Common use of Rights in Lender Priority Collateral Clause in Contracts

Rights in Lender Priority Collateral. (a) Notwithstanding anything to the contrary contained in any filing or agreement to which the Trustee, the Senior Secured Lenders or the Borrowers now or hereafter may be a party and irrespective of the time, order or method of attachment or perfection of the security interests created by the Loan Documents or the Subordinated Security Documents, the rules for determining priority under the Uniform Commercial Code or any other law governing the relative priorities of secured creditors, (i) any security interest in any BAI Lender Priority Collateral in favor of or for the benefit of the Senior Secured Lenders pursuant to the BAI Loan Documents has and shall have priority, to the extent of any unpaid BAI Loan Obligations, over any security interest in such BAI Lender Priority Collateral in favor of or for the benefit of the Trustee pursuant to the Subordinated Security Documents; and (ii) any security interest in any BIPCO Lender Priority Collateral in favor of or for the benefit of the Senior Secured Lenders pursuant to the BIPCO Loan Documents has and shall have priority, to the extent of any unpaid BIPCO Loan Obligations, over any security interest in such BIPCO Lender Priority Collateral in favor of or for the benefit of the Trustee pursuant to the Subordinated Security Documents.