Common use of New Liens Clause in Contracts

New Liens. (a) So long as no Insolvency Proceeding has been commenced by or against any Grantor, the parties hereto agree that no Grantor shall: (i) grant or permit any additional Liens on any asset that is not Collateral to secure any Term Loan Debt unless such Grantor gives ABL Agent at least 5 Business Days prior written notice thereof and unless such notice also offers to gxxxx x Xxxx on such asset to secure the ABL Debt concurrently with the grant of a Lien thereon in favor of Term Loan Agent; or (ii) grant or permit any additional Liens on any asset that is not Collateral to secure any ABL Debt unless such Grantor gives Term Loan Agent at least 5 Business Days prior written notice thereof and unless such notice also offers to gxxxx x Xxxx on such asset to secure the Term Loan Debt concurrently with the grant of a Lien thereon in favor of ABL Agent. (b) To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to the Claimholders, each Agent agrees that any amounts received by or distributed to any of the Claimholders pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2.

New Liens. (a) So long as no Insolvency Proceeding the Discharge of the Senior Obligations has been commenced by or against any Grantornot occurred, the parties hereto agree that no Grantor shall: Obligor shall (i) grant or permit any additional Liens on any asset that is not Collateral to secure any Term Loan Debt Subordinated Obligations unless such Grantor Obligor gives ABL each Senior Agent at least 5 five (5) Business Days prior written notice thereof and unless such notice also offers to gxxxx xxxxx x Xxxx on such asset to secure the ABL Debt Senior Obligations concurrently with the grant of a Lien thereon in favor of Term Loan the Subordinated Agent; or , or (ii) grant or permit any additional Liens on any asset that is not Collateral to secure any ABL Debt Senior Obligations unless such Grantor Obligor gives Term Loan the Subordinated Agent at least 5 five (5) Business Days prior written notice thereof and unless such notice also offers to gxxxx xxxxx x Xxxx on such asset to secure the Term Loan Debt Subordinated Obligations concurrently with the grant of a Lien thereon in favor of ABL Agent. (b) the Senior Agents. To the extent that the foregoing provisions are provision is not complied with for any reason, reason (and without limiting any other rights and remedies available to any Senior Agent or any of the other Senior Claimholders), the Subordinated Agent, on behalf of itself and the other Subordinated Claimholders, each Agent agrees that any amounts received by or distributed to any of the Claimholders them pursuant to or as a result of Liens granted in contravention of this Section 2.3 subsection (d) shall be subject to Section 4.210(b).

New Liens. (a) So long as no Insolvency Proceeding has been commenced by or against any Grantor, the parties hereto agree that no Grantor shall: (i) grant or permit any additional Liens on any asset that is not Collateral to secure any Term Loan Debt unless such Grantor gives ABL Agent at least 5 Business Days prior written notice thereof and unless such notice also offers to gxxxx xxxxx x Xxxx on such asset to secure the ABL Debt concurrently with the grant of a Lien thereon in favor of Term Loan AgentAgent (it being understood that the relative priorities set forth in Section 2.1 shall apply to all such additional Liens); or (ii) grant or permit any additional Liens on any asset that is not Collateral to secure any ABL Debt unless such Grantor gives Term Loan Agent at least 5 Business Days prior written notice thereof and unless such notice also offers to gxxxx xxxxx x Xxxx on such asset to secure the Term Loan Debt concurrently with the grant of a Lien thereon in favor of ABL Agent. (b) To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to the Claimholders, each Agent agrees that any amounts received by or distributed to any of the Claimholders pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2.

