Common use of Priority of Security Interests Clause in Contracts

Priority of Security Interests. Irrespective of (a) the time, order manner or method of creation, attachment or perfection of the respective security interests and/or liens, if any, granted to or on behalf of Junior Creditor or Senior Creditor in or on any or all of the property or assets of Debtor, (b) the time or manner of the filing of their respective financing statements, (c) whether Junior Creditor or Senior Creditor or any other bailee or agent thereof holds possession of any or all of the property or assets of Debtor, (d) the dating, execution or delivery of any agreement, document or instrument granting Junior Creditor or Senior Creditor security interests and/or liens in or on any or all of the property or assets of Debtor, (e) the giving or failure to give notice of the acquisition or expected acquisition of any purchase money or other security interests and (f) any provision of the UCC or any other applicable law to the contrary, any and all security interests, liens, rights and interests of Junior Creditor, whether now or hereafter arising and howsoever existing, in or on any or all of the Senior Creditor Collateral shall be and hereby are subordinated to any and all security interests, liens, rights and interests of Senior Creditor in and to the Senior Creditor Collateral. For purposes of the foregoing allocation of priorities, any claim of a right of setoff shall be treated in all respects as a security interest and no claimed right of setoff shall be asserted to defeat or diminish the rights or priorities provided for herein.

Priority of Security Interests. Irrespective of Notwithstanding (ai) the time, order ------------------------------ order, manner or method of creation, attachment or perfection of the respective security interests and/or liens, if any, liens granted to or on behalf of Junior Creditor or Senior Creditor any Secured Party in or on any or all of the property or assets of Debtorthe Grantors, (bii) the time or manner of the filing of their respective the financing statementsstatements reflecting such security interests, (ciii) whether Junior Creditor or Senior Creditor any Secured Party or any other bailee or agent thereof holds possession of any or all of the property or assets of Debtorthe Grantors, (div) the dating, execution or delivery of any agreement, document or instrument granting Junior Creditor or Senior Creditor any Secured Party security interests and/or liens in or on any or all of the property or assets of Debtor, (e) the giving or failure to give notice of the acquisition or expected acquisition of any purchase money or other security interests Grantors and (fv) any provision of the UCC or any other applicable law to the contrary, any and all security interests, liens, rights and interests of Junior Creditorthe Parent, Indenture Trustee and/or holders of the Senior Notes, whether now or hereafter arising and howsoever existing, in or on any or all of the Senior Creditor Collateral Collateral, shall be and hereby are subordinated to any and all security interests, liens, rights and interests of Senior Creditor the Lender in and to the Senior Creditor Collateral. For purposes of the foregoing allocation of priorities, any claim of a right of setoff shall be treated in all respects as a security interest and no claimed right of setoff shall be asserted to defeat or diminish the rights or priorities provided for herein.

Priority of Security Interests. Irrespective Any and all security interests, liens, rights and interests of the Holder, whether now or hereafter arising and howsoever existing, in or on any or all of the collateral now or hereafter securing the Senior Indebtedness held by the Senior Creditor shall be and hereby are subordinated to any and all security interests, liens, rights and interests of Senior Creditor in and to any collateral now or hereafter securing such Senior Indebtedness, irrespective of (a) the time, order order, manner or method of creation, attachment or perfection of the respective security interests and/or liens, if any, liens granted to the Holder or on behalf of Junior Creditor or the Senior Creditor in or on any or all of the property or assets of Debtorthe Company, (b) the time or manner of the filing of their respective financing statements, (c) whether Junior Creditor the Holder or the Senior Creditor or any other bailee or agent thereof holds possession of any or all of the property or assets of Debtorthe Company, (d) the dating, execution or delivery of any agreement, document or instrument granting Junior Creditor the Holder or the Senior Creditor security interests and/or liens in or on any or all of the property or assets of Debtorthe Company, (e) the giving or failure to give notice of the acquisition or expected acquisition of any purchase money or other security interests and (f) any provision of the UCC Uniform Commercial Code or any other applicable law to the contrary, any and all security interests, liens, rights and interests of Junior Creditor, whether now or hereafter arising and howsoever existing, in or on any or all of the Senior Creditor Collateral shall be and hereby are subordinated to any and all security interests, liens, rights and interests of Senior Creditor in and to the Senior Creditor Collateral. For purposes of the foregoing allocation of priorities, any claim of a right of setoff shall be treated in all respects as a security interest and no claimed right of setoff shall be asserted to defeat or diminish the rights or priorities provided for herein.