Lien Priority Confirmation Sample Clauses
Lien Priority Confirmation. Each Holder, by accepting a Note, and the Trustee hereby agree that:
(a) The Trustee and each of the Holders of the Obligations in respect of this Indenture are bound by the provisions of this Indenture and the Intercreditor Agreement;
(b) The Trustee and each of the Holders consents to and directs the Collateral Trustee to act as agent for the Trustee and the Holders of the Obligations in respect of this Indenture, and to execute, deliver and perform its obligations under the Security Documents;
(c) The Holders consent to and direct the Trustee to act as Applicable Parity Lien Representative under the Collateral Trust Agreement and Intercreditor Agreement, and to execute, deliver and perform its obligations in such capacity under such agreements; and
(d) The Trustee and each of the Holders are bound by the Intercreditor Agreement. The foregoing provision is intended for the benefit of, and will be enforceable by, the Collateral Trustee, each existing and future holder of Parity Lien Debt and each existing and future representative with respect thereto, the Collateral Trustee, each existing and future holder of ABL Obligations and each existing and future representative with respect thereto.
Lien Priority Confirmation. Each Lender and the Administrative Agent on behalf of the Lenders agree that:
(a) All obligations under the New First Lien Debt and the ABL Obligations will be and are secured by Liens in priority to Liens securing the Obligations under the Loan Documents pursuant to the provisions of, and in the manner described in, the Intercreditor Agreement.
(b) The Tranche A Loans will be secured by Liens in priority to the Liens securing the Tranche B Loans on the terms set forth in the Junior Lien Intercreditor Agreement.
(c) The Administrative Agent and each of the Lenders in respect of the Obligations in respect of this Agreement and the Loan Documents represented thereby are bound by the provisions of the Intercreditor Agreement, including without limitation the provisions relating to the ranking of Liens and the order of application of proceeds from enforcement thereof; and
(d) The Administrative Agent and each of the Lenders consent to and direct the Collateral Agent to perform the Collateral Agent’s obligations under the Intercreditor Agreement, the Junior Lien Intercreditor Agreement and the Collateral Documents. Subject to the terms of the Intercreditor Agreement, the foregoing provisions of this Section 8.12 are intended for the enforceable benefit of, and will be enforceable as a third party beneficiary by, the ABL Collateral Agent, all holders of New First Lien Debt, each existing and future representative of New First Lien Debt and the Collateral Agent.
Lien Priority Confirmation. Each Lender and the Administrative Agent on behalf of the Lenders agree that:
(a) All obligations under the New First Lien Debt and the ABL Obligations will be and are secured by Liens in priority to Liens securing the Obligations under the Loan Documents pursuant to the provisions of, and in the manner described in, the Intercreditor Agreement.
(b) The Tranche A Loans will be secured by Liens in priority to the Liens securing the Tranche B Loans on the terms set forth in the Junior Lien Intercreditor Agreement.
(c) The Administrative Agent and each of the Lenders in respect of the Obligations in respect of this Agreement and the Loan Documents represented thereby are bound by the provisions of the Intercreditor Agreement, including without limitation the provisions relating to the ranking of Liens and the order of application of proceeds from enforcement thereof; and
(d) The Administrative Agent and each of the Lenders consent to and direct the Collateral Agent to perform the Collateral Agent’s obligations under the Intercreditor Agreement, the Junior Lien Intercreditor Agreement and the Collateral Documents. Subject to the terms of the Intercreditor Agreement, the foregoing provisions of this Section 8.12 are intended for the enforceable benefit of, and will be enforceable as a third party beneficiary by, the ABL Collateral Agent, all holders of New First Lien Debt, each existing and future representative of New First Lien Debt and the Collateral Agent.