Common use of Dispositions Free of Liens Clause in Contracts

Dispositions Free of Liens. The Junior Secured Creditor, on behalf of itself and the Holders, hereby agrees that any collection, sale or other disposition of Collateral (whether under the Uniform Commercial Code or otherwise) by the Collateral Agent, the Bank Agent or the Banks shall be free and clear of any Liens of the Junior Secured Creditor in such Collateral (even if the Banks shall become the owner of such Collateral), provided that the Bank Agent shall have given the Junior Secured Creditor not less than 20 days' prior written notice of any such sale or other disposition; and provided further that the Junior Secured Creditor shall retain a Lien (having the same priority as the Lien it previously had on the Collateral that was collected, sold or otherwise disposed of) on the Proceeds thereof except (i) to the extent that such Proceeds are applied to the Bank Credit Facility Obligations or (ii) the Banks apply Bank Credit Facility Obligations to the purchase of such Collateral, whether through offset, bidding in the same in an auction or otherwise.

Dispositions Free of Liens. The Junior Secured Creditor, on behalf of itself and the Holders, hereby agrees that any collection, sale or other disposition of Collateral (whether under the Uniform Commercial Code or otherwise) by the Collateral Agent, the Bank Agent or the Banks shall be free and clear of any Liens of the Junior Secured Creditor in such Collateral (even if the Banks shall become the owner of such Collateral), provided that the Bank Agent shall have given the Junior Secured Creditor not less than 20 days' prior written notice of any such sale or other disposition; and provided further that the Junior Secured Creditor shall retain a Lien (having the same priority as the Lien it previously had on the Collateral that was collected, sold or otherwise disposed of) on the Proceeds thereof except (i) to the extent that such Proceeds are applied to the Bank Credit Facility Obligations or (ii) the Banks apply Bank Credit Facility Obligations to the purchase of such Collateral, whether through offset, bidding in the same in an auction or otherwise.