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

Equal and Ratable Lien; Equitable Lien. In case any Property shall be subjected to a Lien in violation of Section 10.6(a), the Company will forthwith make or cause to be made provision whereby the Debentures 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 Purchaser (and, in connection therewith, the Company shall pay any applicable stamp tax, documentary tax, recording fee or tax or other similar tax), and the Company will promptly cause to be delivered to each holder of a Debenture an opinion of independent counsel satisfactory to the Purchaser to the effect that such agreements and instruments are enforceable (subject to customary bankruptcy exceptions not related to fraudulent conveyances) in accordance with their terms, and in any such case the Debentures shall have the benefit, to the fullest extent that, and with such priority as, the holders of Debentures may be entitled under applicable law, of an equitable Lien on such Property (and any proceeds thereof) securing the Debentures (provided that, notwithstanding the foregoing, each holder of Debentures shall have the right to elect at any time, by delivery of written notice of such election to the Company, to cause the Debentures held by such holder not to be secured by such Lien or such equitable Lien). Any violation of this Section 10.6 will constitute an Event of Default, whether or not any such provision is made pursuant to this Section 10.6(b).

Equal and Ratable Lien; Equitable Lien. In case any Property shall be subjected to a Lien in violation of Section 10.6(a), the Company will forthwith make or cause to be made provision whereby the Debentures 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 Purchaser Required Holders (and, in connection therewith, the Company shall pay any applicable stamp tax, documentary tax, recording fee or tax or other similar tax), and the Company will promptly cause to be delivered to each holder of a Debenture Note an opinion of independent counsel satisfactory to the Purchaser Required Holders to the effect that such agreements and instruments are enforceable (subject to customary bankruptcy exceptions not related to fraudulent conveyances) in accordance with their terms, and in any such case the Debentures Notes shall have the benefit, to the fullest extent that, and with such priority as, the holders of Debentures Notes may be entitled under applicable law, of an equitable Lien on such Property (and any proceeds thereof) securing the Debentures Notes (provided that, notwithstanding the foregoing, each holder of Debentures Notes shall have the right to elect at any time, by delivery of written notice of such election to the Company, to cause the Debentures Notes held by such holder not to be secured by such Lien or such equitable Lien). Any violation of this Section 10.6 will constitute an Event of Default, whether or not any such provision is made pursuant to this Section 10.6(b).

Equal and Ratable Lien; Equitable Lien. In case any Property shall be subjected to a Lien in violation of this Section 10.6(a)6.6, the Company will forthwith immediately make or cause to be made made, to the fullest extent permitted by applicable law, provision whereby the Debentures Notes will be secured equally and ratably as to such Property with all other obligations secured thereby CREDIT ACCEPTANCE CORPORATION 22 NOTE PURCHASE AGREEMENT 27 pursuant to such agreements and instruments as shall be approved by the Purchaser (and, in connection therewith, the Company shall pay any applicable stamp tax, documentary tax, recording fee or tax or other similar tax)Required Holders, and the Company will promptly cause to be delivered to each holder of a Debenture Note an opinion opinion, satisfactory in form and substance to the Required Holders, of independent counsel satisfactory to the Purchaser to the effect that such agreements and instruments are enforceable (subject to customary bankruptcy exceptions not related to fraudulent conveyances) in accordance with their terms, and in any such case the Debentures Notes shall have the benefit, to the fullest extent that, and with such priority as, the holders of Debentures Notes may be entitled thereto under applicable law, of an equitable Lien on such Property (and any proceeds thereof) securing the Debentures Notes (provided that, notwithstanding the foregoing, each holder of Debentures Notes shall have the right to elect at any time, by delivery of written notice of such election to the Company, to cause the Debentures Notes held by such holder not to be secured by such Lien or such equitable Lien). Any A violation of this Section 10.6 6.6 will constitute an Event of Default, whether or not any such provision is made pursuant to this Section 10.6(b6.6(b).