Ranking of Note Liens. Notwithstanding:
(1) anything to the contrary contained in the Security Documents;
(2) the time of incurrence of any Series of Secured Debt;
(3) the order or method of attachment or perfection of any Liens securing any Series of Secured Debt;
(4) the time or order of filing or recording of financing statements, mortgages or other documents filed or recorded to perfect any Lien upon any Collateral;
(5) the time of taking possession or control over any Collateral;
(6) that any Priority Lien may not have been perfected or may be or have become subordinated, by equitable subordination or otherwise, to any other Lien; or
(7) the rules for determining priority under any law governing relative priorities of Liens, all Liens at any time granted to secure any of the Parity Lien Obligations shall be subject and subordinate to all Priority Liens securing Priority Lien Obligations. The foregoing provision is intended for the benefit of, and shall be enforceable as a third party beneficiary by, each present and future holder of Priority Lien Obligations, each present and future Priority Debt Representative and the Collateral Trustee as holder of Priority Liens. No other Person shall be entitled to rely on, have the benefit of or enforce this provision. The Parity Debt Representative of each future Series of Parity Lien Debt shall be required to deliver a Parity Debt Sharing Confirmation to the Collateral Trustee and each Priority Debt Representative at the time of incurrence of such Series of Parity Lien Debt. In addition, the foregoing provision is intended solely to set forth the relative ranking, as Liens, of the Liens securing Parity Lien Debt as against the Priority Liens. Neither the Notes nor any other Parity Lien Obligations nor the exercise or enforcement of any right or remedy for the payment or collection thereof are intended to be, or shall ever be by reason of the foregoing provision, in any respect subordinated, deferred, postponed, restricted or prejudiced.
Ranking of Note Liens. Section 10.01 Agreement for the Benefit of Holders of First Priority Liens and Parity Liens. The Trustee and the Collateral Agent agree, and each Holder of Notes by accepting a Note agrees, that:
(a) the Liens securing the Note Obligations (and, to the extent the Trustee, the Collateral Agent or any Holder of Notes has an interest therein, 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
(b) the Second Priority Liens upon any and all Collateral will be of equal ranking with all present and future Parity Liens, and that such agreements as to the ranking of the Second Priority Liens:
(1) are enforceable by the holders of First Priority Liens, for the benefit of the holders of First Priority Lien Obligations secured thereby, and will be enforceable by the holders of Parity Liens, for the benefit of the holders of Parity Lien Obligations secured thereby;
(2) will remain enforceable by the holders of First Priority Liens until the Discharge of Lender Claims (as defined in the Intercreditor Agreement) and the payment in full in cash of all other First Priority Lien Obligations outstanding at the time of the Discharge of Lender Claims; and
(3) will remain enforceable by the holders of Parity Liens until the Discharge of Parity Lien Debt.
(c) without the necessity of any consent of or notice to the Trustee or any Holder of Note Obligations, the Company, its Restricted Subsidiaries and the Administrative Agent under the Credit Agreement may amend, modify, supplement or terminate any Security Document, subject to the limitations set forth in the Intercreditor Agreement; provided, that the Trustee shall be given notice within 30 Business Days of any such amendment, modification, supplement or termination;
(d) as among the Collateral Agent, the Trustee and the holders of Note Obligations and the holders of the First Priority Lien Obligations, the holders of the First Priority Lien Obligations and the Administrative Agent (as defined in the Intercreditor Agreement) will have the sole ability to control and obtain remedies with respect to all Collateral without the necessity of any consent of or notice to the Collateral Agent, the Trustee or any such holder, as set forth in more detail in the Intercreditor Agreement;
(e) any or all Liens as set forth in, and granted under the Security Documents for the benefit of ...
Ranking of Note Liens. Section 11.01 Agreement for the Benefit of Holders of Priority and Parity Liens..............................................100 Section 11.02 Lien Sharing with Parity Liens................................101 Section 11.03 Amendment; Waiver.............................................103 Section 11.04 Notes, Note Guarantees and other Note Obligations not Subordinated..............................................103 Section 11.05 NGL Assets....................................................103
Ranking of Note Liens. SECTION 1501.
