Ranking of security. The security conferred by the Funding Deed of Charge constitutes a first priority security interest of the type described, and over the security assets referred to, in the Funding Deed of Charge and the Funding Charged Property is not subject to any prior or pari passu Security Interests.
Ranking of security. Subject to any limitations on enforcement under law or general principles of equity or qualifications set out in any legal opinion delivered as a Condition Precedent, each Security Document when executed confers the Security Interests it purports to confer over the assets referred to in that Security Document and those assets are not subject to any other Security Interest that is not permitted pursuant to clause 28.6 (Negative pledge).
Ranking of security. The Transaction Security has or will have the ranking in priority which it is expressed to have in the Transaction Security Documents and it is not subject to any prior ranking or pari passu ranking Security.
Ranking of security. The security conferred by each Security Document constitutes a first priority security interest of the type described, over the assets referred to, in that Security Document and those assets are not subject to any prior or pari passu Security.
Ranking of security. Any Security created by a Finance Document proves to have been or becomes invalid or unenforceable or such Security proves to have ranked after, or loses its priority to, other Security.
Ranking of security. The security conferred by the Funding 1 Deed of Charge constitutes a first priority Security Interest, of the type described in the Funding 1 Deed of Charge, over the security assets referred to in the Funding 1 Deed of Charge, and the security assets are not subject to any prior or pari passu ranking Security Interests.
Ranking of security. Subject to the Legal Reservations and the Perfection Requirements, after the Transaction Security Documents have been entered into, the Transaction Security has or will have the ranking in priority which it is expressed to have in the Transaction Security Documents and it is not subject to any prior ranking or pari passu ranking Security, except for obligations mandatorily preferred by law applying to companies generally.
Ranking of security. Subject to the Reservations:
(i) the Security constitutes a Security Interest of the type intended and described in the relevant Security Document; and
(ii) the payment obligations of each Obligor under the Finance Documents rank at least pari passu with the claims of all its other unsecured unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.
Ranking of security. The Security created by the Security Documents has or will have first ranking priority and it is not subject to any prior ranking or pari passu ranking Security other than:
(a) any Security Interest or Quasi-Security arising by operation of law and in the ordinary course of trading and not as a result of any default or omission by any member of the Security Group; and
(b) until the Initial Issue Date, the Existing Security Interests.
Ranking of security. The security created pursuant to the US Security Agreement and/or the 2012 Deed of Disclosed Pledge creates a first ranking or first and sequentially lower ranking security right over the assets described therein in favour of the State.
