Collateral and Lien Priorities Sample Clauses

Collateral and Lien Priorities. (a) The Notes and Notes Guarantees will be secured by a first-priority security interest in the Notes Priority Collateral (on a pari passu with the Existing Notes and on a pari passu or senior lien basis with any other Parity Lien Obligations) and by second priority security interests in the ABL Priority Collateral, in each case subject to Permitted Liens. (b) The Credit Agreement will continue to be secured by first-priority security interests in the ABL Priority Collateral and by second-priority security interests in the Notes Priority Collateral. (c) The Intercreditor Agreement governs the priorities of the security interests and certain related creditor rights in the Collateral among the holders of the ABL Obligations, on the one hand, and the Holders of the Notes and the other Parity Lien Debt on the other hand. (d) The Collateral Trust Agreement governs the priorities and security interests and certain related creditor rights in the Collateral among the Holders of the Notes, the Existing Notes and the other Parity Lien Debt. (e) In the event of any inconsistency between the provisions of the Intercreditor Agreement and the provisions of this Indenture, the provisions of the Intercreditor Agreement shall govern and control. (f) Holders of the Notes agree, for the enforceable benefit of all holders of ABL Obligations, all other holders of existing and future Parity Lien Obligations, and each existing and future ABL Collateral Agent, each existing and future Trustee and each existing and future Additional Authorized Representative, (x) that all Parity Lien Obligations will be and are secured equally and ratably by all Liens granted by any Guarantor to the Collateral Trustee, for the benefit of the secured parties thereunder, at any time granted by any Guarantor to secure any Parity Lien Obligations whether or not upon property otherwise constituting collateral to such Parity Lien Obligations and that all such Liens granted pursuant to the security documents will be enforceable by the Collateral Trustee for the benefit of all holders of Parity Lien Obligations equally and ratably as contemplated by the Collateral Trust Agreement (provided, that if provided by the terms thereof or with the consent of the holders thereof, a series of additional parity lien obligations may be secured by Liens (i) that are junior to the Liens on the assets and property securing the Note Obligations and/or the ABL Obligations (but in no event secured by a Lien that is senior ...