Priorities not affected. Except as otherwise provided in this Agreement the priorities referred to in Clause 2 (Ranking and Priority) will:
Priorities not affected. Except as otherwise provided in this Deed the priorities referred to in Clause 2 (Priority and Ranking) will:
Priorities not affected. Except as otherwise provided in this Agreement the priorities referred to in Clause 2 (Ranking, Priority, Maximum Holdings of Noteholders and Maximum Interests in Security Granted to Hedge Counterparties) will:
Priorities not affected. Except as otherwise provided in this Agreement the priorities referred to in Section 2 will (a) not be affected by any reduction or increase in the principal amount secured by the Transaction Security in respect of the Obligations owing to the Primary Creditors or by any intermediate reduction or increase in, amendment or variation to any of the Debt Documents, or by any variation or satisfaction of, any of the Obligations or any other circumstances; (b) apply regardless of the order in which or dates upon which this Agreement and the other Debt Documents are executed or registered or notice of them is given to any person; and (c) secure the Obligations owing to the Primary Creditors in the order specified, regardless of the date upon which any of the Obligations arise or of any fluctuations in the amount of any of the Obligations outstanding.
Priorities not affected. Except as otherwise provided in this Deed the priorities referred to in Clause 2.1 (Ranking) and Clause 3.1 (Ranking) will:
Priorities not affected. Except as otherwise provided in this Deed, the ranking and priorities referred to in Clause 8 (Ranking of Secured Obligations and Priorities) will:
Priorities not affected. The order of priorities set out in Clause 3.1 shall apply irrespective of (a) the date on which this Deed or any of the Finance Documents was executed, registered or notice thereof was given to any person and (b) except where such reduction, increase, amendment or variation is undertaken in breach of this Deed, any reduction or increase in any of the TCN Group Debt or the Target Group Debt or any amendment or variation of any of the TCN Group Finance Documents or the Target Group Finance Documents.
Priorities not affected. The priorities referred to in Clauses 2.1 (Ranking of Debt) and 2.2 (Ranking of guarantees and security) will not be affected by any reduction or increase in the principal amount secured by the Transaction Security or of any of the Debt or by any immediate reduction or increase in, amendment or variation (howsoever fundamental) to any of the Finance Documents or by any variation or satisfaction of, any of the Debt or any other circumstances.
