Section 7.02(a).

Security Interests and Liens. The Security Documents create in favor of Administrative Agent for the benefit of the Lenders valid and enforceable Liens in the Collateral described therein which secure the payment and performance of the Obligations that are described therein, including without limitation, all future Advances pursuant to this Agreement and the Notes, all contingent Obligations arising in connection with the Letters of Credit and all extensions, renewals, and other modifications thereof. Upon delivery to the Administrative Agent from time to time of any promissory note evidencing Permitted Coho Shell Advances or any Permitted Intercompany Advances and any other Collateral the possession of which is necessary to perfect the security interest therein, the Liens created by the Loan Documents shall constitute THIRD AMENDED AND RESTATED CREDIT AGREEMENT, PAGE 50 58 perfected, first priority Liens upon the property described therein which shall be superior and prior to the rights of all third Persons now existing or hereafter arising except for Liens permitted by Section 7.02(a).