Common use of Equal Ranking Clause in Contracts

Equal Ranking. The Collateral Trustee and each of the Secured Parties hereby agree that the Liens and security interest granted to the Collateral Trustee under the Trust Security Documents shall be treated, as among the Secured Parties, as being for the equal and ratable benefit of all the Secured Parties (subject to the provisions of this Agreement (including, without limitation, the priority of distributions set forth in Section 3.4 and Section 3.4A) and the other Trust Security Documents), without preference, priority, prejudice or distinction as to any Lien of any Secured Party over any other Secured Party. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any of the Secured Obligations secured by the Collateral and notwithstanding any provision of the UCC of any jurisdiction, or any other applicable law or the Credit Agreement Documents or any defect or deficiencies in the Liens securing the Secured Obligations or any other circumstance whatsoever (but subject to Section 3.4 and Section 3.4A), each member of the Credit Agreement Class and each member of the Public Note Class shall have equal priority on a pari passu and a pro rata basis to all of the Collateral and Proceeds thereof.

Equal Ranking. The Collateral Trustee and each of the Secured Parties hereby agree that the Liens and security interest granted to the Collateral Trustee under the Trust Security Documents shall be treated, as among the Secured Parties, as being for the equal and ratable benefit of all the Secured Parties (subject to the provisions of this Agreement (including, without limitation, the priority of distributions set forth in Section 3.4 and Section 3.4A3.4) and the other Trust Security Documents), without preference, priority, prejudice or distinction as to any Lien of any Secured Party over any other Secured Party. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any of the Secured Obligations secured by the Collateral and notwithstanding any provision of the UCC of any jurisdiction, or any other applicable law or the Credit Agreement Documents or any defect or deficiencies in the Liens securing the Secured Obligations or any other circumstance whatsoever (but subject to Section 3.4 and Section 3.4A3.4), each member of the Credit Agreement Restructuring Note Class and each member of the Public New Money Note Class shall have equal priority on a pari passu and a pro rata basis to all of the Collateral and Proceeds thereof.