Common use of Ranking and Collateral Clause in Contracts

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 indebtedness evidenced by the Notes and the applicable Note Guarantees, respectively, is senior Indebtedness of the Company Issuer and the Note Guarantors, respectively, ranks (i) equal in right of payment with all existing and future senior Indebtedness of the Company Issuer and the Note Guarantors, as applicable, (ii) senior in right of payment to all existing and future Subordinated Indebtedness of the Company Issuer 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 indebtedness evidenced by the Notes and the applicable Note Guarantees, respectively, is senior Indebtedness of the Company Issuer and the Note Guarantors, respectively, ranks (i) equal in right of payment with all existing and future senior Indebtedness of the Company Issuer and the Note Guarantors, as applicable, (ii) senior in right of payment to all existing and future Subordinated Indebtedness of the Company Issuer 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 From and after the Escrow Release Date, 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.