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 the Borrower now has rights and will create a security interest which is enforceable against the Collateral in which the Borrower hereafter acquires rights at the time the Borrower acquires any such rights; and (ii) the Collateral Agent has a perfected and, subject to any Permitted Liens, first priority security interest in the Collateral in which the Borrower now has rights, and will have a perfected and, subject to any Permitted Liens, first priority security interest in the Collateral in which the Borrower hereafter acquires rights at the time the Borrower acquires any such rights, 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 the Borrower now has rights and will create a security interest which is enforceable against the Collateral in which the Borrower hereafter acquires rights at the time the Borrower acquires any such rights; and (ii) the Collateral Agent has a perfected and, subject to any Permitted Liens, and first priority security interest in the Collateral in which the Borrower now has rights, and will have a perfected and, subject to any Permitted Liens, and first priority security interest in the Collateral in which the Borrower hereafter acquires rights at the time the Borrower acquires any such rights, in each case securing the payment and performance of the Secured Obligations.

Enforceability; Priority of Security Interest. This Agreement (i) This Agreement creates a security interest which is enforceable against the Collateral in which the Borrower Debtor now has rights and will create a security interest which is enforceable against the Collateral in which the Borrower Debtor hereafter acquires rights at the time the Borrower Debtor acquires any such rights; , and (ii) the Collateral Agent CoastFed has a perfected andsecurity interest (to the fullest extent perfection can be obtained by filing, subject notification to any Permitted Liens, third parties or possession) and a first priority security interest in the Collateral in which the Borrower Debtor now has rights, and will have a perfected and, subject to any Permitted Liens, and first priority security interest in the Collateral in which the Borrower Debtor hereafter acquires rights at the time the Borrower Debtor acquires any such rights, 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 the Borrower now has rights and will create a security interest which is enforceable against the Collateral in which the Borrower hereafter acquires rights at the time the Borrower acquires any such rights; , and (ii) Agent, for the Collateral Agent has benefit of the Lenders, upon perfection of such security interest, will have a perfected and, subject to any Permitted Liens, first first-priority security interest in the Collateral in which the Borrower now has rightsrights (subject only to Permitted Liens), and will have a perfected andperfected, subject to any Permitted Liens, first first-priority security interest in the Collateral in which the Borrower hereafter acquires rights at the time the Borrower acquires any such rightsrights (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 the Borrower Debtor now has rights and will create a security interest which is enforceable against the Collateral in which the Borrower Debtor hereafter acquires rights at the time the Borrower Debtor acquires any such rights; and (ii) other than Permitted Liens, the Collateral Agent Agent, for the benefit of itself and the other Secured Parties, has a perfected andand first priority security interest in the Collateral, subject to any Permitted Liensin which the Debtor now has rights, and will have a perfected and first priority security interest in the Collateral in which the Borrower now has rights, and will have a perfected and, subject to any Permitted Liens, first priority security interest in the Collateral in which the Borrower Debtor hereafter acquires rights at the time the Borrower Debtor acquires any such rights, in each case securing the payment and performance of the Secured Obligations.