Common use of Security of Borrower Clause in Contracts

Security of Borrower. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of the Borrower (other than Transferred Assets and the assets which have been transferred pursuant to, or are subject to a security interest under, any Sale Agreements existing as of the Closing Date) whether now owned or hereafter acquired, and a pledge of and perfected first priority lien on all of the issued and outstanding shares of ACFC pursuant to the terms of the Security Documents to which the Borrower is a party.

Security of Borrower. The Obligations shall be secured at all times by (a) a pledge of and perfected first priority lien on all of the issued and outstanding shares of the capital stock of the Borrower pursuant to the Pledge Agreement to which the Holding Company is party, and (b) a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in substantially all of the assets of the Borrower (other than Transferred Assets and the assets which have been transferred pursuant toBorrower, or are subject to a security interest under, any Sale Agreements existing as of the Closing Date) whether now owned or hereafter acquired, and a pledge of and perfected first priority lien on all of the issued and outstanding shares of ACFC pursuant to the terms of the Security Documents to which the Borrower is a party.