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

Enforceability; Priority of Security Interest. (i) This Agreement creates a security interest which is enforceable against the Collateral in which Guarantor now has rights and will create a security interest which is enforceable against the Collateral in which Guarantor hereafter acquires rights at the time Guarantor acquires any such rights, and (ii) 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 Guarantor now has rights (subject only to Permitted Liens), and will have a perfected and first priority security interest in the Collateral in which Guarantor hereafter acquires rights at the time Guarantor 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 Agreement creates a security interest which is enforceable against the Collateral in which Guarantor now has rights rights, and will create a security interest which is enforceable against the Collateral in which Guarantor hereafter acquires rights at the time Guarantor acquires any such rights, and (ii) Bank Agent, on behalf of the Guarantied Parties, 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 Guarantor now has rights (subject only to Permitted Liensliens in favor of Senior Creditor), and will have a perfected and first priority security interest in the Collateral in which Guarantor hereafter acquires rights at the time Guarantor acquires any such rights (subject only to Permitted Liensliens in favor of Senior Creditor), in each case securing the payment and performance of the Secured Obligations.

Enforceability; Priority of Security Interest. (i) This Agreement creates a security interest which is enforceable against the Collateral in which Guarantor Borrower now has rights and will create a security interest which is enforceable against the Collateral in which Guarantor Borrower hereafter acquires rights at the time Guarantor Borrower acquires any such rights, and (ii) 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 Guarantor Borrower now has rights (subject only to Permitted Liens), and will have a perfected and first priority security interest in the Collateral in which Guarantor Borrower hereafter acquires rights at the time Guarantor 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 Agreement creates a security interest which is enforceable against the Collateral in which Guarantor Debtor now has rights rights, and will create a security interest which is enforceable against the Collateral in which Guarantor Debtor hereafter acquires rights at the time Guarantor Debtor acquires any such rights, and (ii) Bank 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 Guarantor Debtor now has rights (subject only to Permitted Liensliens in favor of Senior Creditor), and will have a perfected and first priority security interest in the Collateral in which Guarantor Debtor hereafter acquires rights at the time Guarantor Debtor acquires any such rights (subject only to Permitted Liensliens in favor of Senior Creditor), in each case securing the payment and performance of the Secured Obligations.