Common use of Security Matters Clause in Contracts

Security Matters. All such action as Agent shall have requested to perfect the Liens created pursuant to the Security Documents shall have been taken, including, without limitation, where applicable, the filing and recording of the Security Documents with the appropriate Governmental Authorities (except for those Properties in respect of which the Majority Lenders have given their written consent to deferral of recordation of the applicable Mortgage so long as no Event of Default has occurred which is continuing). Agent shall also have received evidence satisfactory to it that the Liens created by the Security Documents constitute first priority Liens, except for the exceptions expressly provided for herein, including, without limitation, Uniform Commercial Code search reports, satisfactory title evidence in form and substance acceptable to Agent, and executed releases of any prior Liens (except as permitted by Section 8.2). Agent shall be granted a first priority Lien securing all of the Revolving Loan Obligations upon all of the issued and outstanding equity interests in and to Borrower, pursuant to Loan Documentation in Proper Form, as a condition precedent to any Loan.

Security Matters. All such action as Agent shall have requested to perfect the Liens created pursuant to the Security Documents shall have been taken, including, without limitation, where applicable, the filing and recording of the Security Documents with the appropriate Governmental Authorities (except for those Properties in respect of which the Majority Lenders have given their written consent to deferral of recordation of the applicable Mortgage so long as no Event of Default has occurred which is continuing). Agent shall also have received evidence satisfactory to it that the Liens created by the Security Documents constitute first priority Liens, except for the exceptions expressly provided for herein, including, without limitation, Uniform Commercial Code search reports, satisfactory title evidence in form and substance acceptable to Agent, and executed releases of any prior Liens (except as permitted by Section 8.2). Agent shall be granted a first priority Lien securing all of the Revolving Loan Obligations upon all of the issued and outstanding equity interests in and to BorrowerBorrower and each of its Subsidiaries, pursuant to Loan Documentation in Proper Form, as a condition precedent to any Loan.