Ranking of Note Liens. Section 13.01 Agreement for the Benefit of Holders of Priority Liens.....................................87 Section 13.02 Ranking....................................................................................87 Section 13.03 Collateral Sharing with Additional Notes...................................................87 Section 13.04 Restriction on Enforcement of Note Liens...................................................88 Section 13.05 Insolvency or Liquidation Proceedings......................................................89 Section 13.06 Relative Rights............................................................................91
Ranking of Note Liens. Section 13.01 Agreement for the Benefit of Holders of Priority Liens. The Trustee and the Collateral Agent agree, and each Holder of Notes by accepting a Note agrees, that (1) the Note Liens are, to the extent and in the manner provided in this Article 13, junior and subordinate in ranking to all Priority Liens, whenever granted, upon any present or future Collateral, but only to the extent the Priority Liens secure Priority Lien Obligations, and the Priority Liens, whenever granted, upon any present or future Collateral to the extent, and only to the extent, securing the Priority Lien Obligations will be prior and senior to the Note Liens and (2) that such agreements as to the ranking of the Note Liens:
(a) are enforceable by the holders of Priority Liens; and
(b) will remain enforceable by the holders of Priority Liens until the Discharge of the Priority Lien Obligations.
Ranking of Note Liens. Notwithstanding:
(1) anything to the contrary contained in the Security Documents;
(2) the time of incurrence of any Secured Debt;
(3) the time, order or method of attachment of the Note Liens or the Priority Liens;
(4) the time or order of filing or recording of financing statements or other documents filed or recorded to perfect any Lien upon any Collateral;
(5) the time of taking possession or control over any Collateral;
(6) the rules for determining priority under the Uniform Commercial Code or any other law governing relative priorities of secured creditors,
(7) that any Priority Lien may not have been perfected;
(8) that any Priority Lien may be or have become subordinated, by equitable subordination or otherwise, to any other Lien; or
(9) any other circumstance of any kind or nature whatsoever, whether similar or dissimilar to any of the foregoing, subject to the terms of the Intercreditor Agreement, the Note Liens will in all circumstances be junior and subordinate in ranking to all Priority Liens, whenever granted, upon any present or future Collateral, and the Priority Liens, whenever granted, upon any present or future Collateral will be prior and superior to the Note Liens. This Section 10.02 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and future holder of Priority Lien Obligations, and the Priority Lien Collateral Agent as holder of Priority Lien Obligations. No other Person will be entitled to rely on, have the benefit of or enforce this provision.
Ranking of Note Liens. Section 10.01 Agreement for the Benefit of Holders of Priority and Parity Liens..........81 Section 10.02 Ranking....................................................................81 Section 10.03 Lien Sharing with Parity Liens.............................................82 Section 10.04 Restriction on Enforcement of Note Liens and Parity Liens..................83 Section 10.05 Insolvency or Liquidation Proceedings......................................86 Section 10.06 Release of Collateral or Subsidiary Guarantees upon Sale or Other Disposition..............................................................89 Section 10.07 Amendment of Second-Lien Security Documents................................91 Section 10.08 Waiver of Certain Subrogation, Marshalling, Appraisal and Valuation Rights...................................................................91 Section 10.09 Limitation on Certain Relief and Defenses..................................93 Section 10.10 Reinstatement..............................................................94 Section 10.11 Amendment; Waiver..........................................................95 Section 10.12 Enforcement................................................................96 Section 10.13 Notes, Subsidiary Guarantees and Other Note Obligations Not Subordinated...96 Section 10.14 Relative Rights............................................................97
Ranking of Note Liens. Notwithstanding:
(1) anything to the contrary contained in the Security Documents;
(2) the time of incurrence of any Secured Debt;
(3) the time, order or method of attachment of the Note Liens or the Priority Liens;
(4) the time or order of filing or recording of financing statements or other documents filed or recorded to perfect any Lien upon any Collateral;
(5) the time of taking possession or control over any Collateral;
(6) the rules for determining priority under the Uniform Commercial Code or any other law governing relative priorities of secured creditors;
(7) that any Priority Lien may not have been perfected;
(8) that any Priority Lien may be or have become subordinated, by equitable subordination or otherwise, to any other Lien; or
(9) any other circumstance of any kind or nature whatsoever, whether similar or dissimilar to any of the foregoing, the Note Liens will in all circumstances be junior and subordinate in ranking to all Priority Liens, whenever granted, upon any present or future Collateral, and the Priority Liens, whenever granted, upon any present or future Collateral to the extent the Priority Liens secure the Priority Lien Obligations will be prior and superior to the Note Liens.
Ranking of Note Liens
