Security and Pari Passu Ranking. (a) Each Obligor will procure that its payment obligations under the Finance Documents do and will rank at least pari passu with all the claims of its other present and future unsecured and unsubordinated creditors (save for those obligations mandatorily preferred by applicable law applying to companies generally).
Security and Pari Passu Ranking. (a) Subject to the Legal Reservations each Security Document creates (or, once entered into, will create) in favour of the Bank the Security which it is expressed to create with the ranking and priority it is expressed to have.
Security and Pari Passu Ranking. (a) The Security Documents create in favor of each Applicable Lender, a legal, valid and enforceable security interest in the Collateral and the proceeds thereof and (i) when Pledged Shares are delivered to each Applicable Lender, the Lien created under the Security Documents will constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of the Borrower in such Pledged Shares, in each case prior and superior in right to any other Person, and (ii) when financing statements in appropriate form are filed in the applicable filing offices, the Lien created under the Security Documents will constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Borrower in such Collateral, in each case prior and superior in right to any other Person. Other than in respect of Liens created pursuant to the Security Documents, the Borrower does not have any registrations, filings, recordations, or agreements granting “control” (as provided in Section 9-106 of the UCC), in any of the Collateral, including, without limitation, the filings of UCC-1 financing statements or any other encumbrances.
Security and Pari Passu Ranking. (a) Subject to the Perfection Requirements, each Transaction Security Document creates (or, once entered into, will create) in favour of the Finance Parties the Transaction Security which it is expressed to create with the ranking and priority it is expressed to have.
Security and Pari Passu Ranking. (a) The Borrower shall ensure that:
