Collateral Shared Equally and Ratably Sample Clauses
The 'Collateral Shared Equally and Ratably' clause establishes that any collateral provided under an agreement will be distributed among relevant parties in equal and proportionate shares. In practice, this means that if multiple lenders or creditors are involved, each will receive a share of the collateral or its proceeds that corresponds to their respective interest or claim, rather than one party receiving preferential treatment. This clause ensures fairness and prevents disputes by clearly allocating collateral rights, thereby protecting the interests of all parties and promoting equitable risk sharing.
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Collateral Shared Equally and Ratably. The parties to this Agreement agree that the payment and satisfaction of all of the Parity Lien Obligations will be secured equally and ratably by the Liens established in favor of the Collateral Trustee for the benefit of the Secured Parties, notwithstanding the time of incurrence of any Parity Lien Obligations or the date, time, method or order of grant, attachment or perfection of any Liens securing such Parity Lien Obligations and notwithstanding any provision of the UCC, the time of incurrence of any Series of Parity Lien Debt or the time of incurrence of any other Parity Lien Obligation, or any other applicable law or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Parity Lien Obligations, the subordination of such Liens to any other Liens, or any other circumstance whatsoever, whether or not any Insolvency or Liquidation Proceeding has been commenced against the Issuer, Co-Issuer or any other Grantor, it is the intent of the parties that, and the parties hereto agree for themselves and the Secured Parties represented by them that, all Parity Lien Obligations will be and are secured equally and ratably by all Parity Liens at any time granted by the Issuer, Co-Issuer or any other Grantor to secure any Obligations in respect of any Series of Parity Lien Debt, whether or not upon property otherwise constituting collateral for such Series of Parity Lien Debt, and that all such Parity Liens will be enforceable by the Collateral Trustee for the benefit of all Secured Parties equally and ratably; provided, however, that notwithstanding the foregoing, this provision will not be violated with respect to any particular Collateral and any particular Series of Parity Lien Debt if the Parity Lien Documents in respect thereof prohibit the applicable Authorized Representative from accepting the benefit of a Lien on any particular asset or property or such Authorized Representative otherwise expressly declines in writing to accept the benefit of a Lien on such asset or property.
Collateral Shared Equally and Ratably. The parties to this Agreement agree that the payment and satisfaction of all of the Parity Lien Obligations will be secured equally and ratably by the Parity Lien established in favor of the Collateral Trustee for the benefit of the Parity Lien Secured Parties, notwithstanding the time of incurrence of any Parity Lien Obligations or time or method of creation or perfection of any Parity Liens securing such Parity Lien Obligations.
Collateral Shared Equally and Ratably. The parties to this Agreement agree that the payment and satisfaction of all of the Priority Lien Obligations will be secured equally and ratably by the Priority Lien established in favor of the Collateral Trustee for the benefit of the Priority Lien Secured Parties and the Collateral Trustee, notwithstanding the time of incurrence of any Priority Lien Obligations or time or method of creation or perfection of any Priority Liens securing such Priority Lien Obligations and notwithstanding any provision of the UCC or any other applicable law or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Priority Lien Obligations or any other circumstance whatsoever, whether or not any Insolvency or Liquidation Proceeding has been commenced against the Company or any other Grantor, it is the intent of the parties that all Priority Lien Obligations will be and are secured equally and ratably by all Priority Liens at any time granted by the Company or any other Grantor to secure any Priority Lien Obligations, and that all such Priority Liens will be enforceable by the Collateral Trustee for the benefit of all Priority Lien Secured Parties and the Collateral Trustee equally and ratably; provided, however, that the Priority Lien Obligations shall be subject to the prior payment rights of the Collateral Trustee for the Collateral Trustee’s Fees and Expenses and the holders of the First-Out Obligations and certain other Priority Lien Obligations as provided in Section 3.4 and the requirements of Section 1.3.
Collateral Shared Equally and Ratably. Subject to the applicable provisions in the Collateral Trust Agreement, the payment and satisfaction of all of the Secured Obligations shall be secured equally and ratably by the Liens established in favor of the Collateral Trustee for the benefit of the Secured Parties pursuant to the Security Documents and all such Liens will be enforceable by the Collateral Trustee for the benefit of all Secured Parties equally and ratably.
Collateral Shared Equally and Ratably. The parties to this Agreement agree that except as expressly set forth in Section 3.5, the payment and satisfaction of all of the Pari Passu Guaranteed Obligations will be secured Equally and Ratably by the Liens established in favor of the Collateral Agent for the benefit of the Secured Parties.
Collateral Shared Equally and Ratably. Subject to the applicable provisions in the Second Lien Collateral Trust Agreement and the First Lien/Second Lien Intercreditor Agreement, the payment and satisfaction of all of the Obligations under the Note Documents shall be secured equally and ratably by the Liens on the Company’s and the Guarantors’ right, title and interest in the Collateral established in favor of the Second Lien Collateral Trustee for the benefit of the Second Priority Secured Parties pursuant to the Security Documents, the First Lien/Second Lien Intercreditor Agreement and the Second Lien Collateral Trust Agreement and all such Liens will be enforceable by the Second Lien Collateral Trustee for the benefit of all Second Priority Secured Parties equally and ratably.
Collateral Shared Equally and Ratably. The Parties agree that the payment and satisfaction of all of the Priority Lien Obligations will be secured equally and ratably by the Liens established in favor of the Collateral Trustee for the benefit of the Secured Parties. It is understood and agreed that nothing in this Section 2.3 is intended to alter the priority of the payment in respect of the Collateral and the proceeds thereof among Secured Parties belonging to different Series of Priority Lien Debt as provided in this Agreement
Collateral Shared Equally and Ratably. Subject to the applicable provisions in the Second Lien Collateral Trust Agreement and the Intercreditor Agreement, the payment and satisfaction of all of the Secured Obligations shall be secured equally and ratably by the Liens on the Issuers’ and the Guarantors’ right, title and interest in the Collateral established in favor of the Collateral Trustee for the benefit of the Second Priority Secured Parties pursuant to the Security Documents, the Intercreditor Agreement and the Second Lien Collateral Trust Agreement and all such Liens will be enforceable by the Collateral Trustee for the benefit of all Second Priority Secured Parties equally and ratably.
Collateral Shared Equally and Ratably. The parties to this Agreement agree that the payment and satisfaction of all of the Third Lien Obligations will be secured equally and ratably by the Third Lien established in favor of the Collateral Trustee for the benefit of the Third Lien Secured Parties, notwithstanding the time of incurrence of any Third Lien Obligations or time or method of creation or perfection of any Third Liens securing such Third Lien Obligations.
Collateral Shared Equally and Ratably. Subject to the applicable provisions in the First Lien Intercreditor Agreement, the payment and satisfaction of all of the Obligations of the Company and the Guarantors in respect of the Notes shall be secured equally and ratably by the Liens on the Company’s and the Guarantors’ right, title and interest in the Collateral established in favor of the Collateral Agent for the benefit of the Notes Secured Parties pursuant to this Indenture, the Security Documents, and the First Lien Intercreditor Agreement, and all such Liens will be enforceable by the Collateral Agent for its benefit, the benefit of the Trustee and for the benefit, on an equal and ratable basis, with the other Notes Secured Parties.