Common use of Ranking; Security Clause in Contracts

Ranking; Security. (a) Each Loan Party’s obligations under the Loan Documents ranks at least equally in right of payment with all of its unsecured and unsubordinated obligations, other than those that are mandatorily preferred by law applying to companies generally and other than with respect to the CKI Obligations and the 2023 Debentures Obligations to the extent set forth in the CKI Intercreditor Agreement. (b) Each Security Document creates the security interest that it purports to create and such security interests are valid and effective in all material respects to the extent required therein.

Ranking; Security. (a) Each Loan Party’s obligations under the Loan Documents ranks at least equally in right of payment pari passu with all of its other unsecured and unsubordinated obligations, other than those that are mandatorily preferred by law applying to companies generally and other than with respect to the CKI Obligations and the 2023 Debentures Obligations to the extent set forth in the CKI Intercreditor Agreementgenerally. (b) Each Security Document creates the security interest that it purports to create and such security interests are valid and effective in all material respects to the extent required thereinrespects.