Common use of Collateral Priority Clause in Contracts

Collateral Priority. The Lenders hereby agree that, as between the Lenders, the Liens created on the Collateral other than the Term Loan Collateral constitute (x) first priority, perfected Liens in favor of the Agent, for the ratable benefit of the Agent and the Revolving Credit Lenders, and (y) second priority, perfected Liens in favor of the Agent, for the ratable benefit of the Agent and the Term Lenders, and the Liens created on the Term Loan Collateral constitute (x) first priority, perfected Liens in favor of the Agent, for the ratable benefit of the Agent and the Term Lenders, and (y) second priority, perfected Liens in favor of the Agent, for the ratable benefit of the Agent and the Revolving Credit Lenders, except in each case for Permitted Liens.