Priority; Security Matters. The Security Instruments create valid security interests in the Collateral in favor of the Administrative Agent for the benefit of the Lenders (and any Affiliates of a Lender counterparty to any Swap Agreement related to the Obligations) securing the Obligations and constitute perfected first priority security interests in such Collateral subject to no Liens other than those permitted by subclauses (b), (c), (g), (i) and (l) of the definition of Permitted Liens, except to the extent such security interests are not perfected or do not have first priority status solely as a result of any action or inaction by the Administrative Agent or any Lender occurring after the execution and delivery of the Loan Documents.
Priority; Security Matters. Subject to the proviso to the second sentence of Article V hereof and the last sentence of Section 6.09(a), the Lender Indebtedness is and shall be at all times secured by valid, perfected first and prior Liens (subject only to Permitted Encumbrances) in favor of the Administrative Agent, covering and encumbering (a) the Mortgaged Property, (b) all of the outstanding Equity Interests owned by the Borrower of each existing and future Material Subsidiary (except that, if such Material Subsidiary is a Foreign Subsidiary, the Equity Interests of such Material Subsidiary to be pledged shall be limited to 65% of the total combined voting power of all classes of voting Equity Interests of such Material Subsidiary and 100% of all non-voting Equity Interests of such Material Subsidiary), (c) all of the outstanding Equity Interests owned by each Pledging Subsidiary of the Borrower of each existing and future Material Subsidiary thereof (except that, if such Material Subsidiary is a Foreign Subsidiary, the Equity Interests of such Material Subsidiary to be pledged shall be limited to 65% of the total combined voting power of all classes of voting Equity Interests of such Material Subsidiary and 100% of all non-voting Equity Interests of such Material Subsidiary) and (d) all other Collateral owned by the Borrower or any Material Subsidiary, pursuant to the Guaranty and Collateral Agreement, the Mortgages and other Security Instruments delivered pursuant to Section 4.01(f), or otherwise delivered pursuant to this Agreement or the other Loan Documents, to the extent perfection has or will occur, by the recording of a Mortgage, the filing of a UCC financing statement, or by possession or control.
Priority; Security Matters. (a) The U.S. Secured Indebtedness is and shall be at all times secured by valid, perfected first priority Liens in favor of the Global Administrative Agent, covering and encumbering the Mortgaged Properties and other Properties pledged pursuant to the U.S. Security Instruments, to the extent perfection has occurred or will occur, by the recording of a mortgage, the filing of a UCC financing statement or by possession (in each case, to the extent available in the applicable jurisdiction); provided, that the priority of the Liens in favor of the Global Administrative Agent may be subject to Permitted Liens.
Priority; Security Matters. The Security Instruments create valid security interests in the Collateral in favor of the Administrative Agent for the benefit of the Lenders (and any Affiliates of a Lender counterparty to any Swap Agreement related to the Obligations) securing the Obligations and constitute perfected first priority security interests in such Collateral subject to no Liens other than those permitted by subclauses (b), (c), (g), (i) and
Priority; Security Matters. The Obligations are and shall be at all times secured by Liens in all Collateral to the extent perfection has occurred or will occur by the filing of an instrument to perfect a security interest under the laws of the applicable jurisdiction, or by possession, and, except for Liens permitted by Section 7.2, all such Liens shall be first priority Liens.
Priority; Security Matters. The Obligations are and shall be at all times secured by valid, perfected Liens in favor of the Administrative Agent for the benefit of the Lenders in all Collateral to the extent perfection has or will occur by the filing of a Uniform Commercial Code Financing Statement in the relevant jurisdiction, filing or recording a mortgage in real property records of the county in which such real property or fixtures is located, or by possession or control, and, except for Liens permitted by Section 6.02 hereof, all such Liens shall be first priority Liens.
Priority; Security Matters. The Secured Indebtedness is and shall be at all times secured by valid, perfected Liens, second in priority to the Liens securing the First Lien Secured Indebtedness, in favor of the Collateral Agent, covering and encumbering the Mortgaged Properties and other Properties pledged pursuant to the Security Instruments, to the extent perfection can be obtained by the recording of a mortgage, the filing of a UCC financing statement or by possession (in each case, to the extent available in the applicable jurisdiction); provided, that the priority of the Liens in favor of the Collateral Agent may be subject to Permitted Liens that are, in the case of Liens other than the Liens securing the First Lien Secured Obligations, also prior to the Liens securing the First Lien Secured Indebtedness.
Priority; Security Matters. The Obligations are and shall be at all times secured by Liens in all Collateral to the extent perfection has or will occur by the filing of a UCC financing statement in the States of Texas and Oklahoma, if applicable, the filing of a Mortgage in real property records of the parish or county in which such real property or fixtures are located (or adjacent in the case of properties located on the Outer Continental Shelf), or by possession, and, except for Liens permitted by Section 7.2.3, all such Liens shall be first priority Liens, subject only to Permitted Liens.
Priority; Security Matters. The Obligations are and shall be at all times secured by Liens in all Collateral located in the Provinces of Alberta, Saskatchewan and British Columbia to the extent perfection has or will occur by the filing of an instrument to create a floating charge under the laws of the Provinces of Alberta, Saskatchewan and British Columbia, or by possession, and, except for Liens permitted by Section 7.2 of the U.S. Credit Agreement, all such Liens shall be first priority Liens.
Priority; Security Matters. The Combined Obligations are and shall be at all times secured by Liens in all Collateral located in the United States or Canada to the extent perfection has or will occur by the filing of a UCC financing statement in the states of Louisiana, Texas, Colorado, Alaska, Wyoming and Utah, filing a mortgage in real property records of the parish or county in which such real property or fixtures is located (or adjacent in the case of properties located on the Outer Continental Shelf), filing of an instrument to create a floating charge under the laws of the Province of Alberta, Saskatchewan and British Columbia, or by possession, and, except for Liens permitted by SECTION 7.2, all such Liens shall be first priority Liens.
