Common use of Intervening Creditor Clause in Contracts

Intervening Creditor. iv.Notwithstanding the foregoing, with respect to any Shared Collateral or Equity Release Proceeds for which a third party (other than a First Lien Claimholder) has a Lien that is junior in priority to the Lien of any Series of First Lien Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute) to the Lien of any other Series of First Lien Obligations (such third party an “Intervening Creditor”), the value of any Shared Collateral, Equity Release Proceeds or Proceeds which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral, Equity Release Proceeds or Proceeds to be distributed in respect of the Series of First Lien Obligations with respect to which such Impairment exists.

Intervening Creditor. iv.Notwithstanding anything in Sections 4.1(c) or (d) to the foregoingcontrary, with respect to any Shared Collateral or Equity Release Proceeds for which a third party (other than a First Lien ClaimholderNote Collateral Secured Party) has a Lien or security interest that is junior in priority to the Lien or security interest of any Series of First Lien Note Collateral Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute) to the Lien or security interest of any other Series of First Lien Note Collateral Obligations (such third party an “Intervening Creditor”), the value of any Shared Collateral, Equity Release Proceeds Collateral or Proceeds which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral, Equity Release Proceeds Collateral or Proceeds thereof to be distributed in respect of the Series of First Lien Note Collateral Obligations with respect to which such Impairment exists.

Intervening Creditor. iv.(i) Notwithstanding the foregoing, with respect to any Shared Collateral or Equity Release Proceeds for which a third party (other than a First Lien Claimholder) has a Lien that is junior in priority to the Lien of any Series of First Lien Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute) to the Lien of any other Series of First Lien Obligations (such third party an “Intervening Creditor”), the value of any Shared Collateral, Equity Release Proceeds or Proceeds which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral, Equity Release Proceeds or Proceeds to be distributed in respect of the Series of First Lien Obligations with respect to which such Impairment exists.