Pari Passu Security. 3.1 Pari Passu Security The Common or Shared Security ranks pari passu in all respects.
Pari Passu Security. If the Borrower shall at any time create any Security Interest (not being a Permitted Security Interest) over or in respect of any of its property or if any such Security Interest shall arise then, and in any such case, without prejudice to the Event of Default which shall thereby occur and any action which the Borrower may take under sub-clause 16.2. a like Security Interest, ranking pari passu with the first mentioned Security Interest and securing the obligations owing under the Loan Documents, shall be automatically and simultaneously created in favour of the Agent as agent for the Finance Parties without requiring any further amendment or assurance in order to give full effect thereto and registration of notice of this Agreement on the Security Interests in Personal Property Register and/or delivery of the same to the Registrar of Companies shall constitute as applicable due registration of the same and delivery for registration of a charge under the Companies Act.
Pari Passu Security. 2.1 Notwithstanding (a) the time, order or method of attachment or perfection of any Security Interests, the time or order of filing of financing statements (or similar filings in any applicable jurisdiction), or the giving of or failure to give notice of the acquisition or expected acquisition of purchase money or other Security Interest, (b) the manner in which the Shared Security Interest is acquired, whether by grant, statute or operation of law, subrogation or otherwise, (c) the fact that the Collateral or Shared Security Interest (or any portion thereof) is otherwise subordinated, voided, avoided, invalidated or lapsed and (d) any applicable law or any provision to the contrary in any Secured Party Document and the Shared Security Documents with respect to the Collateral and all proceeds of the Collateral, each Secured Party agrees that (i) the Security Interest of each Secured Party in the Collateral ranks and shall rank equally in priority with the Security Interest of the other Secured Parties in the Collateral and (ii) the Note Obligations, the Hedging Obligations and any other Permitted Pari Passu Secured Obligations rank and shall rank pari passu among themselves.
Pari Passu Security. If, after the date of this Contract, the Borrower should grant to any third party any additional security for the performance of any of its external debt obligations or any preference or priority in respect thereof, the Borrower shall so inform the Bank and shall, if so required by the Bank, provide to the Bank equivalent security for the performance of its obligations hereunder or grant to the Bank equivalent preference or priority. The Borrower represents that no such security, preference or priority presently exists. Nothing in the above section shall apply: (i) to any vendor's lien where such encumbrance secures only its purchase price; (ii) to any pledge over stocks created to secure any short-term credit; or (iii) to any security arising by operation of law.
Pari Passu Security. The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, grant any Liens in its Property or issue any Guarantees to the holders of First-Lien Indebtedness (other than the Trustee) including pursuant to the Lenders Collateral Platform, unless such Liens in its Property are granted or such Guarantees are issued concurrently to the Trustee or the Collateral Trustee under the Noteholder Collateral Platform for the benefit of the Holders and all of such Liens rank pari passu with each other and other Liens securing First- Lien Indebtedness.
Pari Passu Security. 2.1. Notwithstanding (a) the time, order or method of attachment or perfection of any Shared Security Interests, the time or order of filing of financing statements (or similar filings in any applicable jurisdiction), or the giving of or failure to give notice of the acquisition or expected acquisition of purchase money or other Shared Security Interest, (b) the manner in which the Shared Security Interests are acquired, whether by grant, statute or operation of law, subrogation or otherwise, (c) the fact that the Shared Collateral or Shared Security Interests (or any portion thereof) are otherwise subordinated, voided, avoided, invalidated or lapsed and (d) any applicable law or any provision to the contrary in any Secured Party Document and the Security Documents with respect to the Shared Collateral and all proceeds of the Shared Collateral, each Secured Party agrees that the Shared Security Interests of each Secured Party share and shall share equal priority and have and shall have pro rata entitlement with the same Shared Security Interests of the other Secured Parties. Any Secured Party holding any Shared Collateral agrees to hold the Shared Collateral and any Shared Security Interest thereon for the equal and ratable benefit of all Secured Parties pursuant to the terms of this Intercreditor Agreement and the Security Documents.
Pari Passu Security. All amounts owing with respect to the Obligations shall be secured pro rata by the Collateral without distinction as to whether some Obligations are then due and payable and other Obligations are not then due and payable. Upon any realization upon the Collateral by the Security Agent or any Secured Party, whether by receipt of insurance proceeds pursuant to Section 10 or upon foreclosure and sale of all or part of the Collateral pursuant to Section 15 or otherwise, each Credit Party agrees that the proceeds thereof shall be applied as set forth in Section 21.2. Each Credit Party shall remain liable for any deficiency remaining unpaid after the application of proceeds in accordance with the foregoing provisions and the provisions of the applicable Credit Agreement. Each Credit Party agrees that all amounts received with respect to any of the Obligations, whether by realization on the Collateral or otherwise, shall be applied to the payment of the Obligations in accordance with the provisions of this Section 21.
