Priority and Liens. The Borrower hereby covenants, represents and warrants that, upon entry of the Interim Order (or the Final Order, as applicable), and as to all Obligations, such Obligations: (i) pursuant to Section 364(c)(1) of the Bankruptcy Code, shall at all times constitute allowed Superpriority Claims in the Bankruptcy Proceeding and (ii) pursuant to Section 364(c)(2) of the Bankruptcy Code, shall at all times be secured by a perfected first priority Lien on all Collateral maintained in the Cash Collateral Account and any investments of the funds contained therein.
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Sources: Letter of Credit Reimbursement Agreement, Letter of Credit Reimbursement Agreement (Loral Space & Communications LTD)