Sharing of Collateral. Each Secured Party acknowledges that (i) certain liens or security interests have been granted in the same Collateral to the other Secured Parties to secure obligations of Borrower; (ii) such liens or security interests in the Collateral shall be on the same level of priority with respect to each Secured Party; (iii) the amount of Collateral attributable to a Secured Party shall be the proportion that the respective indebtedness owing to such Secured Party by Borrower bears to the aggregate indebtedness owed by Borrower to all Secured Parties ("PRO RATA SHARE"); (iv) the Secured Parties shall share in the proceeds of the Collateral according to their Pro Rata Share; and
Appears in 2 contracts
Sources: Revolving Credit Agreement (Pool Energy Services Co), Term Loan Agreement (Pool Energy Services Co)