Common use of DIP Financing Clause in Contracts

DIP Financing. In the event of an insolvency or liquidation proceeding of the Company or any Guarantor, whether voluntary or involuntary, if the First Lien Secured Parties desire to permit the use of cash collateral or to permit the Company to obtain any post-petition financing (a “DIP Financing”), then the Second Lien Secured Parties will not object to such use of such cash collateral or any liens securing a DIP Financing and, to the extent the liens securing the First Lien Obligations are subordinated or pari passu with such DIP Financing, the liens securing the Second Lien Obligations shall be subordinated to the liens securing such DIP Financing (and all obligations relating thereto). The Second Lien Secured Parties do not otherwise waive any of their rights under applicable insolvency or liquidation law. Automatic Stay: So long as any of the First Lien Obligations are outstanding, the Second Lien Secured Parties shall not seek relief from the automatic stay or any other stay in any bankruptcy proceeding in respect of the Collateral, without the prior written consent of the First Lien Secured Parties.