Common use of Impairment of Security Interests Clause in Contracts

Impairment of Security Interests. (a) The Borrower shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Collateral (it being understood that the Incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), shall under no circumstances be deemed to materially impair the security interest with respect to the Collateral) for the benefit of the Secured Parties, and the Borrower shall not, and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Agent (or its delegate), for the benefit of the Secured Parties, any Lien over any of the Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b), (x) the Borrower, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this Agreement, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and (z) the Borrower and its Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder.

Impairment of Security Interests. (a) The Borrower Company shall not, not and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Notes Collateral (it being understood that that, subject to Section 4.12(b), the Incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), shall under no circumstances be deemed to materially impair the security interest with respect to the Notes Collateral) for the benefit of the Secured PartiesTrustee and the Holders, and the Borrower Company shall not, not and shall not permit any Restricted Subsidiary to, grant to any Person other than the Notes Security Agent (or its delegate), for the benefit of the Secured PartiesTrustee and the Holders and the other beneficiaries described in the Notes Security Documents, the Intercreditor Agreement or any Additional Intercreditor Agreement, any Lien over any of the Notes Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b)next succeeding paragraph, (x) the BorrowerCompany, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Notes Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this AgreementIndenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Notes Security Documents and (z) the Borrower Company and its the Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder5 hereof.

Impairment of Security Interests. (a) The Borrower Following the Completion Date, the Company shall not, not and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Notes Collateral (it being understood that the Incurrence of Permitted Collateral Liens, subject to the proviso in the second sentence of Section 4.12(b), shall under no circumstances be deemed to materially impair the security interest with respect to the Notes Collateral) for the benefit of the Secured PartiesTrustee and the Holders, and the Borrower Company shall not, not and shall not permit any Restricted Subsidiary to, grant to any Person other than the Notes Security Agent (or its delegate), for the benefit of the Secured PartiesTrustee and the Holders and the other beneficiaries described in the Notes Security Documents, the Intercreditor Agreement or any Additional Intercreditor Agreement, any Lien over any of the Notes Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b)the next succeeding paragraph, (x) the BorrowerCompany, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Notes Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this AgreementIndenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Notes Security Documents and (z) the Borrower Company and its the Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder5 hereof.

Impairment of Security Interests. (a) The Borrower shall not, and shall not permit Neither the Company nor any Restricted Subsidiary to, will take or omit to take any action that which would have materially adversely affect or impair the result Liens in favor of materially impairing the security interest Security Trustee, the Trustee and the Holders with respect to the Collateral (it being understood that the Incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), Liens or other actions permitted as described under Article 4 shall under no circumstances be deemed to materially impair the security interest Security Interest with respect to the Collateral) for ). Neither the benefit of the Secured Parties, and the Borrower shall not, and shall not permit Company nor any Restricted Subsidiary to, shall grant to any Person, or permit any Person to retain (other than the Security Agent (or its delegate)Trustee, for the benefit of the Secured PartiesTrustee and the Holders and the other beneficiaries described in the Collateral Documents), any Lien over any of interest whatsoever in the Collateral; provided, thatother than Permitted Liens. Notwithstanding the foregoing, subject to the proviso in the second sentence of Section 4.12(b), (x) the Borrower, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Collateral may be dischargeddischarged and released, and the Collateral Documents amended accordingly, pursuant to the terms of this Indenture, the Intercreditor Deeds or any Additional Intercreditor Deeds, provided, however, that, following an Enforcement Control Event, no Collateral Document may be amended, extended, renewed, restated, supplemented, released, supplemented or otherwise modified or replaced in accordance replaced, unless contemporaneously with this Agreementany such action, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and either (zi) the Borrower and its Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder.Company delivers to the

Impairment of Security Interests. Neither the Issuer nor any of its Restricted Subsidiaries will (ai) The Borrower shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action that which would have materially adversely affect or impair the result Liens granted in favor of materially impairing the security interest Secured Parties with respect to the Collateral (it being understood understood, that the Incurrence incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), Liens shall under no circumstances be deemed to materially impair the security interest Liens with respect to the Collateral) for the benefit of the Secured Parties, and the Borrower shall not, and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Agent (or its delegate), for the benefit of the Secured Parties, any Lien over any of the Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b), except that (x) the Borrower, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this Agreement, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and (z) the Borrower Issuer and its Restricted Subsidiaries may consummate amend, extend, renew, restate, supplement, release or otherwise modify or replace any Security Documents for the purposes of granting Permitted Liens, or (y) the Collateral may be discharged and released in accordance with this Indenture, the applicable Security Documents or the Intercreditor Agreements, (ii) grant any Person, or permit any Person to retain (other transaction permitted under Article V hereunderthan the Collateral Trustee or any agent of a Secured Party), any Liens on the Collateral, other than Permitted Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person in a manner that conflicts with this Indenture, the Guarantees, the Intercreditor Agreements or the Security Documents, as applicable.

