Transaction Security. Each of the Parties agrees that the Transaction Security shall rank and secure the Credit Facility Liabilities, the Hedging Liabilities and the Pari Passu Debt Liabilities (subject to the terms of this Agreement) pari passu and without any preference between them (but only to the extent that such Transaction Security is expressed to secure those Liabilities).
Transaction Security. Each Security Document to which it is a party validly creates the Security which is expressed to be created by that Security Document and evidences the Security it is expressed to evidence and is enforceable in accordance with its terms.
Transaction Security. Each of the Parties agrees that the Transaction Security shall secure the Liabilities (but only to the extent that such Transaction Security is expressed to secure those Liabilities) in the following order:
Transaction Security. Subject to the Legal Reservations, each Security Document to which it is a party validly creates the Security which is expressed to be created by that Security Document and evidences the Security it is expressed to evidence.
Transaction Security. (a) Any Obligor fails to perform or comply with any of the obligations assumed by it in the Security Documents.
Transaction Security. Each of the Parties agrees that the Transaction Security shall rank and secure the Super Senior Liabilities and the Senior Secured Liabilities pari passu and without any preference between them.
Transaction Security. (a) Each of the Parties agrees that the Transaction Security shall rank and secure the following Liabilities (only to the extent that such Transaction Security is expressed to secure those Liabilities), but in the case of the Senior Lender Liabilities, the Senior Secured Notes Liabilities, the Pari Passu Debt Liabilities, the Senior Agent Liabilities, the Senior Arranger Liabilities, the Senior Secured Notes Trustee Amount, the Pari Passu Debt Representative Amounts, the Second Lien Agent Liabilities, the Second Lien Notes Trustee Amounts and the Hedging Liabilities, without prejudice to Clause 18 (Application of Proceeds) and Clause 19 (Equalisation), in the following order:
Transaction Security. (a) At any time when the Borrower has provided any Transaction Security such Transaction Security is or becomes unlawful, is not or ceases to be legal, valid, binding or enforceable or otherwise ceases to be effective.
Transaction Security. It has all of the rights, title and interest in the assets subject to the Transaction Security to the extent and in the manner contemplated by the Security Documents.
Transaction Security. (a) Any Obligor or Kronos Denmark fails duly to perform or comply with any of the obligations assumed by it in the Security Documents, provided that no Event of Default under this paragraph (a) will occur if such breach is capable of remedy and is remedied within fifteen (15) Business Days after written notice of such breach has been given to the German Borrower by the Agent or the relevant Obligor or Kronos Denmark, as the case may be, has obtained actual knowledge of such breach, whichever is the earlier.