New Liens. (a) So long as no Insolvency Proceeding has been commenced by or against any Grantorthe Discharge of First Lien Obligations shall not have occurred, the parties hereto agree that no Grantor shall: (i) grant or permit any additional Liens shall be granted or permitted on any asset that is not Collateral of any Borrower or any other Obligor to secure any Term Loan Debt unless Second Lien Obligation unless, subject to the terms of this Agreement, immediately after giving effect to such Grantor gives ABL Agent at least 5 Business Days grant or concurrently therewith, a senior and prior written notice thereof and unless such notice also offers to gxxxx x Xxxx Lien shall be granted on such asset to secure the ABL Debt concurrently with First Lien Obligations. So long as the grant Discharge of a Second Lien thereon in favor of Term Loan Agent; or (ii) grant or permit any Obligations shall not have occurred, the parties hereto agree that no additional Liens shall be granted or permitted on any asset that is not Collateral of any Borrower or any other Obligor to secure any ABL Debt unless First Lien Obligation unless, subject to the terms of this Agreement, immediately after giving effect to such Grantor gives Term Loan Agent at least 5 Business Days prior written notice thereof grant or concurrently therewith, a junior and unless such notice also offers to gxxxx x Xxxx subordinated Lien shall be granted on such asset to secure the Term Loan Debt concurrently with the grant of a Second Lien thereon in favor of ABL Agent. (b) Obligations. To the extent that the foregoing provisions of this Section are not complied with for any reason, without limiting any other rights and remedies available to the ClaimholdersFirst Lien Agent or the First Lien Creditors, each Agent the Second Lien Creditor agrees that any amounts received by or distributed to any of the Claimholders them pursuant to or as a result of Liens granted in contravention of this Section 2.3 2.9 shall be subject to the terms of this Agreement, including the turnover provisions of Section 4.22.4.

New Liens. (ai) So long as no Insolvency Proceeding Until the ABL Obligations Payment Date has been commenced by or against any Grantor, occurred the parties hereto agree that no Grantor shall: (i) grant if any Term Secured Party shall acquire or permit hold any additional Liens Lien on any asset that is not Collateral to secure assets of any Loan Party securing any Term Loan Debt unless such Grantor gives Obligation which assets are not also subject to the Lien of the ABL Agent at least 5 Business Days prior written notice thereof and unless such notice also offers to gxxxx x Xxxx on such asset to secure under the ABL Debt concurrently with Documents, subject to the grant of a Lien thereon lien priorities set forth in favor of Term Loan Agent; or (ii) grant or permit any additional Liens on any asset that is not Collateral to secure any ABL Debt unless such Grantor gives Term Loan Agent at least 5 Business Days prior written notice thereof and unless such notice also offers to gxxxx x Xxxx on such asset to secure Section 2.01, then the Term Loan Debt concurrently with Agent will, without the grant need for any further consent of a any other Term Secured Party and notwithstanding anything to the contrary in any other Term Document, be deemed to also hold and have held such Lien thereon for the benefit of the ABL Agent as security for the ABL Obligations (subject to the lien priorities set forth in favor Section 2.01 and the other terms hereof) and shall promptly notify the ABL Agent in writing of ABL Agent. (b) the existence of such Lien. To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to the ClaimholdersABL Secured Parties, each the Term Agent agrees and the other Term Secured Parties agree that any amounts received by or distributed to any of the Claimholders them pursuant to or as a result of Liens granted in contravention of this Section 2.3 2.04 shall be subject to Section 4.24.01.

New Liens. (a) So long as no Whether or not an Insolvency Proceeding has been commenced by or against any GrantorObligor, the parties hereto agree that no Grantor Obligor shall: (ia) so long as the Discharge of ABL Priority Obligations has not occurred, grant or permit any additional Liens on any asset that is not Collateral to secure any Term Loan Debt Obligation unless such Grantor Obligor gives ABL Agent at least 5 five (5) Business Days prior written notice thereof and unless such notice also offers to gxxxx xxxxx x Xxxx on such asset to secure the ABL Debt Obligations concurrently with the grant of a Lien thereon in favor of Term Loan Agent; or (iib) so long as the Discharge of Term Loan Priority Obligations has not occurred, grant or permit any additional Liens on any asset that is not Collateral to secure any ABL Debt Obligations unless such Grantor Obligor gives Term Loan Agent at least 5 five (5) Business Days prior written notice thereof and unless such notice also offers to gxxxx xxxxx x Xxxx junior to the ABL Agent on such asset to secure the Term Loan Debt Obligations concurrently with the grant of a Lien thereon in favor of ABL Agent. (b) . To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to the an Agent or Claimholders, each Agent Agent, on behalf its Claimholders, agrees that any amounts received by or distributed to any of the Claimholders them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.24.1.