Ranking and Collateral Clause Samples
The 'Ranking and Collateral' clause defines the priority of claims and the security interests granted over assets in a contractual relationship. It typically specifies whether a party's claim is senior, pari passu, or subordinated to other creditors, and outlines the types of collateral provided to secure obligations, such as cash, securities, or property. This clause ensures clarity regarding the order in which creditors are paid and the assets available to satisfy claims, thereby reducing uncertainty and managing risk among parties.
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Ranking and Collateral. These Securities and the Note Guaranties are secured by a second priority security interest in the Collateral pursuant to certain Security Documents. The Second Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to all present and future First Priority Liens and will be of equal ranking with all present and future Parity Liens as set forth in Article 10 of the Indenture and the Intercreditor Agreement.
Ranking and Collateral. The Securities and the Subsidiary Guarantees will be secured by a first-priority security interest in the Collateral pursuant to certain Security Documents. The First Priority Liens upon any and all Collateral will be, to the extent and in the manner provided in the Intercreditor Agreements, of equal in ranking to all present and future first priority Liens and will be of senior ranking with all present and future Liens securing second priority lien obligations (including, without limitation, any Other Second-Lien Obligations) as set forth in the Intercreditor Agreements. The Parent Guarantee will be, to the extent and in the manner set forth in the Indenture, equal in right of payment to all existing and future Parent Pari Passu Indebtedness and senior in right of payment to all existing and future Parent Subordinated Indebtedness.
Ranking and Collateral. From the Issue Date, the Notes and the Subsidiary Guarantees will be secured by security interests (subject to Permitted Liens and Liens permitted by Section 4.12 of the Indenture) in the Collateral pursuant to the Security Documents (but subject to the terms and conditions of the Security Documents and the Senior Lien Intercreditor Agreement). The Liens upon any and all Collateral are, to the extent and in the manner provided in the Senior Lien Intercreditor Agreement, junior in ranking with all present and future Liens securing First-Priority Lien Obligations, are equal in ranking to all present and future Liens securing Other Second-Lien Obligations and will be senior in ranking to all present and future Liens securing Junior Lien Obligations.
Ranking and Collateral. These Securities and the Note Guarantees are secured by a security interest in the Collateral pursuant to certain Security Documents.
Ranking and Collateral. The Notes and the Guarantees will be secured by first-priority security interest (subject to the Permitted Liens and Liens permitted by Section 4.12 of the Indenture) in the Collateral pursuant to the Security Documents (but subject to the terms and conditions of the Security Documents and the First Lien Intercreditor Agreement and, if applicable, the Super Senior Intercreditor Agreement). The Liens upon any and all Collateral are, to the extent and in the manner provided in the First Lien Intercreditor Agreement, and, if applicable, the Super Senior Intercreditor Agreement, equal in ranking with all present and future Liens securing First-Priority Obligations and will be senior in ranking to all present and future Liens securing Junior Lien Obligations.
Ranking and Collateral. These Notes and any Note Guarantee by a Subsidiary Pledgor will be secured by a security interest in the Collateral pursuant to certain Security Documents. The First Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the First Lien Intercreditor Agreement, equal in ranking with all present and future First Priority Liens and, as set forth in the Second Lien Intercreditor Agreement, will be senior in ranking to all present and future Liens securing Junior Lien Obligations.
Ranking and Collateral. The Indebtedness evidenced by the Notes and the Note Guarantees will be senior secured Indebtedness of the Company and the Subsidiary Guarantors, respectively, and will be secured by a first-priority (subject to certain permitted liens and exceptions) security interest in the Collateral in favor of the Collateral Agent for the benefit of the holders of the Notes, the CEI Credit Facilities, the 2025 Secured Notes, the 2030 Secured Notes and other future first-priority lien obligations that may be issued in compliance with the terms of this Indenture. The Notes and the Note Guarantees will rank equally in right of payment with all existing and future senior Indebtedness of the Company and the Subsidiary Guarantors, will be senior in right of payment to all existing and future Subordinated Indebtedness of the Company and the Subsidiary Guarantors, will be effectively senior in right of payment to all senior Indebtedness of the Company and the Subsidiary Guarantors that is unsecured or that is secured by a lien ranking junior in priority to the liens securing the Notes and the Note Guarantees, including Indebtedness under the 2027 Notes and the 2029 Notes, in each case to the extent of the value of the assets securing the Notes and the Note Guarantees, will rank equally with all of the Company’s and the Subsidiary Guarantors’ existing and future first-priority lien obligations, including Indebtedness under the CEI Credit Agreement, the 2025 Secured Notes (prior to the consummation of the repurchase or redemption of all of the 2025 Secured Notes with the proceeds from the offering of the Initial Notes) and the 2030 Secured Notes, to the extent of the value of the assets securing the Notes, and will be structurally subordinated in right of payment to all existing and future Indebtedness and other liabilities (including trade payables) of the Company’s Subsidiaries that are not Subsidiary Guarantors, including, without limitation, Indebtedness under the CRC Secured Notes (prior to the consummation of the repurchase or redemption of all of the CRC Secured Notes with the proceeds from the offering of the Initial Notes).
Ranking and Collateral. These Notes and the Subsidiary Guarantees will be secured by a second-priority security interest in the Collateral pursuant to certain Security Documents. The Liens securing Second Priority Lien Obligations upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreements, subordinate in ranking to all present and future Liens securing First Priority Lien Obligations and will be of equal ranking with all present and future Liens securing the Other Second Lien Obligations as set forth in the Intercreditor Agreements.
Ranking and Collateral. The indebtedness evidenced by the Notes and the applicable Note Guarantees, respectively, is senior Indebtedness of the Company and the Note Guarantors, respectively, ranks (i) equal in right of payment with all existing and future senior Indebtedness of the Company and the Note Guarantors, as applicable, (ii) senior in right of payment to all existing and future Subordinated Indebtedness of the Company and Note Guarantors and (iii) structurally subordinated to all existing and future indebtedness and other liabilities of Subsidiaries that do not guarantee the Notes. The Notes and the Note Guarantees will have the benefit of a security interest in the Collateral with the priority required by the Indenture subject to Permitted Liens and the exceptions provided in the Security Documents.
Ranking and Collateral. The obligations of the Contractor or other Supported Party to the Company arising under the New TE Support Instruments shall constitute general, senior and unsubordinated obligations of the Contractor or other Supported Party, as applicable.