Spanish translation: derecho de garantía preferente
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English to Spanish translations [PRO] Law: Contract(s) / Contrato
English term or phrase:First-Priority Security Interest
Grant of First-Priority Security Interest.
(a) As security for the prompt and
complete payment when due (whether at stated maturity, by acceleration or otherwise) of any and all of the Obligations and the due performance and compliance by the Loan Parties with all of the terms, conditions and agreements to be performed and complied with by each of them under and pursuant to the terms of the Credit Agreement and the other Financing Documents, Borrower hereby pledges, collaterally assigns, hypothecates and grants a first-priority security interest to Collateral Agent, for the benefit of the Senior Secured Parties, pursuant to the Security Agreement in all of its right, title and interest in and to the following, in each case, as to each type of property described below, whether now owned or hereafter acquired by Borrower wherever located, and whether now or hereafter existing or arising (collectively, the “Account Collateral”):