Ranking; Security Clause Samples

Ranking; Security. (a) The Obligors’ obligations and liabilities under the Finance Documents, including (without limitation) each Borrower’s obligation to repay the Facility together with all unpaid interest, default interest, commissions, charges, expenses and any other derived liability whatsoever of the Obligors towards the Finance Parties in connection with the Finance Documents (“Secured Obligations”), shall throughout the Security Period, be secured by the First Ranking Security Documents (in the case of the Mortgages (including deeds of covenant), subject to contractually agreed Quiet Enjoyment Letters (where relevant under a drilling contract with a third party). (b) Each of the Obligors undertakes to ensure that the above First Ranking Security Documents are duly executed by the parties thereto in favour of the Security Agent (on behalf of the Finance Parties) in form and substance satisfactory to the Agent (on behalf of the Finance Parties) in accordance with Clause 4 (Conditions Precedent), legally valid and in full force and effect with first priority, and to execute or procure the execution of such further documentation (in form and substance satisfactory to the Agent (on behalf of the Finance Parties)) as the Agent may reasonably require in order for the relevant Finance Parties to maintain the security position envisaged under this Clause 19.1.

Ranking; Security. The Notes rank senior in right of payment with all Indebtedness of the Company, whether currently existing or issued in the future. The Notes are secured by a security interest in all of the assets of the Company and the Subsidiaries as evidenced by the Security Agreement and Security Documents.

Ranking; Security. (a) Ensure at all times that its obligations under the Finance Documents (a) rank at least pari passu in all respects with all the Borrower’s other present and future unsecured and unsubordinated obligations save those obligations mandatorily preferred by law applying to companies generally, and (b) will rank in priority to any direct and/or indirect unsecured and unsubordinated claims of the shareholders and Affiliates of the Borrower; (b) Ensure that prior to the first Utilization hereunder and at all times thereafter that: (i) each Security Document has been duly executed and is in full force and effect; (ii) all Security created or expressed to be created or evidenced by the Security Documents is fully created over the existing Eligible Sub-loans constituting part of such Security or its creation is subject only to the existence of any future Eligible Sub-loans constituting part of such Security, and is perfected in accordance with the Security Documents and any Applicable Laws, except that the Borrower will be permitted to complete the perfection with the registration set forth in Section 3.04(i) of the Security Agreement with respect to the Eligible Sub-loans funded with the proceeds of the first Utilization of the Loan under this Agreement within two hundred (200) days from the date of such first Utilization, provided, however, that such registration shall be retroactive to the date of creation of each such Eligible Sub-loan; and that (iii) all Security constituted or to be constituted by the Security Documents has and will have first ranking priority and that such Security is not subject to any prior ranking or pari passu ranking Liens; (c) Within ninety (90) days after each Utilization Date, assign and grant a security interest in Eligible Sub-loans made utilizing the proceeds of such Utilization and perfect and ensure that such Security remains perfected at all times thereafter, in accordance with the Security Agreement, except that the Borrower will be permitted to complete the perfection with the registration set forth in Section 3.04(i) of the Security Agreement with respect to the Eligible Sub-loans funded with the proceeds of the such Utilization within two hundred (200) days from the date of such Utilization, provided, however, that such registration shall be retroactive to the date of creation of each such Eligible Sub-loan; (d) Within ninety (90) days after making each Eligible Sub-loan utilizing the proceeds of any Utilization, deliver t...

Ranking; Security. This Debenture and the other Debenture issued in this series shall rank senior to any other debt of the Company, and the Holder, pari passu among the other Holders of the Debenture, shall rank senior with respect to any payment of amounts due under this Debenture upon the liquidation, dissolution or otherwise of the Company. Except as set forth herein, so long as there are any obligations outstanding under this Debenture, no indebtedness of the Company is or shall become senior to this Debenture in right of payment, whether with respect of interest, damages or upon liquidation or dissolution or otherwise. The Company will not, directly or indirectly, enter into, create, incur or assume any indebtedness of any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom, that is senior in any respect to the Company’s obligations under this Debenture. This Debenture shall be secured pursuant to the terms of the Security Agreement and shall be evidenced by a first priority lien on all of the assets of the Company.

Ranking; Security. The Borrower will cause the Obligations to be secured and rank pari passu with the Private Placement Debt and the Parity Debt. All of the accounts receivable, inventory, customer storage tanks of the Borrower and the Restricted 69 329

Ranking; Security. The Borrower will cause the Obligations to be secured and rank pari passu with the Private Placement Debt and the other Parity Debt. All of the accounts receivable, inventory and customer storage tanks of the Borrower and the Restricted Subsidiaries created or acquired after the date hereof (except tanks financed pursuant to clause (e), (f) and (g) in Section 8.2.2) and the General Collateral will be pledged to secure the Parity Debt, the Private Placement Debt and the Obligations. In the event that the Borrower obtains or creates any Restricted Subsidiary (after the date hereof), the Borrower shall cause each such Restricted Subsidiary to issue a guarantee of the Obligations, the Private Placement Debt and the other Parity Debt and each such guarantee will be in favor of the Trustee and secured by all the Collateral of such Restricted Subsidiary.

Ranking; Security. Subject to the Legal Reservations and the Perfection Requirements, the Security granted by the Security Document has or will have, when entered into, first ranking priority and the Target Shares the subject of the Security Document are not subject to any prior ranking or pari passu ranking Security.

Ranking; Security. The Borrower will cause the Obligations to be secured and rank pari passu with the Private Placement Debt and the Parity

Ranking; Security. The Borrower will cause the Obligations to be secured and rank pari passu with the Private Placement Debt and the Parity Debt. All of the accounts receivable, inventory, customer storage tanks of the Borrower and the Restricted Subsidiaries (except tanks financed pursuant to clause (e), (f) and (g) in SECTION 8.2.2) and the General Collateral will be pledged to secure the Private Placement Debt and the Obligations. In the event that the Borrower obtains or creates any Restricted Subsidiaries, the Borrower shall cause each such Restricted Subsidiary to issue a guarantee of the Obligations, Private Placement Debt and Parity Debt and each such guarantee will be in favor of the Collateral Agent and secured by all the Collateral of such Restricted Subsidiary.