Pari Passu Security Sample Clauses

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. 2.2. The agreements as to the priority of the Shared Security Interests of each Secured Party provided for herein shall not be deemed to subordinate or otherwise affect in any respect the Security Interest securing any other indebtedness of the Company or any Subsidiary Guarantor Pledgor. 2.3. Each Secured Party agrees that it will not attack, contest or bring (or voluntarily join in) any action for the purpose of contesting the validity, perfection, priority or enforceability of the Shared Security Interest of any other Secured Party or finance or urge any other Person to do so, provided that any Secured Party may enforce its rights and privileges hereunder without being deemed to have violated this provision. Any provision contained in this Intercreditor Agreement to the contrary notwithstanding, the terms and conditions of this Intercreditor Agreement shall not apply to any property or asset (including properties or assets (or proceeds thereof) that do not constitute Shared Collateral) as to which one Secured Party has a Security Interest and as to which the other Secured Parties do not have a Security Interest.
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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.
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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.
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Pari Passu Security. 3.1 Pari Passu Security The Common or Shared Security ranks pari passu in all respects.
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Pari Passu Security. 3.1 Pari Passu Security
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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.
Sample 1
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.
Sample 1
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Related to Pari Passu Security

  • Pari Passu Ranking Each Obligor must ensure that its payment obligations under the Finance Documents rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

  • Pari Passu Obligations The Guarantor shall ensure that its obligations hereunder at all times constitute direct, general obligations of the Guarantor ranking at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness (other than Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.

  • Pari Passu Notes Investor acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes. In the event Investor receives payments in excess of its pro rata share of the Company’s payments to the Investors of all of the Notes, then Investor shall hold in trust all such excess payments for the benefit of the holders of the other Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.

  • Pari Passu Guarantees The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with any similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or capital securities issued by the Issuer Trust and with any other security, guarantee or other obligation that is expressly stated to rank pari passu with the obligations of the Guarantor under this Guarantee Agreement.

  • Notes to Rank Pari Passu The Notes and all other obligations under this Agreement of the Company are and at all times shall remain direct and unsecured obligations of the Company ranking pari passu as against the assets of the Company with all other Notes from time to time issued and outstanding hereunder without any preference among themselves and pari passu with all other present and future unsecured Debt (actual or contingent) of the Company which is not expressed to be subordinate or junior in rank to any other unsecured Debt of the Company.

  • Notes Rank Pari Passu The obligations of the Company under this Agreement and the Notes rank pari passu in right of payment with all other senior unsecured Debt (actual or contingent) of the Company, including, without limitation, all senior unsecured Debt of the Company described in Schedule 5.15 hereto.

  • Pari Passu Its obligations under this Agreement rank pari passu with all of its other unsecured, unsubordinated obligations except those obligations preferred by operation of law."

  • Collateral Security (a) The Obligations shall be secured by (a) a perfected first-priority security interest (subject to Permitted Liens entitled to priority under Applicable Law) in all Collateral, whether now owned or hereafter acquired, pursuant to the terms of the Security Agreement to which each Borrower is a party to the extent perfected by the filing of UCC financing statements; (b) a pledge of 100% of the capital stock or other Equity Interests of such Borrowers (other than the Parent) and of the Non-Borrower Subsidiaries (other than the Foreign Subsidiaries) to the Administrative Agent on behalf of the Secured Parties pursuant to the Pledge Agreement; and (c) a pledge of the capital stock or other Equity Interests of each Foreign Subsidiary (provided that not more than 65% of the total voting power of all outstanding capital stock or other Equity Interest of any such first-tier Foreign Subsidiary of a Borrower shall be required to be so pledged and no Equity Interests of any non-first-tier Foreign Subsidiary shall be provided to be so pledged); provided that the Borrowers hereby agree, upon the request of the Administrative Agent and the Required Lenders, to deliver, as promptly as practicable, but in any event within ninety (90) days after request therefor, or such other later time, if any, to which the Administrative Agent may agree, (i) certificates of titles for all or substantially all vehicles, trucks, trailers, tractors, automobiles and any other equipment covered by certificates of title owned by a Borrower (collectively, “Motor Vehicles”) with the Administrative Agent listed as lienholder therein (subject to a limited power of attorney in favor of the Parent to dispose of titled equipment) and, if required by the Administrative Agent, the Borrowers shall retain Corporation Service Company (or other similar company satisfactory to the Administrative Agent) pursuant to agreements reasonably satisfactory to the Administrative Agent pursuant to which Corporation Service Company (or such other company) will agree to act as agent for the Secured Parties with respect to the perfection of security interests in the Motor Vehicles; and (ii) mortgages with respect to Real Property and to take such other steps and make such other deliveries as may be reasonably requested by the Administrative Agent (including, without limitation, the delivery of legal opinions, Consulting Engineer’s reports, surveys, title insurance, environmental assessment reports, flood hazard certifications, evidence of flood insurance, if required, and a certification of the name and address of each real estate recording office where a mortgage on the real estate on which any Collateral consisting of fixtures may be located would be recorded) so as to provide the Administrative Agent, for the benefit of the Secured Parties, a perfected first-priority security interest in such assets, provided that to the extent that any lease of (or operating/management agreement with respect to) Real Property prohibits assignment of such lease (or operating/management agreement) without the consent of the lessor or another party thereunder, the Borrowers shall not be required to grant a mortgage on the leasehold interest under such lease, but in such event, the Borrowers agree to diligently and in good faith use its reasonable best efforts to obtain the consent (which consent shall be in form and substance reasonably satisfactory to the Administrative Agent) of the applicable lessor or other party to such leasehold mortgage (and, upon the receipt of such consent, the Borrowers shall promptly grant such leasehold mortgage and comply with the other provisions of this Section 10.15 with respect thereto). (b) In the event any Borrower disposes of any assets or Equity Interests as permitted under, and in compliance with, Section 7.04(b) (including any amendment thereof or consent thereunder), or in the event that the Parent designates any Borrower as an Excluded Subsidiary or a Non-Borrower Subsidiary hereunder and no Default would result from such designation, and so long as such Borrower (or the Parent, in the case of designating a Borrower as an Excluded Subsidiary hereunder) shall have provided the Administrative Agent with such certifications or documents, if any, as the Administrative Agent shall reasonably request, the Administrative Agent will, at the Borrowers’ sole cost and expense, and without recourse to or warranty by the Administrative Agent, execute and deliver all such forms, releases, discharges, assignments, termination statements, and similar documents as the Borrowers may reasonably request in order to release such Person from its Obligations under the Loan Documents and to release the Liens granted to the Administrative Agent with respect to such assets, Equity Interests or Borrower, as applicable.

  • Subordinated Notes The Subordinated Notes have been duly authorized by the Company and when executed by the Company and issued, delivered to and paid for by the Purchasers in accordance with the terms of the Agreement, will have been duly executed, authenticated, issued and delivered, and will constitute legal, valid and binding obligations of the Company and enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

  • E7 Security The Authority shall be responsible for maintaining the security of the Authority premises in accordance with its standard security requirements. The Contractor shall comply with all security requirements of the Authority while on the Authority premises, and shall ensure that all Staff comply with such requirements.

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