Common use of Ranking and Security Clause in Contracts

Ranking and Security. The Notes shall be senior Obligations of the Issuers and shall rank equal in right of payment with all existing and future senior indebtedness of the Issuers and senior in right of payment to all existing and future subordinated debt. The Issuers' Obligations under the Notes shall be fully and unconditionally guaranteed on a senior basis, jointly and severally, by each of the Guarantors. The Guarantees shall be senior Obligations of the Guarantors and shall rank equal in right of payment with all existing and future senior debt of the Guarantors and senior in right of payment to any Indebtedness of the Guarantors that is subordinated to such Guarantees. Pursuant to the Collateral Documents, the Notes and the Guarantees shall be secured by a first priority Lien (subject to certain exceptions described in the Collateral Documents) on the Collateral.

Ranking and Security. The Notes shall be senior Obligations of the Issuers and shall rank equal in right of payment with all existing and future senior indebtedness of the Issuers and senior in right of payment to all existing and future subordinated debt. The Issuers' Obligations under the Notes shall be fully and unconditionally guaranteed on a senior basis, jointly and severally, by each of the Guarantors. The Guarantees shall be senior Obligations of the Guarantors and shall rank equal in right of payment with all existing and future senior debt of the Guarantors and senior in right of payment to any Indebtedness of the Guarantors that is subordinated to such Guarantees. Pursuant to the Collateral Documents, the Notes and the Guarantees shall be secured by a first second priority Lien (subject to certain exceptions described in the Collateral Documents) on the Collateral.

Ranking and Security. The Notes shall be senior Obligations of the Issuers -------------------- Company and shall rank equal in right of payment with all existing and future senior indebtedness of the Issuers Company and senior in right of payment to all existing and future subordinated debt. The Issuers' Company's Obligations under the Notes shall be fully and unconditionally guaranteed on a senior basis, jointly and severally, by each of the Subsidiary Guarantors. The Subsidiary Guarantees shall be senior Obligations of the Subsidiary Guarantors and shall rank equal in right of payment with all existing and future senior debt of the Subsidiary Guarantors and senior in right of payment to any Indebtedness of the Subsidiary Guarantors that is subordinated to such Subsidiary Guarantees. Pursuant to the Collateral Documents, the Notes and the Subsidiary Guarantees shall be secured by a first priority Lien (subject to certain exceptions described in the Collateral Documentsherein) on the Collateral.

Ranking and Security. The Notes shall be senior Obligations of the Issuers Company and shall rank equal in right of payment with all existing and future senior indebtedness of the Issuers Company and senior in right of payment to all existing and future subordinated debt. The Issuers' Company's Obligations under the Notes shall be fully and unconditionally guaranteed on a senior basis, jointly and severally, by each of the Subsidiary Guarantors. The Subsidiary Guarantees shall be senior Obligations of the Subsidiary Guarantors and shall rank equal in right of payment with all existing and future senior debt of the Subsidiary Guarantors and senior in right of payment to any Indebtedness of the Subsidiary Guarantors that is subordinated to such Subsidiary Guarantees. Pursuant to the Collateral Documents, the Notes and the Subsidiary Guarantees shall be secured by a first priority Lien (subject to certain exceptions described in the Collateral Documentsherein) on the Collateral.