Common use of Rights in Pledged Collateral Clause in Contracts

Rights in Pledged Collateral. Notwithstanding anything to the contrary contained in the Credit Agreement, any Other Permitted Credit Exposure Document, Permitted Secured Debt Document, Existing Holdings Senior Notes Indenture or Existing Holdings Senior Notes Subordinated Guaranty, and irrespective of: (a) the time, order or method of attachment or perfection of the security interests created hereby; (b) the time or order of filing or recording of financing statements or other documents filed or recorded to perfect security interests in any Pledged Collateral, and (c) the rules for determining priority under the Uniform Commercial Code or any other law or rule governing the relative priorities of secured creditors, any security interest in any Pledged Collateral heretofore or hereafter granted to secure any Senior Secured Obligation has and shall have priority, to the extent of any unpaid Senior Secured Obligations, over any security interest in such Pledged Collateral granted to secure the Second Priority Secured Obligations.