Common use of Equal and Ratable Lien; Equitable Lien Clause in Contracts

Equal and Ratable Lien; Equitable Lien. If notwithstanding the prohibition contained in Section 6.02, the Domestic Borrower shall, or shall permit any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist any Lien securing Indebtedness for borrowed money, other than those Liens permitted by the provisions of clauses (a) through (c) of Section 6.02, it will make or cause to be made effective a provision whereby the Loans and other obligations of the Borrowers hereunder and those of the Guarantors under the Guaranty of Payment 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 Required Lenders, the Issuing Bank and the Administrative Agent and, in any such case, the Loans and other obligations of the Borrowers hereunder and the obligations of the Guarantors under the Guaranty of Payment shall have the benefit, to the fullest extent that, and with such priority as, the holders of the Loans and other obligations of the Borrowers hereunder and the obligations of the Guarantors under the Guaranty of Payment 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 6.12.

Equal and Ratable Lien; Equitable Lien. If notwithstanding the prohibition contained in Section 6.02, the Domestic Borrower shall, or shall permit any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist any Lien securing Indebtedness for borrowed money, other than those Liens permitted by the provisions of clauses (a) through (c) of Section 6.02, it will make or cause to be made effective a provision whereby the Loans and other obligations of the Borrowers hereunder and those of the Guarantors under the Guaranty of Payment 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 Required Lenders, the Issuing Bank and the Administrative Agent and, in any such case, the Loans and other obligations of the Borrowers hereunder and the obligations of the Guarantors under the Guaranty of Payment shall have the benefit, to the fullest extent that, and with such priority as, the holders of the Loans and other obligations of the Borrowers hereunder and the obligations of the Guarantors under the Guaranty of Payment 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 6.12.

Equal and Ratable Lien; Equitable Lien. If notwithstanding the prohibition contained in Section 6.02, the Domestic Borrower shall, or shall permit any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist any Lien securing Indebtedness for borrowed money, other than those Liens permitted by the provisions of clauses (a) through (c) of Section 6.02, it will make or cause to be made effective a provision whereby the Loans and other obligations of the Borrowers Borrower hereunder and those of the Guarantors under the Guaranty of Payment 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 Required Lenders, the Issuing Bank and the Administrative Agent and, in any such case, the Loans and other obligations of the Borrowers Borrower hereunder and the obligations of the Guarantors under the Guaranty of Payment shall have the benefit, to the fullest extent that, and with such priority as, the holders of the Loans and other obligations of the Borrowers Borrower hereunder and the obligations of the Guarantors under the Guaranty of Payment 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 6.126.13.