Equal and Ratable Lien Clause Samples

Equal and Ratable Lien. If, notwithstanding the prohibition contained in Section 6.02, the Borrower or any of its Subsidiaries shall create, assume or permit to exist any Lien upon any of its Property, other than those permitted by the provisions of Section 6.02, it will make or cause to be made effective provision whereby the Borrowings will be secured equally and ratably with any and all other obligations thereby secured, such security to be pursuant to agreements reasonably satisfactory to the Administrative Agent and, in any such case, the Borrowings shall have the benefit, to the fullest extent that, and with such priority as, the Lenders may be entitled under applicable law, of an equitable Lien on such Property. Such violation of Section 6.02 will constitute an Event of Default, whether or not provision is made for an equal and ratable Lien pursuant to this Section.

Equal and Ratable Lien. As among the Holders, the Collateral shall be held for the equal and ratable benefit of the Holders without preference, priority or distinction of any thereof over any other.

Equal and Ratable Lien. If any Lien on any asset of the Company or any Designated Subsidiary (other than cash collateral) is incurred in reliance on Section 6.02(v), the Company shall, and shall cause each applicable Designated Subsidiary to, secure the Obligations on an equal and ratable basis with the obligations secured by such Lien on terms reasonably satisfactory to the Administrative Agent.

Equal and Ratable Lien. Grant of Security Interest -------------------------------------------------- in Certain Events. ----------------- (a) If, notwithstanding the prohibition contained in Section 6.02, the Borrower or any of its Subsidiaries is subjected to any Lien upon any of its Property, other than those permitted by the provisions of Section 6.02, the Borrower will, and will cause its Subsidiaries to, make or cause to be made effective provisions whereby the Borrowings will be secured equally and ratably with any and all other obligations thereby secured, such security to be pursuant to agreements reasonably satisfactory to the Administrative Agent and, in any such case, the Borrowings shall have the benefit, to the fullest extent that, and with such priority as, the Lenders may be entitled under applicable law, of an equitable Lien on such Property. Such violation of Section 6.02 will constitute an Event of Default, whether or not provision is made for an equal and ratable Lien pursuant to this Section 6.09, and no such Lien or agreements with respect thereto shall be deemed to be a waiver of or consent to such Event of Default by the Administrative Agent or any Lender. (b) If any of the following (each, a "Triggering Event") shall occur:

Equal and Ratable Lien. Make or cause to be made, if any property (whether now owned or hereafter acquired) is subjected to a Lien in violation of Section 8.3, effective provision reasonably satisfactory in form and substance to the Required Lenders whereby the obligations of the Borrowers under this Agreement and the Notes will be secured by such Lien equally and ratably with any and all other liabilities secured thereby. Such violation of Section 8.3 shall be an Event of Default, whether or not any such provision is made pursuant to this Section.

Equal and Ratable Lien. Equitable Lien. In case any Property is subjected to a Lien in violation of Section 7.6(a), the Guarantor will make or cause to be made provision whereby the Notes will be secured pursuant to documents reasonably satisfactory to the holders of at least 51% in outstanding principal amount of the Notes (exclusive of Notes owned by the Guarantor, Company, Subsidiaries and Affiliates) equally and ratably with all other obligations secured thereby, and in any case the Notes shall have the benefit, to the full extent that, and with such priority as, the holders may be entitled thereto under applicable law, of an equitable Lien on such Property securing the Notes. Such violation of Section 7.6(a) shall constitute an Event of Default hereunder, whether or not any such provision is made pursuant to this Section 7.6(b).

Equal and Ratable Lien. Liens on Property of the Company or a Subsidiary securing obligations so long as the Company or such Subsidiary shall have, simultaneously with or prior to the time of the imposition of such Lien, (A) made or caused to be made provision whereby the Subordinated Notes are secured equally and ratably as to such Property with such other obligations pursuant to such agreements and instruments as shall be approved by the Required Holders, and (B) caused to be delivered to each holder of a Subordinated Note an opinion of independent counsel satisfactory to the Required Holders to the effect that such agreements and instruments are enforceable in accordance with their terms and that such agreements and instruments provide the holders of the Subordinated Notes with Liens on such Property, to the full extent that, and with the same priority as, the holder of such other obligations.

Equal and Ratable Lien. Equitable LienIn case any Property shall be subjected to a Lien in violation of Section 4.3(a), the Company will forthwith make or cause to be made, to the fullest extent permitted by applicable law, provision whereby the Notes will be secured equally and ratably as to such Property with all other obligations secured thereby pursuant to such agreements and instruments as shall be approved by the Required Holders, and the Company will promptly cause to be delivered to each holder of a Note an opinion of independent counsel satisfactory to the Required Holders to the effect that such agreements and instruments are enforceable in accordance with their terms, and in any event the Notes shall have the benefit, to the full extent that, and with such priority as, the holders of Notes may be entitled under applicable law, of an equitable Lien on such Property (and any proceeds thereof) securing the Notes. Such violation of Section 4.3(a)will constitute an Event of Default hereunder, whether or not any such provision is made or any equitable Lien is created pursuant to this Section 4.3(a). Construction Nothing in this Section 4.3 shall be construed to permit the incurrence or existence of any Debt not otherwise permitted by this Agreement. Nothing in this Agreement that permits the incurrence or existence of any Debt shall be construed to permit the incurrence or existence of a Lien securing such Debt unless such Lien is permitted by Section 4.3(a). Net Worth The Company will not at any time permit Consolidated Net Worth to be less than an amount equal to the sum of:

Equal and Ratable Lien. Section 6.09(a) is hereby amended by deleting the period at the end of the first sentence thereof and inserting in lieu thereof the following: (1) if (i) such issuer received from the Borrower at the time of the issuance of such Purchase Contract L/C a written representation and warranty confirming the Borrower's compliance with the provisions of Section 6.02(i) in connection therewith and (ii) such issuer had no actual knowledge at the time of such issuance that the Lien granted by the Borrower or any of its Subsidiaries (as the case may be) in such collateral constituted a violation of Section 6.02."