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

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