Common use of Equal and Ratable Lien Clause in Contracts

Equal and Ratable Lien. If, notwithstanding the prohibition contained in Section 6.02, the Borrower or any of its Subsidiaries shall create, assume or permit to exist any Lien upon any of its Property, other than those permitted by the provisions of Section 6.02, it will make or cause to be made effective provision whereby the Borrowings will be secured equally and ratably with any and all other obligations thereby secured, such security to be pursuant to agreements reasonably satisfactory to the Administrative Agent and, in any such case, the Borrowings shall have the benefit, to the fullest extent that, and with such priority as, the Lenders may be entitled under applicable law, of an equitable Lien on such Property. Such violation of Section 6.02 will constitute an Event of Default, whether or not provision is made for an equal and ratable Lien pursuant to this Section.

Equal and Ratable Lien. If, notwithstanding the prohibition contained in Section 6.02, the Borrower or any of its Subsidiaries shall create, assume or permit to exist any Lien upon any of its Property, other than those permitted by the provisions of Section 6.02, it will make or cause to be made effective provision whereby the Borrowings will be secured equally and ratably with any and all other obligations thereby secured, such security to be pursuant to agreements reasonably satisfactory to the Administrative Agent Bank and, in any such case, the Borrowings shall have the benefit, to the fullest extent that, and with such priority as, the Lenders Bank may be entitled under applicable law, of an equitable Lien on such Property. Such violation of Section 6.02 will constitute an Event of Default, whether or not provision is made for an equal and ratable Lien pursuant to this Section.

Equal and Ratable Lien. If, notwithstanding the prohibition contained in Section 6.02, the Borrower or any of its Subsidiaries shall create, assume or permit to exist any Lien upon any of its Property, other than those permitted by the provisions of Section 6.02, it will make or cause to be made effective provision whereby the Borrowings will be secured equally and ratably with any and all other obligations thereby secured, such security to be pursuant to agreements reasonably satisfactory to the Administrative Agent Bank and, in any such case, the Borrowings shall have the benefit, to the fullest extent that, and with such priority as, the Lenders may be entitled under applicable law, of an equitable Lien on such Property. Such violation of Section 6.02 will constitute an Event of Default, whether or not provision is made for an equal and ratable Lien pursuant to this Section.