New Second Priority Liens Sample Clauses

New Second Priority Liens. So long as the Discharge of Senior Lender Claims has not occurred, the Second Priority Agent agrees, for itself and on behalf of each applicable Second Priority Secured Party, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, that it shall not acquire or hold any Lien on any assets of the Company or any other Grantor securing any Second Priority Claims (other than Liens on the Series B Term Loan Controlled Account) that are not also subject to the first-priority Lien in respect of the Senior Lender Claims under the Senior Lender Documents. If the Second Priority Agent or any Second Priority Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any collateral (other than Liens on the Series B Term Loan Controlled Account) that is not also subject to the first-priority Lien in respect of the Senior Lender Claims under the Senior Lender Documents, then such Second Priority Secured Party shall, without the need for any further consent of any party and notwithstanding anything to the contrary in any other document, be deemed to also hold and have held such lien for the benefit of the First Lien Agent as security for the Senior Lender Claims (subject to the lien priority and other terms hereof) and shall promptly notify the First Lien Agent in writing of the existence of such Lien and in any event take such actions as may be requested by the First Lien Agent to assign or release such Liens to the First Lien Agent (and/or each of its designees) as security for the applicable Senior Lender Claims.