Common use of Effectiveness of Lien Priorities Clause in Contracts

Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that the Lien priorities in respect of the Pari Passu Collateral Accounts provided for in this Agreement shall not be affected or impaired in any manner whatsoever, including, without limitation, on account of: (i) the invalidity, irregularity or unenforceability of all or any part of the First Priority Loan Documents or the Second Priority Loan Documents; (ii) any amendment, change or modification of any First Priority Loan Documents or Second Priority Loan Documents; or (iii) any impairment, modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions or lien enforcement proceedings against, the Parent or any of its Subsidiaries party to any of the First Priority Loan Documents or Second Priority Loan Documents, its property, or its estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any First Priority Creditor or any Second Priority Creditor.

Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that the Lien priorities in respect of the Pari Passu Collateral Accounts provided for in this Agreement shall not be affected or impaired in any manner whatsoever, including, without limitation, including on account of: (i) the invalidity, irregularity or unenforceability of all or any part of the Revolving Facility Documents, the First Priority Loan Lien Documents or the Second Priority Loan Lien Documents; (ii) any amendment, change or modification of any Revolving Facility Documents, the First Priority Loan Lien Documents or the Second Priority Loan Lien Documents; or (iii) any impairment, modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions or lien Lien enforcement proceedings against, the Parent or any of its Subsidiaries party to Grantor under any of the Revolving Facility Documents, the First Priority Loan Lien Documents or the Second Priority Loan Lien Documents, its propertyany property of any Grantor, or its any Grantor’s estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any First Priority Creditor or any Second Priority CreditorSecured Party.

Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that the Lien priorities in respect of the Pari Passu Collateral Accounts provided for in this Agreement shall not be affected or impaired in any manner whatsoever, including, without limitation, on account of: (i) the invalidity, irregularity or unenforceability of all or any part of the First Priority Loan Revolving Facility Documents or the Second Priority Term Loan Documents; (ii) any amendment, change or modification of any First Priority Revolving Facility Documents or Term Loan Documents or Second Priority Loan Documentsnot in contravention of the terms of this Agreement; or (iii) any impairment, modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions or lien enforcement proceedings against, the Parent any Borrower or any of its Subsidiaries party to any of the First Priority Loan Revolving Facility Documents or Second Priority Term Loan Documents, its property, or its estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any First Priority Creditor or any Second Priority CreditorSecured Party.

Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that the Lien priorities in respect of the Pari Passu Collateral Accounts provided for in this Agreement shall not be affected or impaired in any manner whatsoever, including, without limitation, on account of: (i) the invalidity, irregularity or unenforceability of all or any part of the ABL Documents, the First Priority Loan Documents or the Second Priority Loan Notes Documents; (ii) any amendment, change or modification of any ABL Documents, First Priority Loan Documents or Second Priority Loan Notes Documents; or (iii) any impairment, modification, change, exchangeex- change, release or subordination of or limitation on, any liability of, or stay of actions or lien enforcement en- forcement proceedings against, the Parent Holdings or any of its Subsidiaries party to any of the ABL Documents, the First Priority Loan Documents or Second Priority Loan the Notes Documents, its property, or its estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any First Priority Creditor or any Second Priority CreditorSecured Party.

Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that the Lien priorities in respect of the Pari Passu Collateral Accounts provided for in this Agreement shall not be affected or impaired in any manner whatsoever, including, without limitation, on account of: (i) the invalidity, irregularity or unenforceability of all or any part of the ABL Documents, the First Priority Loan Documents or the Second Priority Loan Junior Lien Documents; (ii) any amendment, change or modification of any ABL Documents, First Priority Loan Documents or Second Priority Loan the Junior Lien Documents; or (iii) any impairment, modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions or lien enforcement proceedings against, the Parent Holdings or any of its Subsidiaries party to any of the ABL Documents, the First Priority Loan Documents or Second Priority Loan the Junior Lien Documents, its property, or its estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any First Priority Creditor or any Second Priority CreditorSecured Party.

Effectiveness of Lien Priorities. Each of the parties hereto acknowledges that the Lien priorities in respect of the Pari Passu Collateral Accounts provided for in this Agreement shall not be affected or impaired in any manner whatsoever, including, without limitation, on account of: (i) the invalidity, irregularity or unenforceability of all or any part of the First Priority Loan Revolving Facility Documents or the Second Priority Term Loan Documents; (ii) any amendment, change or modification of any First Priority Revolving Facility Documents or Term Loan Documents or Second Priority Loan Documentsnot in contravention of the terms of this Agreement; or (iii) any impairment, modification, change, exchange, release or subordination of or limitation on, any liability of, or stay of actions or lien enforcement proceedings against, the Parent Holdings or any of its Subsidiaries party to any of the First Priority Loan Revolving Facility Documents or Second Priority the Term Loan Documents, its property, or its estate in bankruptcy resulting from any bankruptcy, arrangement, readjustment, composition, liquidation, rehabilitation, similar proceeding or otherwise involving or affecting any First Priority Creditor or any Second Priority CreditorSecured Party.