Priority of Liens and Security Interests. The Related Documents, as modified hereby, shall continue to fully and completely secure all of Borrower’s obligations as represented by the Notes and Related Documents. Nothing contained herein is intended to change or adversely affect the perfection or priority of any lien or security interest previously granted as security for the Notes under the Related Documents, and all such liens and security interests shall continue in effect and shall secure the Notes according to their original priority and effective dates.
Priority of Liens and Security Interests. Notwithstanding anything ---------------------------------------- to the contrary contained in any of the documents or agreements evidencing or relating to either of the Facilities, or any other document relating thereto and irrespective of the time, order or method of attachment, perfection, filing or recording of any lien or security interest in favor of any Administrative Agent or Lender, any provision of or filing or recording under the Uniform Commercial Code or other applicable law, it is acknowledged and agreed that at all times, whether before, during or after the commencement of bankruptcy, reorganization or other insolvency proceeding, the liens and security interests securing the Existing Facility and the Liquidity Facility, and payments in respect thereof, shall rank pari passu with one another; provided, however, ---- ----- -------- notwithstanding the applicable provisions of the respective Pledge Agreements and Security Agreements, the Lenders under the Existing Facility and the Lenders under the Liquidity Facility shall share pro rata, any proceeds in respect thereof based on the outstanding Obligations of each Facility. In furtherance thereof, neither Administrative Agent will take or cause to be taken any action, including commencement of any legal or equitable proceedings, the effect of which is or could be to give its Facility a preference or priority therein over the other Facility.
Priority of Liens and Security Interests. Lenders agree and declare that at all times, whether before, after, or during the pendency of any bankruptcy, reorganization or other Insolvency Proceeding, and notwithstanding the priorities which would ordinarily result from the order of the granting of any such Security Interest, or the order, sequence or date of the filing of any financing statements, or obtaining of possession or control (whether pursuant to a control agreement or automatically as prescribed by the Code), notwithstanding the right to set off which may exist under the NEIPF Documents or the SVB Documents (which shall include for such purposes any account agreement between any Borrower and SVB) and whether or not perfected or unavoidable: (a) the NEIPF Security Interest shall constitute and be a senior and superior security interest, lien and charge in and upon the NEIPF Senior Collateral and prior in right to any interest of SVB in the NEIPF Senior Collateral howsoever arising, and that SVB’s Security Interest shall be subject and subordinate to the NEIPF Security Interest with respect to the NEIPF Senior Collateral, and (b) the SVB Security Interest shall constitute and be a senior and superior security interest, lien and charge in and upon the SVB Senior Collateral and prior in right to any interest of NEIPF in the SVB Senior Collateral howsoever arising, and that NEIPF Security Interest shall be subject and subordinate to SVB Security Interest with respect to the SVB Senior Collateral. The parties agree that the records shall reflect the respective priorities of their Security Interests.
Priority of Liens and Security Interests. JEDA and NationsBank agree at all times, whether before, after or during the pendency of any Bankruptcy Case, reorganization or other insolvency proceeding and notwithstanding the priorities which would ordinarily result from the order of granting of any security interests or liens, or the order of filing or recording of any financing statements or mortgages in respect of any of the Collateral:
3.1 Superiority of NationsBank's Liens and Security Interests. NationsBank's liens and security interests in the Collateral shall constitute first priority liens and security interests in the Collateral to secure the NationsBank Obligations and shall be superior to any interest of JEDA in the Collateral arising pursuant to the JEDA Loan Documents or otherwise; and JEDA's security interests and liens therein shall be subordinate to the security interests and liens of NationsBank therein. NationsBank specifically acknowledges that the priority of NationsBank's lien shall secure, at the time of realization on any of the Collateral an amount not in excess of the amount of the NationsBank Obligations.
