Common use of Nature of Claims Clause in Contracts

Nature of Claims. Each of the Applicable Second Lien Agent and each Second Lien Obligations Representative, for itself and on behalf of the applicable Second Lien Obligations Secured Parties, acknowledges and agrees that (i) with respect to any commitments under any First Lien Obligations Agreement that constitute revolving credit commitments, in the ordinary course of business, the applicable First Lien Obligations Representative and lenders thereunder will apply payments and make advances to the Company or other Pledgors thereunder and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, (ii) no release of any Lien by the Applicable First Lien Agent or any First Lien Obligations Representative, as the case may be, upon any portion of the Common Collateral or other collateral securing any First Lien Obligations in connection with a Disposition not prohibited under the First Lien Obligations Documents shall constitute the exercise of remedies prohibited under this Agreement, and (iii) the amount of the First Lien Obligations that may be outstanding at any time or from time to time may be increased by way of incremental commitments or reduced and, with respect to any First Lien Obligations that comprise revolving facilities, subsequently reborrowed. The Lien priority set forth in this Agreement shall not be altered or otherwise affected by any amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the First Lien Obligations or any portion thereof.

Nature of Claims. Each of the Applicable Second Junior Lien Agent and each Second Junior Lien Obligations Representative, for itself and on behalf of the applicable Second Junior Lien Obligations Secured Parties, acknowledges and agrees that (i) with respect to any commitments under any First Lien Obligations Agreement that constitute revolving credit commitments, in the ordinary course of business, the applicable First Lien Obligations Representative and lenders thereunder will apply payments and make advances to the Company or other Pledgors thereunder and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, (ii) no release of any Lien by the Applicable First Lien Agent or any First Lien Obligations Representative, as the case may be, upon any portion of the Common Collateral or other collateral securing any First Lien Obligations in connection with a Disposition not prohibited under the First Lien Obligations Documents shall constitute the exercise of remedies prohibited under this Agreement, ; and (iii) the amount of the First Lien Obligations that may be outstanding at any time or from time to time may be increased by way of incremental commitments or reduced and, with respect to any First Lien Obligations that comprise revolving facilities, subsequently reborrowed. The Lien priority set forth in this Agreement shall not be altered or otherwise affected by any amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the First Lien Obligations or any portion thereof.

Nature of Claims. Each The Second Lien Agent, each of the Applicable other Second Lien Agent and each Second Lien Obligations Representative, for itself and on behalf of the applicable Second Lien Obligations Secured Parties, each Permitted Third Lien Representative, and each of the other Permitted Third Lien Secured Parties, each acknowledges and agrees that (ia) with respect to any commitments under any First Lien Obligations the RBL Credit Agreement that constitute revolving credit commitments, in the ordinary course of business, the applicable First Lien Obligations Representative RBL Agent and lenders thereunder will apply payments and make advances to the Company or other Pledgors Obligors thereunder and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, (iib) no release of any Lien by the Applicable any First Lien Agent or any First Lien Obligations Representative, as the case may be, upon any portion of the Common Collateral or other collateral securing any First Lien Obligations in connection with a Disposition not prohibited permitted under any of the First Lien Obligations Documents shall constitute the exercise of remedies prohibited under this Agreement, and (iiic) the amount of the First Lien Obligations that may be outstanding at any time or from time to time may be increased by way of incremental commitments or reduced and, with respect to any First Lien Obligations that comprise revolving facilities, subsequently reborrowed. The Lien priority priorities set forth in this Agreement shall not be altered or otherwise affected by any amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the First Lien Obligations or any portion thereof.

Nature of Claims. Each of the Applicable Second The Junior Lien Agent and each Second Lien Obligations Representative, for itself and on behalf of itself and each other Junior Lien Secured Party, acknowledges that (a) the applicable Second terms of the Senior Lien Debt Documents and the Senior Lien Obligations may be amended, restated, supplemented, waived or otherwise modified from time to time, and the Senior Lien Obligations, or a portion thereof, may be Refinanced from time to time, in each case subject to any limitations in Section 5.03(a), and (b) the aggregate amount of the Senior Lien Obligations may be increased, in each case without notice to or consent by the Junior Lien Representative or any other Junior Lien Secured Party and without affecting the provisions hereof. As between the Grantors and the Junior Lien Secured Parties, acknowledges and agrees that (i) the foregoing provisions will not limit or otherwise affect the obligations of the Grantors contained in any Junior Lien Debt Document with respect to any commitments under any First the incurrence of additional Senior Lien Obligations. The Senior Lien Representative, on behalf of itself and each other Senior Lien Secured Party, acknowledges that (a) a portion of the Junior Lien Obligations Agreement is revolving in nature and that constitute revolving credit commitments, in the ordinary course of business, the applicable First Lien Obligations Representative and lenders thereunder will apply payments and make advances to the Company or other Pledgors thereunder and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, (iib) no release the terms of any the Junior Lien by Debt Documents and the Applicable First Lien Agent or any First Junior Lien Obligations Representativemay be amended, as restated, supplemented, waived or otherwise modified from time to time, and the Junior Lien Obligations, or a portion thereof, may be Refinanced from time to time, in each case may be, upon subject to any portion of the Common Collateral or other collateral securing any First Lien Obligations limitations set forth in connection with a Disposition not prohibited under the First Lien Obligations Documents shall constitute the exercise of remedies prohibited under this AgreementSection 5.03(b), and (iiic) the aggregate amount of the First Junior Lien Obligations that may be outstanding at increased, in each case without notice to or consent by the Senior Lien Representative or any time or from time to time may be increased by way of incremental commitments or reduced and, with respect to any First other Senior Lien Obligations that comprise revolving facilities, subsequently reborrowedSecured Party and without affecting the provisions hereof. The Lien priority set forth lien priorities provided for in this Agreement Section 2.01 shall not be altered or otherwise affected by any amendment, supplement or other modification, supplementor any Refinancing, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of either the First Senior Lien Obligations or the Junior Lien Obligations, or any portion thereof. As between the Grantors and the Senior Lien Secured Parties, the foregoing provisions will not limit or otherwise affect the obligations of the Grantors contained in any Senior Lien Debt Document with respect to the incurrence of additional Junior Lien Obligations.