Common use of Nature of First Priority Obligations Clause in Contracts

Nature of First Priority Obligations. The Second Priority Representative on behalf of itself and the other Second Priority Secured Parties, and the Junior Priority Representative on behalf of itself and the other Junior Priority Secured Parties, acknowledge that a portion of the First Priority Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the First Priority Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the First Priority Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Second Priority Secured Parties or the Junior Priority Secured Parties and without affecting the provisions hereof. The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of any of the First Priority Obligations, the Second Priority Obligations or the Junior Priority Obligations, or any portion thereof.

Nature of First Priority Obligations. The Second Priority Representative on behalf of itself and the other Second Priority Secured Parties, Parties and the Junior Third Priority Representative on behalf of the itself and the other Junior Third Priority Secured Parties, Parties acknowledge that a portion of the First Priority Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the First Priority Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the First Priority Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Second Priority Secured Parties or and the Junior Third Priority Secured Parties and without affecting the provisions hereof. The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of any of either the First Priority Obligations, the Second Priority Obligations or the Junior Third Priority Obligations, or any portion thereof.

Nature of First Priority Obligations. The Second Priority Representative on behalf of itself and the other Second Priority Secured Parties, and the Junior Priority Representative on behalf of itself and the other Junior Priority Secured Parties, acknowledge that a portion of the First Priority Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the First Priority Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the First Priority Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Second Priority Secured Parties or the Junior Priority Secured Parties and without affecting the provisions hereof. The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of any of the First Priority Obligations, the Second Priority Obligations or the Junior Priority Obligations, or any portion thereof. 2.3.

Nature of First Priority Obligations. The Each Second Priority Representative on behalf of itself and the other Second Priority Secured Parties, and the Junior Priority Representative on behalf of itself and the other Junior Priority Secured Parties, acknowledge Parties represented by it acknowledges that a portion of the First Priority Obligations represents may represent debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that that, subject to Section 6, the terms of the First Priority Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the First Priority Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Second Priority Secured Parties or the Junior Priority Secured Parties and without affecting the provisions hereof, but, except in the case of any DIP Financing, subject to the Maximum First Priority Obligations Amount. The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of any of either the First Priority Obligations, the Second Priority Obligations or the Junior Second Priority Obligations, or any portion thereof.