Common use of Liens and Negative Pledges Following Default Clause in Contracts

Liens and Negative Pledges Following Default. Without limiting the restrictions set forth in clauses (a) and (b) above, if immediately prior to the creation, assumption or incurrence of a Lien or Negative Pledge, or immediately thereafter, either (x) a Default or Event of Default is or would be in existence (including arising from non-compliance with any financial covenant pursuant to Section 10.1.) or (y) the Covenant Relief Period shall be continuing, the Company shall not, and shall not permit any other Loan Party or any Subsidiary of any Loan Party to, create, assume or incur (i) any Lien on any Equity Interests held by the Parent or any Subsidiary of the Parent (other than Permitted Equity Liens and, to the extent constituting Liens, Permitted JV/Mortgage Restrictions), (ii) any Lien on any property or assets (other than Equity Interests) of the Parent or any Subsidiary of the Parent (other than Permitted Liens) or (iii) any Negative Pledge in respect of any property or assets of the Company or any Subsidiary of the Company (other than, to the extent constituting a Negative Pledge, Permitted JV/Mortgage Restrictions with respect to property or assets that constitute Equity Interests); provided, in each case, during the Covenant Relief Period, (1) any Liens securing, or Negative Pledges created pursuant to the terms of, Indebtedness permitted to be secured by Liens under Section 10.11.(a) and (2) Permitted Sale Restrictions arising in connection with any Dispositions not prohibited by Section 10.11.(e), shall not be prohibited by this Section 10.2.(c).

Liens and Negative Pledges Following Default. Without limiting the restrictions set forth in clauses (a) and (b) above, if immediately prior to the creation, assumption or incurrence of a Lien or Negative Pledge, or immediately thereafter, either (x) a Default or Event of Default is or would be in existence (including arising from non-compliance with any financial covenant pursuant to Section 10.1.) or (y) the Covenant Relief Period shall be continuing, the Company shall not, and shall not permit any other Loan Party or any Subsidiary of any Loan Party to, create, assume or incur (i) any Lien on any Equity Interests held by the Parent or any Subsidiary of the Parent (other than Permitted Equity Liens and, to the extent constituting Liens, Permitted JV/Mortgage Restrictions), (ii) any Lien on any property or assets (other than Equity Interests) of the Parent or any Subsidiary of the Parent (other than Permitted Liens) or (iii) any Negative Pledge in respect of any property or assets of the Company or any Subsidiary of the Company (other than, to the extent constituting a Negative Pledge, Permitted JV/Mortgage Restrictions with respect to property or assets that constitute Equity Interests).; provided, in each case, during the Covenant Relief Period, (1) any Liens securing, or Negative Pledges created pursuant to the terms of, Indebtedness permitted to be secured by Liens under Section 10.11.(a) and (2) Permitted Sale Restrictions arising in connection with any Dispositions not prohibited by Section 10.11.(e), shall not be prohibited by this Section 10.2.(c).