Common use of Covenant to Secure Obligations Equally Clause in Contracts

Covenant to Secure Obligations Equally. If (x) Holdings or any Subsidiary shall create assume or otherwise incur any Lien upon any of its property or assets, whether now owned or hereafter acquired other than Liens permitted under Section 7.02 or (y) Holdings or any Subsidiary shall create, assume or otherwise incur any Lien upon any of its property or assets, whether now owned or hereafter acquired, to secure a Principal Credit Facility, then, in each case, Holdings or such Subsidiary, as applicable, shall make effective provision whereby the Obligations will be simultaneously secured by such Lien equally and ratably with any and all other Debt secured pursuant to terms and provisions, including an intercreditor agreement, reasonably satisfactory to the Agent so long as any such other Debt shall be so secured; provided that (i) to the extent the provision in the Note Purchase Agreement which requires ratable security for the obligations under the Note Purchase Agreement (or any similar provision therein relating to the provision of security) is deleted or otherwise no longer of any force or effect then Holdings and its Subsidiaries shall not be required to secure the Obligations or take any other action pursuant to this Section 6.03 and (ii) the terms hereof shall exclude any purchase money or capital lease indebtedness permitted to be incurred under the terms of this Agreement.

Covenant to Secure Obligations Equally. If (x) Holdings Without affecting the obligations of the Borrowers under Section 7.01, if any Borrower or any Restricted Subsidiary shall create assume create, assume, incur or otherwise incur suffer to exist any Lien upon any of its property or assets, whether now owned or hereafter acquired other than Liens permitted under Section 7.02 or (y) Holdings or any Subsidiary shall create, assume or otherwise incur any Lien upon any of its their respective property or assets, whether now owned or hereafter acquired, other than Permitted Liens (unless written consent to secure a Principal Credit Facilitythe creation or assumption thereof shall have been obtained from the Required Lenders pursuant to Section 10.01), then, in each case, Holdings or such Subsidiary, as applicable, then the Borrowers shall make or cause to be made effective provision provisions whereby the Obligations will shall be simultaneously secured by such Lien equally and ratably with any and all other Debt secured pursuant to terms or other obligations thereby secured, and provisionssuch security shall be created and conveyed by documentation satisfactory in scope, including an intercreditor agreement, reasonably satisfactory form and substance to the Administrative Agent so and shall continue in full force and effect until the same is released by the Lenders, for as long as the Debt or other obligations are secured thereby and in any such other Debt case the Obligations shall be so secured; provided that (i) have the benefit, to the full extent that the provision in holders may be entitled thereto under applicable law, of an equitable lien on such property or assets equally and ratably securing the Note Purchase Agreement which requires ratable security for the obligations under the Note Purchase Agreement (or any similar provision therein relating to the provision of security) is deleted or otherwise no longer of any force or effect then Holdings and its Subsidiaries shall not be required to secure the Obligations or take any other action pursuant to this Section 6.03 and (ii) the terms hereof shall exclude any purchase money or capital lease indebtedness permitted to be incurred under the terms of this AgreementObligations.

Covenant to Secure Obligations Equally. If (x) Holdings Without affecting the obligations of the Borrower under Section 7.01, if the Borrower or any Restricted Subsidiary shall create assume create, assume, incur or otherwise incur suffer to exist any Lien upon any of its property or assets, whether now owned or hereafter acquired other than Liens permitted under Section 7.02 or (y) Holdings or any Subsidiary shall create, assume or otherwise incur any Lien upon any of its their respective property or assets, whether now owned or hereafter acquired, other than Permitted Liens (unless written consent to secure a Principal Credit Facilitythe creation or assumption thereof shall have been obtained from the Required Lenders pursuant to Section 10.01), then, in each case, Holdings or such Subsidiary, as applicable, then the Borrower shall make or cause to be made effective provision provisions whereby the Obligations will shall be simultaneously secured by such Lien equally and ratably with any and all other Debt secured pursuant to terms or other obligations thereby secured, and provisionssuch security shall be created and conveyed by documentation satisfactory in scope, including an intercreditor agreement, reasonably satisfactory form and substance to the Administrative Agent so and shall continue in full force and effect until the same is released by the Lenders, for as long as the Debt or other obligations are secured thereby and in any such other Debt case the Obligations shall be so secured; provided that (i) have the benefit, to the full extent that the provision in holders may be entitled thereto under applicable law, of an equitable lien on such property or assets equally and ratably securing the Note Purchase Agreement which requires ratable security for the obligations under the Note Purchase Agreement (or any similar provision therein relating to the provision of security) is deleted or otherwise no longer of any force or effect then Holdings and its Subsidiaries shall not be required to secure the Obligations or take any other action pursuant to this Section 6.03 and (ii) the terms hereof shall exclude any purchase money or capital lease indebtedness permitted to be incurred under the terms of this AgreementObligations.

Covenant to Secure Obligations Equally. If (x) Holdings Without affecting the obligations of the Borrower under Section 7.01, if the Borrower or any Restricted Subsidiary shall create assume create, assume, incur or otherwise incur suffer to exist any Lien upon any of its property or assets, whether now owned or hereafter acquired other than Liens permitted under Section 7.02 or (y) Holdings or any Subsidiary shall create, assume or otherwise incur any Lien upon any of its their respective property or assets, whether now owned or hereafter acquired, other than Permitted Liens (unless written consent to secure a Principal Credit Facilitythe creation or assumption thereof shall have been obtained from the Required Lenders pursuant to Section 10.01), then, in each case, Holdings or such Subsidiary, as applicable, then the Borrower shall make or cause to be made effective provision provisions whereby the Obligations will shall be simultaneously secured by such Lien equally and ratably with any and all other Debt secured or other obligations thereby secured, and such security shall be created and conveyed by documentation reasonably satisfactory in scope, form and substance to the Administrative Agent and shall continue in full force and effect until the same is released pursuant to terms and provisions, including an intercreditor agreement, reasonably satisfactory to the Agent so long as any such other Debt shall be so secured; provided that (i) to the extent the provision in the Note Purchase Agreement which requires ratable security for the obligations under the Note Purchase Agreement (or any similar provision therein relating to the provision of security) is deleted or otherwise no longer of any force or effect then Holdings and its Subsidiaries shall not be required to secure the Obligations or take any other action pursuant to this Section 6.03 and (ii) the terms hereof shall exclude any purchase money or capital lease indebtedness permitted to be incurred under the terms of this Agreementthe Loan Documents, or with the consent of the Required Lenders, for as long as the Debt or other obligations are secured thereby and in any case the Obligations shall have the benefit, to the full extent that the holders may be entitled thereto under applicable law, of an equitable lien on such property or assets equally and ratably securing the Obligations.