Equal Priority Sample Clauses

Equal Priority. (a) Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Lien on any Shared Collateral securing Pari Passu Lien Obligations of any Class, and notwithstanding any provision of the Uniform Commercial Code or similar statute or law of any jurisdiction, as applicable, any other applicable law or any Pari Passu Lien Document, or any other circumstance whatsoever (but, in each case, subject to Section 2.02), each Authorized Representative, for itself and on behalf of its Related Secured Parties, agrees that valid and perfected Liens on any Shared Collateral securing Pari Passu Lien Obligations of any Class shall be of equal priority with valid and perfected Liens on such Shared Collateral securing Pari Passu Lien Obligations of any other Class. (b) Each Authorized Representative, for itself and on behalf of its Related Secured Parties, agrees that, notwithstanding any provision of any Pari Passu Lien Document to the contrary (but subject to Section 2.02), if (i) an Event of Default shall have occurred and is continuing and such Authorized Representative or any of its Related Secured Parties is taking action to enforce rights or exercise remedies in respect of any Shared Collateral, (ii) any distribution is made in respect of any Shared Collateral in any Insolvency or Liquidation Proceeding or (iii) such Authorized Representative or any of its Related Secured Parties receives any payment with respect to any Shared Collateral pursuant to any intercreditor agreement (other than this Agreement), then the proceeds of any sale, collection or other liquidation of any Shared Collateral obtained by such Authorized Representative or any of its Related Secured Parties on account of such enforcement of rights or exercise of remedies, and any such distributions or payments received by such Authorized Representative or any of its Related Secured Parties (all such proceeds, distributions and payments being collectively referred to as “Proceeds”), shall, subject to the ABL/Bond Intercreditor Agreement, be applied as follows: (i) FIRST, to the payment of all amounts owing to the Authorized Representatives and the Trustee pursuant to the terms of the Pari Passu Lien Documents; (ii) SECOND, to the payment of the Pari Passu Lien Obligations of each Class for the principal, premium, if any, and interest on a ratable basis, owing to them on the date of such determination; and (iii) THIRD, to the Company and the other Grantors or their succ...

Equal Priority. The Secured Parties agree that the security interests granted to each Secured Party under the Security Documents be of equal priority, as between SPI and HPL. SPI and HPL further acknowledge that, because of the nature of the filing of the UCC-1 Financing Statements, the two security interests granted hereunder necessarily will be perfected at different times. Each of the Secured Parties agrees that, regardless of the time of perfection of each of the two security interests granted hereunder, the Secured Parties shall treat the two security interests as being of equal priority as if perfected simultaneously.

Equal Priority. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any U.S. Revolver Obligations or International Obligations granted on the Term Loan First Lien Collateral and notwithstanding any provision of the UCC of any jurisdiction, or any other Requirement of Law or the Secured Credit Documents or any defect or deficiencies in the Liens securing such Obligations or any other circumstance whatsoever, each of the U.S. Revolver Secured Parties and International Secured Parties hereby agrees that the Liens securing each of the U.S. Revolver Obligations and the International Obligations on any Term Loan First Lien Collateral shall be of equal priority, but subject to the order of application of proceeds thereof as specified in Section 4.1(c).

Equal Priority. The UCC financing statement relating to the Lender’s security interest in the Lender Collateral was filed prior to the financing statement relating to the Indenture Trustee’s security interest in the Indenture Collateral, which provides Lender a perfected security interest prior to the Indenture Trustee’s security interest in the Collateral under the terms of the UCC. Notwithstanding that fact, the Lender and the Indenture Trustee agree that their security interests in the Collateral shall be of equal rank and priority with each other; provided, that the foregoing agreement shall not apply at any time when (a) the security interest of either the Lender or the Indenture Trustee has ceased to be perfected or (b) because of any temporary cessation of perfection of the security interest of either the Lender or the Indenture Trustee, any other Person has a security interest or other claim on the Collateral that has priority over one but not both of the security interests of the Lender and the Indenture Trustee. Without prejudice to the foregoing proviso, neither Lender nor Indenture Trustee shall initiate any challenge to the perfection or validity of the security interest held by the other in the Collateral.

Equal Priority. The Preferred Lenders agree that the security interests granted by Borrower and its subsidiaries to each Preferred Lender shall be of equal priority, as between TCA and Hillair. TCA and Hillair further acknowledge that, because of the nature of the filing of the applicable Mortgages, Deeds of Trust, UCC-1 Financing Statements, and other instruments filed to perfect the Preferred Lenders Debt, the security interests of TCA and Hillair necessarily will be perfected at different times. Each of the Preferred Lenders agrees that, regardless of the time of perfection of each of their security interests, the Preferred Lenders shall have equal priority as if such security interests were perfected simultaneously.

Equal Priority. Lender agrees to service the entire Loan and agrees that the entire Loan will be secured by the same security with equal lien priority for the guaranteed and unguaranteed portions of the Loan. The unguaranteed portion of the Loan will not be paid first or given any preference or priority over the guaranteed portion.

Equal Priority. The County shall give City Arrestees equal priority with other Arrestees in the admission and custodial policies of the Central Booking Facility and Criminal Justice Center.