Common use of Enforceability; Priority of Security Interest Clause in Contracts

Enforceability; Priority of Security Interest. (i) This Security Agreement creates a security interest which is enforceable against the Collateral in which Debtor now has rights and will create a security interest which is enforceable against the Collateral in which Debtor hereafter acquires rights at the time Debtor acquires any such rights, and (ii) Secured Party has a perfected security interest (to the fullest extent perfection can be obtained by filing, notification to third parties, possession or control) and a first priority security interest in the Collateral in which Debtor now has rights (subject only to Permitted Liens), and will have a perfected and first priority security interest (to the fullest extent perfection can be obtained by filing, notification to third parties, possession or control) in the Collateral in which Debtor hereafter acquires rights at the time Debtor acquires any such rights (subject only to Permitted Liens), in each case securing the payment and performance of the Secured Obligations.

Enforceability; Priority of Security Interest. (i) This Security Agreement creates a security interest which is enforceable against the Collateral in which Debtor Guarantor now has rights and will create a security interest which is enforceable against the Collateral in which Debtor Guarantor hereafter acquires rights at the time Debtor Guarantor acquires any such rights, and (ii) Secured Party Bank has a perfected security interest (to the fullest extent perfection can be obtained by filing, notification to third parties, possession or control) and a first priority security interest in the Collateral in which Debtor Guarantor now has rights (subject only to Permitted Liens), and will have a perfected and first priority security interest (to the fullest extent perfection can be obtained by filing, notification to third parties, possession or control) in the Collateral in which Debtor Guarantor hereafter acquires rights at the time Debtor Guarantor acquires any such rights (subject only to Permitted Liens), in each case securing the payment and performance of the Secured Guaranteed Obligations.

Enforceability; Priority of Security Interest. (i) This Security Agreement creates a security interest which is enforceable against the Collateral in which Debtor any Grantor now has rights and will create a security interest which is enforceable against the Collateral in which Debtor any Grantor hereafter acquires rights at the time Debtor such Grantor acquires any such rights, and (ii) Secured Party Bank has a perfected security interest (to the fullest extent perfection can be obtained by filing, notification to third partiesPersons, possession or control) and a first priority security interest in the Collateral in which Debtor such Grantor now has rights (subject only to Permitted Liens), and will have a perfected and first priority security interest (to the fullest extent perfection can be obtained by filing, notification to third partiesPersons, possession or control) in the Collateral in which Debtor such Grantor hereafter acquires rights at the time Debtor such Grantor acquires any such rights (subject only to Permitted Liens), in each case securing the payment and performance of the Secured Obligations.

Enforceability; Priority of Security Interest. (i) This --------------------------------------------- Security Agreement creates a security interest which is enforceable against the Collateral in which Debtor Borrower now has rights and will create a security interest which is enforceable against the Collateral in which Debtor Borrower hereafter acquires rights at the time Debtor Borrower acquires any such rights, and (ii) Secured Party Lender has a perfected security interest (to the fullest extent perfection can be obtained by filing, notification to third parties, possession or control) and a first priority security interest in the Collateral in which Debtor Borrower now has rights (subject only to Permitted Liens), and will have a perfected and first priority security interest (to the fullest extent perfection can be obtained by filing, notification to third parties, possession or control) in the Collateral in which Debtor Borrower hereafter acquires rights at the time Debtor Borrower acquires any such rights (subject only to Permitted Liens), in each case securing the payment and performance of the Secured Obligations.

Enforceability; Priority of Security Interest. (i) This Security Agreement creates a security interest which is enforceable against the Collateral in which Debtor such Grantor now has rights and will create a security interest which is enforceable against the Collateral in which Debtor such Grantor hereafter acquires rights at the time Debtor such Grantor acquires any such rights, and (ii) Secured Party Agent has a perfected security interest (to the fullest extent perfection can be obtained by filing, notification to third partiesPersons, possession or control) and a first priority security interest in the Collateral in which Debtor such Grantor now has rights (subject only to Permitted Liens), and will have a perfected and first priority security interest (to the fullest extent perfection can be obtained by filing, notification to third partiesPersons, possession or control) in the Collateral in which Debtor such Grantor hereafter acquires rights at the time Debtor such Grantor acquires any such rights (subject only to Permitted Liens), in each case securing the payment and performance of the Secured Obligations.

Enforceability; Priority of Security Interest. (i) This Security Agreement creates a security interest which is enforceable against the Collateral in which Debtor Borrowers now has have rights and will create a security interest which is enforceable against the Collateral in which Debtor Borrowers hereafter acquires acquire rights at the time Debtor acquires Borrowers acquire any such rights, and (ii) Secured Party has a perfected security interest (to the fullest extent perfection can be obtained by filing, notification to third parties, possession or control) and a first priority security interest in the Collateral in which Debtor Borrowers now has have rights (subject only to Permitted Liens), and will have a perfected and first priority security interest (to the fullest extent perfection can be obtained by filing, notification to third parties, possession or control) in the Collateral in which Debtor Borrowers hereafter acquires acquire rights at the time Debtor any Borrower acquires any such rights (subject only to Permitted Liens), in each case securing the payment and performance of the Secured Obligations.