Impairment of Security Interests. Neither the Issuer nor any of its Restricted Subsidiaries will (ai) The Borrower shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action that which would have materially adversely affect or impair the result Liens granted in favor of materially impairing the security interest Secured Parties with respect to the Collateral (it being understood that the Incurrence incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), Liens shall under no circumstances be deemed to materially impair the security interest Liens with respect to the Collateral) for the benefit of the Secured Parties, and the Borrower shall not, and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Agent (or its delegate), for the benefit of the Secured Parties, any Lien over any of the Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b), except that (x) the Borrower, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this Agreement, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and (z) the Borrower Issuer and its Restricted Subsidiaries may consummate amend, restate, supplement or otherwise modify any Security Documents for the purposes of granting Permitted Liens, or (y) the Collateral may be discharged and released in accordance with this Indenture, the applicable Security Documents or the Intercreditor Agreements, (ii) grant any Person, or permit any Person to retain (other transaction permitted under Article V hereunderthan the Collateral Trustee or any agent of a Secured Party), any Liens on the Collateral, other than Permitted Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person in a manner that conflicts with this Indenture, the Guarantees, the Intercreditor Agreements or the Security Documents, as applicable.

Impairment of Security Interests. (a) The Borrower Issuer shall not, not and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Notes Collateral (it being understood that subject to the next succeeding paragraph, the Incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), Liens shall under no circumstances be deemed to materially impair the security interest with respect to the Notes Collateral) for the benefit of the Secured PartiesTrustee and the Holders, and the Borrower Issuer shall not, not and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Notes Collateral Agent (or its delegate), for the benefit of the Secured PartiesTrustee and the Holders and the other beneficiaries described in the Notes Security Documents, the Intercreditor Agreement or any Additional Intercreditor Agreement, any Lien over any of the Notes Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b)next succeeding paragraph, (x) the Borrower, the Parent Guarantor Issuer and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Notes Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this AgreementIndenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Notes Security Documents and (z) the Borrower Issuer and its the Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder.Section 5.01 and Section 5.02. (b) Notwithstanding Section 4.18(a), nothing in this Section 4.18 shall restrict the discharge and release of any Lien over the Notes Collateral in accordance with this Indenture, the Intercreditor Agreement or any Additional Intercreditor Agreement. 102 EU-DOCS\26039728.6

Impairment of Security Interests. (a) The Borrower Following the Collateral Effectiveness Date, the Company shall not, not and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Notes Collateral (it being understood that the Incurrence of Permitted Collateral Liens, subject to the proviso in the second sentence of Section 4.12(b), shall under no circumstances be deemed to materially impair the security interest with respect to the Notes Collateral) for the benefit of the Secured PartiesTrustee and the Holders, and the Borrower Company shall not, not and shall not permit any Restricted Subsidiary to, grant to any Person other than the Notes Security Agent (or its delegate), for the benefit of the Secured PartiesTrustee and the Holders and the other beneficiaries described in the Notes Security Documents, the Intercreditor Agreement or any Additional Intercreditor Agreement, any Lien over any of the Notes Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b)the next succeeding paragraph, (x) the BorrowerCompany, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Notes Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this AgreementIndenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Notes Security Documents and (z) the Borrower Company and its the Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder5 hereof.

Impairment of Security Interests. (a) The Borrower Issuer shall not, not and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Notes Collateral (it being understood that subject to the next succeeding paragraph, the Incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), Liens shall under no circumstances be deemed to materially impair the security interest with respect to the Notes Collateral) for the benefit of the Secured PartiesTrustee and the Holders, and the Borrower Issuer shall not, not and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Notes Collateral Agent (or its delegate), for the benefit of the Secured PartiesTrustee and the Holders and the other beneficiaries described in the Notes Security Documents, the Intercreditor Agreement or any Additional Intercreditor Agreement, any Lien over any of the Notes Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b)next succeeding paragraph, (x) the Borrower, the Parent Guarantor Issuer and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Notes Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this AgreementIndenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Notes Security Documents and (z) the Borrower Issuer and its the Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder5.

