Priority of Security. (a) Subject to the terms of this Agreement, the Hedging Debt ranks pari passu with the Loan Debt.
Priority of Security. Each Series [__] Note shall be deemed to be a “Note” under the Agreement and shall rank pari passu and be secured equally and ratably by the Collateral without discrimination or preference with all other Notes as if all of the Notes had been issued simultaneously.
Priority of Security. The Lien of Lender created by the Security Documents shall rank pari passu with the Lien of TSVLP evidenced by the TSVLP Security Agreement and accompanying financing statements, such ranking in an amount equal to the principal amount of the Loan (plus applicable interest). Proceeds from exercise of any rights granted by the Security Documents and the TSVLP Security Agreement shall be split pari passu between Lender and TSVLP, share and share alike until the Lender has recovered the principal amount of the Loan (plus applicable interest). TSVLP agrees to execute and file, as deemed necessary by counsel for Lender, any documents necessary to evidence the equal priority granted Lender hereunder.
Priority of Security. The Collateral Documents and the Liens created thereunder are for the equal and rateable benefit and security of all holders of Debentures and the Trustee. Each holder of Debentures by his, her or its acceptance of the Debentures hereby (i) designates and appoints the Trustee to hold the Liens created by the Collateral Documents for the benefit of all holders of Debentures; and (ii) authorizes and directs the Trustee to execute and deliver any Collateral Document.
Priority of Security. The Liens constituted by the Senior Security shall rank in priority to any and all Liens securing any of the Subordinate Obligations (“Subordinate Security”), whether any such Subordinate Security is created by operation of law or pursuant to any security instrument or arrangement executed or made by the Borrower.
Priority of Security. (a) Subject to the provisions of this Agreement, all Senior Notes, as soon as issued, shall rank pari passu and be secured equally and ratably by the Collateral without discrimination or preference with all other Senior Notes as if all of the Senior Notes had been issued simultaneously. Any Series of Subordinate Notes that is entitled to the benefits of the Collateral pursuant to the terms of the Supplemental NPA for such Series shall be secured by a second priority Lien on the Collateral pursuant to Second Lien Security Documents in accordance with the Intercreditor Agreement. Any Series of Subordinate Notes may rank senior to, junior to or pari passu with one or more other Series of Subordinate Notes; provided that in all events the Subordinate Notes will be subordinate to the Senior Notes as provided in this Agreement, the Intercreditor Agreement and any applicable Subordination Agreement.
Priority of Security. The Borrower shall ensure that its payment obligations to the Banks and the Hedging Banks under the Financing Documents to the extent that they are secured under the Security Documents, shall at all times rank in all respect in priority to all its other Indebtedness other than such Indebtedness as would be preferred by applicable Law.
Priority of Security. (a) During the continuance of this Deed, the Security Documents, the Hedging Security Documents and the Note Security Documents shall in all respects rank pari passu without preference for one over the other as if each has been created on the same date and at the same time enjoyed equal priority.
Priority of Security. The security documents create assignments, fixed and specific mortgages and charges, floating charges, pledges, security interests or hypothecs, as applicable, on the undertaking, property and assessment of the Borrowers purported to be mortgaged, hypothecated and charged thereby, and rank in priority, save and except as specifically agreed to by Lxxxxx, to all other registered Liens with the exceptions of Permitted Liens and any other Liens which, according to the terms of this credit agreement, are allowed to rank in priority to or pari passu with the security created pursuant to the securities documents.
Priority of Security. The Security securing indebtedness under the Finance Documents constitutes valid and enforceable first mortgages and charges and security interests subject only to permitted Security pursuant to Clause 19.7 (Encumbrances).
