Common use of Equal Priority Clause in Contracts

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.