Impairment of Security Interests. Neither the Issuer nor any of its Restricted Subsidiaries will (ai) The Borrower shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action that which would have materially adversely affect or impair the result Liens granted in favor of materially impairing the security interest Secured Parties with respect to the Collateral (it being understood that the Incurrence incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), Liens shall under no circumstances be deemed to materially impair the security interest Liens with respect to the Collateral) for the benefit of the Secured Parties, and the Borrower shall not, and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Agent (or its delegate), for the benefit of the Secured Parties, any Lien over any of the Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b), except that (x) the Borrower, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this Agreement, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and (z) the Borrower Issuer and its Restricted Subsidiaries may consummate amend, restate, supplement or otherwise modify any Security Documents for the purposes of granting Permitted Liens, or (y) the Collateral may be discharged and released in accordance with this Indenture, the applicable Security Documents or the applicable Intercreditor Agreement(s), (ii) grant any Person, or permit any Person to retain (other transaction permitted under Article V hereunderthan the Collateral Trustee or any agent of a Secured Party), any Liens on the Collateral, other than Permitted Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person in a manner that conflicts with this Indenture, the Guarantees, the Intercreditor Agreements or the Security Documents, as applicable.

Impairment of Security Interests. Neither the Issuers nor any of their Restricted Subsidiaries will (ai) The Borrower shall not, and shall not permit any Restricted Subsidiary to, knowingly or negligently take or omit to take any action that which would have adversely affect or impair the result Liens granted in favor of materially impairing the security interest Secured Parties with respect to the Collateral (it being understood understood, that the Incurrence incurrence of Permitted Collateral Liens, subject Liens (except Permitted Liens senior to the proviso Liens securing the Secured Obligations to the extent such Lien is required to be subordinated to or pari passu with the Liens securing the Secured Obligations in Section 4.12(b)accordance with this Indenture, any applicable Security Document or any Intercreditor Agreement) shall under no circumstances be deemed to materially impair the security interest Liens with respect to the Collateral) for the benefit of the Secured Parties, and the Borrower shall not, and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Agent (or its delegate), for the benefit of the Secured Parties, any Lien over any of the Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b), (x) the Borrower, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and except that the Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced discharged and released in accordance with this AgreementIndenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and the Intercreditor Agreements or as required by an Intercreditor Agreement, (zii) grant any Person, or permit any Person to retain (other than the Borrower and its Restricted Subsidiaries may consummate Collateral Trustee or any agent for of a Secured Party) any Liens on the Collateral, other transaction permitted under Article V hereunderthan Permitted Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person in a manner that conflicts with this Indenture, the Guarantees, the Intercreditor Agreements or the Security Documents, as applicable.

Impairment of Security Interests. (a) The Borrower Company shall not, not and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Notes Collateral (it being understood that that, subject to Section 4.12(b), the Incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), shall under no circumstances be deemed to materially impair the security interest with respect to the Notes Collateral) for the benefit of the Secured PartiesTrustee and the Holders, and the Borrower Company shall not, not and shall not permit any Restricted Subsidiary to, grant to any Person other than the Notes Security Agent (or its delegate), for the benefit of the Secured PartiesTrustee and the Holders and the other beneficiaries described in the Notes Security Documents, the Intercreditor Agreement or any Additional Intercreditor Agreement, any Lien over any of the Notes Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b)next succeeding paragraph, (x) the BorrowerCompany, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Notes Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this AgreementIndenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the LEGAL_EU # 16733244.6 applicable Notes Security Documents and (z) the Borrower Company and its the Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder5 hereof.

Impairment of Security Interests. (a) The Borrower shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Collateral (it being understood that subject to Section 4.12(b), the Incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), Liens shall under no circumstances be deemed to materially impair the security interest with respect to the Collateral) for the benefit of the Secured Parties, and the Borrower shall not, and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Collateral Agent (or its delegate), for the benefit of the Secured Parties, any Lien over any of the Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b), (x) the Borrower, the Parent Guarantor Borrower and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this Agreement, the any Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and (z) the Borrower and its Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder.

Impairment of Security Interests. (a) The Borrower Company shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result of materially impairing the security interest with respect to the Collateral (it being understood that the Incurrence of Permitted Collateral Liens, subject to the proviso in Section 4.12(b), shall under no circumstances be deemed to materially impair the security interest with respect to the Collateral) for the benefit of the Secured Parties, and the Borrower Company shall not, and shall not permit any Restricted Subsidiary to, grant to any Person other than the Security Agent (or its delegate), for the benefit of the Secured Parties, any Lien over any of the Collateral; provided, that, subject to the proviso in the second sentence of Section 4.12(b), (x) the BorrowerCompany, the Parent Guarantor and the Restricted Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced in accordance with this Agreement, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and (z) the Borrower Company and its Restricted Subsidiaries may consummate any other transaction permitted under Article V hereunder.