Common use of Permitted Encumbrances and Permitted Indebtedness Clause in Contracts

Permitted Encumbrances and Permitted Indebtedness. None of: (i) the fact that any Person is permitted to create or suffer to exist any Permitted Encumbrance or Permitted Indebtedness; (ii) the fact that any representation, warranty or covenant herein may make an exception for the existence of Permitted Encumbrances or Permitted Indebtedness; or (iii) the fact that the Security Interests created pursuant to the Transaction Documents are stated to be subject to, or are not required to rank in priority to, Permitted Encumbrances; shall in any manner, nor in any cause or proceeding, directly or indirectly, be taken to constitute a subordination of any Security Interest created pursuant to the Transaction Documents to any Permitted Encumbrance or to any other Security Interest or other obligation whatsoever, or that any of the Secured Obligations are in any way subordinate or junior in right of payment to any Permitted Indebtedness, it being the intention of the parties that all Security Interests created pursuant to the Transaction Documents shall at all times, to the maximum extent permitted by Applicable Law, rank as first priority Security Interests in priority to Permitted Encumbrances and all other Security Interests or other obligations whatsoever and that the Secured Obligations will rank in right of payment at all times at least equally with such Permitted Indebtedness, subject to the Intercreditor Agreements as applicable.

Permitted Encumbrances and Permitted Indebtedness. None of: (ia) the fact that any Person is permitted to create or suffer to exist any Permitted Encumbrance or Permitted Indebtedness; (iib) the fact that any representation, warranty or covenant herein may make an exception for the existence of Permitted Encumbrances or Permitted Indebtedness; or (iiic) the fact that the Security Interests created pursuant to the Transaction Loan Documents are stated to be subject to, or are not required to rank in priority to, Permitted Encumbrances; shall in any manner, nor in any cause or proceeding, directly or indirectly, be taken to constitute a subordination of any Security Interest created pursuant to the Transaction Loan Documents to any Permitted Encumbrance or to any other Security Interest or other obligation whatsoever, or that any of the Secured Obligations are in any way subordinate or junior in right of payment to any Permitted Indebtedness, it being the intention of the parties that all Security Interests created pursuant to the Transaction Loan Documents shall at all times, to the maximum extent permitted by Applicable Law, rank as first priority Security Interests in priority to Permitted Encumbrances (except in relation to those Permitted Encumbrances listed in subsections (j), (k) and (p) of the definition of Permitted Encumbrances) and all other Security Interests or other obligations whatsoever and that the Secured Obligations will rank in right of payment at all times at least equally with such Permitted Indebtedness, subject to the Intercreditor Agreements as applicable.

Permitted Encumbrances and Permitted Indebtedness. None ofof the fact that: (ia) the fact that any Person Borrower or Guarantor is permitted to create or suffer to exist any Permitted Encumbrance or Permitted Indebtedness; (iib) the fact that any representation, warranty or covenant contained herein may make an exception for the existence of Permitted Encumbrances or Permitted Indebtedness; or (iiic) the fact that the Security Interests created pursuant to the Transaction Credit Documents are stated to be subject to, or are not required to rank in priority to, Permitted Encumbrances; , shall in any manner, nor in any cause or proceeding, directly or indirectly, be taken to constitute a subordination of any Security Interest created pursuant to the Transaction Credit Documents to any Permitted Encumbrance or to any other Security Interest or other obligation whatsoever, or that any of the Secured Obligations under the Credit Documents are in any way subordinate or junior in right of payment to any Permitted Indebtedness, it being the intention of the parties that all Security Interests created pursuant to the Transaction Credit Documents shall at all times, to the maximum extent permitted by Applicable Law, rank as first priority Security Interests in priority to Permitted Encumbrances and all other Security Interests or other obligations whatsoever and that the Secured Obligations under the Credit Documents will rank in right of payment at all times at least equally with such Permitted Indebtedness, subject to the Intercreditor Agreements as applicable.

Permitted Encumbrances and Permitted Indebtedness. None of: (ia) the fact that any Person is permitted to create or suffer to exist any Permitted Encumbrance or Permitted Indebtedness; (iib) the fact that any representation, warranty or covenant herein may make an exception for the existence of Permitted Encumbrances or Permitted Indebtedness; or (iiic) the fact that the Security Interests created pursuant to the Transaction Loan Documents are stated to be subject to, or are not required to rank in priority to, Permitted Encumbrances; shall in any manner, nor in any cause or proceeding, directly or indirectly, be taken to constitute a subordination of any Security Interest created pursuant to the Transaction Loan Documents to any Permitted Encumbrance or to any other Security Interest or other obligation whatsoever, or that any of the Secured Obligations are in any way subordinate or junior in right of payment to any Permitted Indebtedness, it being the intention of the parties that all Security Interests created pursuant to the Transaction Loan Documents shall at all times, to the maximum extent permitted by Applicable Law, rank as first priority Security Interests in priority to Permitted Encumbrances and all other Security Interests or other obligations whatsoever and that the Secured Obligations will rank in right of payment at all times at least equally with such Permitted Indebtedness, subject to the Intercreditor Agreements as applicable.

Permitted Encumbrances and Permitted Indebtedness. None of: (ia) the fact that any Person is permitted to create or suffer to exist any Permitted Encumbrance or Permitted Indebtedness; (iib) the fact that any representation, warranty or covenant herein may make an exception for the existence of Permitted Encumbrances or Permitted Indebtedness; or (iiic) the fact that the Security Interests created pursuant to the Transaction Loan Documents are stated to be subject to, or are not required to rank in priority to, Permitted Encumbrances; shall in any manner, nor in any cause or proceeding, directly or indirectly, be taken to constitute a subordination of any Security Interest created pursuant to the Transaction Loan Documents to any Permitted Encumbrance or to any other Security Interest or other obligation whatsoever, or that any of the Secured Obligations are in any way subordinate or junior in right of payment to any Permitted Indebtedness, it being the intention of the parties that all Security Interests created pursuant to the Transaction Loan Documents shall at all times, to the maximum extent permitted by Applicable Law, rank as first priority Security Interests in priority to Permitted Encumbrances and all other Security Interests or other obligations whatsoever and that the Secured Obligations will rank in right of payment at all times at least equally with such Permitted Indebtedness, subject to the Intercreditor Agreements as applicable.. 9617679.9