Common use of Ranking of security Clause in Contracts

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 Legal Reservations and the Perfection Requirements, after the Transaction Security Documents have been entered intoRequirements and except as otherwise expressly permitted by this Agreement, the Transaction Security has or will have the first 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 Legal Reservations and the Perfection Requirements, after the Transaction Security Documents have been entered into, the Transaction Security has or will have the first 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.