Priority of Liens and Security Interests. SUBORDINATING PARTY and SENIOR CREDITOR hereby agree and declare that at all times, whether before, after or during the pendency of any PROCEEDING, and notwithstanding the priorities which would ordinarily result from the order of the granting of a SECURITY INTEREST, or the order, sequence or date of the filing of any financing statements or obtaining of possession, and whether or not perfected or unavoidable, SENIOR CREDITOR'S SECURITY INTEREST shall constitute and be a senior and superior security interest, pledge, assignment, lien and charge in and upon the COLLATERAL and prior in right to any interest of SUBORDINATING PARTY in the COLLATERAL howsoever arising, and that the SUBORDINATING PARTY'S SECURITY INTEREST shall be subject and subordinate to the SENIOR CREDITOR'S SECURITY INTEREST. SENIOR CREDITOR and SUBORDINATING PARTY hereby agree to take any reasonable actions necessary to cause the public records to reflect the respective priorities of their SECURITY INTERESTS. SUBORDINATING PARTY agrees to file financing statements perfecting the SUBORDINATING PARTY'S SECURITY INTEREST after the filing of financing statements perfecting SENIOR CREDITOR'S security agreement.
Priority of Liens and Security Interests. (a) The Mortgage, when properly recorded, will create a valid first priority mortgage lien on the real property described therein as collateral for all the Obligations, subject only to such Encumbrances as may be expressly permitted by the Loan Documents.
(b) The Security Agreement, upon the filing of financing statements in the appropriate governmental offices, will create valid first priority perfected security interests in the personal property of the Borrower described therein as collateral for all of the Obligations.
Priority of Liens and Security Interests. Notwithstanding the date, manner or order of perfection of the security interests and liens granted in the Collateral by Borrower to SBI and ICICI, and notwithstanding any provisions of the Uniform Commercial Code, or any applicable law or decision, or the SBI Documents or the ICICI Documents, or whether either of SBI or ICICI holds possession of all or any part of the Collateral, as between SBI and ICICI:
(a) The liens and security interests granted under the Security Agreements and SBI Facility Agreement and ICICI Facility Agreement shall constitute first priority liens and security interests in and to the Collateral on a pari passu basis.
(b) Each of SBI and ICICI agrees to execute and deliver and to file or record or cause to be filed or recorded such further documentation (including without limitation UCC financing statements or amendments) as may be necessary to publish notice of the contents of this Agreement in order to cause the record lien priority as between SBI and ICICI in any item of Collateral to reflect the lien priorities set forth in this Section 2, including to the extent necessary to the UCC-1 financing statements referred to in the second recital clause of this Agreement.
Priority of Liens and Security Interests. Notwithstanding any provisions to the contrary contained in the Security Instruments, and irrespective of the time, order or method of attachment or perfection of the liens and security interests granted thereby or the time or order of filing or recording of financing statements or other liens, mortgages, deeds of trust or security interests, and irrespective of anything contained in any filing or agreement to which any of the Banks may now or hereafter be a party, the Agent and the Banks hereby agree among themselves, as to the priorities to be accorded the Collateral, that the security interests securing the Obligations and created in favor of the Banks under the Security Instruments shall constitute a first priority security interest in all Collateral and the proceeds thereof to be shared on a pari passu basis by all of the Banks.
Priority of Liens and Security Interests. (a) The Mortgage, when properly recorded, will create a valid first priority mortgage lien on the real property described therein as collateral for all the Obligations, subject only to the Permitted Encumbrances as may be expressly permitted by the Loan Documents.
(b) The Security Agreement, upon the filing of financing statements in the appropriate governmental offices, will create valid first priority perfected security interests in the personal property of the Borrower described therein as collateral for all of the Obligations subject only to such Permitted Encumbrances as may be expressly permitted by the Loan Documents.
(c) The Guarantors' Security Agreements, upon the filing of financing statements in the appropriate governmental offices, will create valid first priority perfected security interests in the personal property of the Guarantors described therein as collateral for all of the Obligations subject only to such Permitted Encumbrances as may be expressly permitted by the Loan Documents.
(d) The Guarantor's Mortgage, when recorded, will create a valid first priority mortgage lien on the real property described therein as collateral for all the Obligations subject only to Encumbrances permitted under Article IV at Section 4.11 of this Agreement.
Priority of Liens and Security Interests. The Parties agree that the OHCS Operating Agreement, the Trust Deed, and this Agreement will be recorded in the order set forth herein and in the title policies delivered to and approved by the Parties. Notwithstanding any provisions to the contrary contained in the Loan Documents, and irrespective of the time, order, or method of attachment or perfection of the liens and security interests granted thereby or the time or order of filing or recording of financing statements or other liens, or security interests, and irrespective of anything contained in any filing or agreement
