Common use of Intercreditor Provisions Clause in Contracts

Intercreditor Provisions. (i) Subject to the security interests of the holders of the Senior Permitted Liens (which for the purposes of this Section 7(d) shall not include the holders of the Prior Notes), notwithstanding the date, manner and order of perfection of the security interests in and liens on the Collateral and notwithstanding any provision of the Uniform Commercial Code, as in effect in any state of appropriate jurisdiction, or any other applicable law or decision, as among the holders of Prior Notes and the purchasers of Notes pursuant to the Purchase Agreement (each, a “Creditor”), the holders of the Notes purchased under the Purchase Agreement agree that (i) each Creditor (including the holders of the Prior Notes) shall rank pari passu with respect to their respective security interests in the Collateral and (ii) upon any foreclosure, sale or other disposition in liquidation of all or any part of the Collateral, each Creditor shall share in the resulting income pertaining to and the proceeds of such foreclosure, sale or other disposition in liquidation of the Collateral pro rata in the manner set forth in Section 7(d)(v) below, regardless of the time at which such Creditor acquired rights in or to any of the Collateral.

Intercreditor Provisions. (ia) Subject to the security interests of the holders of the Senior Permitted Liens (which for the purposes of this Section 7(d) shall not include the holders of the Prior Notes)Liens, notwithstanding the date, manner and order of perfection of the security interests in and liens on the Collateral (as such term is defined in the Security Agreement and the New Security Agreement) and notwithstanding any provision of the Uniform Commercial Code, as in effect in any state of appropriate jurisdiction, or any other applicable law or decision, as among the holders of Prior Notes and the purchasers of New Notes pursuant to the Purchase Agreement (each, a “Creditor”), the holders of the Prior Notes purchased under the Purchase Agreement agree that (i) each Creditor (including the holders purchasers of the Prior New Notes) shall rank pari passu with respect to their respective security interests in the Collateral and (ii) upon any foreclosure, sale or other disposition in liquidation of all or any part of the Collateral, each Creditor shall share in the resulting income pertaining to and the proceeds of such foreclosure, sale or other disposition in liquidation of the Collateral pro rata in the manner set forth in Section 7(d)(v5(e) below, regardless of the time at which such Creditor acquired rights in or to any of the Collateral.