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 (a) The Second Lien Collateral Agent and each Second Lien Obligations Representative, for itself and on behalf of the applicable itself and each Second Lien Obligations Secured PartiesParty under its Second Lien Debt Facility, each acknowledges and agrees that that, in accordance with the provisions of the First Lien Debt Documents (i) with respect to any commitments under any all or a portion of the First 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, (ii) no release the terms 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 Debt Documents and the First Lien Obligations Documents shall constitute may be amended, supplemented or otherwise modified, and the exercise of remedies prohibited under this AgreementFirst Lien Obligations, or a portion thereof, may be Refinanced from time to time and (iii) the aggregate amount of the First Lien Obligations that may be outstanding at increased, in each case, without notice to or consent by the Second Lien Collateral Agent 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 Second Lien Obligations that comprise revolving facilities, subsequently reborrowed. Secured Party and without affecting the provisions hereof. (b) The Lien priority set forth 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 any of the First Lien Secured Obligations or any portion thereof. As between the Credit Parties and the Secured Parties, the foregoing provisions will not limit or otherwise affect the obligations of the Credit Party contained in any Secured Debt Document with respect to the incurrence of additional Secured Obligations (whether constituting First Lien Obligations or Second Lien Obligations, as the case may be).