Common use of No Release Upon Discharge of Senior Lender Claims; Reinstatement Clause in Contracts

No Release Upon Discharge of Senior Lender Claims; Reinstatement. (a) Notwithstanding any other provisions contained in this Agreement, on the date of Discharge of Senior Lender Claims, the Second Priority Liens on the Second Priority Collateral securing the Second Priority Claims will not be released except to the extent such Second Priority Collateral or any portion thereof was disposed of in compliance with the terms of this Agreement in order to repay Senior Lender Claims secured by such Second Priority Collateral. (b) If, at any time on or after the Discharge of Senior Lender Claims has occurred, the Borrower incurs and designates any new Senior Lender Claims as being in respect of a Replacement Credit Agreement, then such Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Lender Claims), and the applicable Replacement Credit Agreement governing such Senior Lender Claims shall automatically be treated as the Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder. Upon receipt by each Second Priority Agent of notice of such designation (including the identity of any new First Lien Agent) from the Borrower and the First Lien Agent in respect of such Replacement Credit Agreement, each Second Priority Agent shall promptly (i) enter into such documents and agreements, including amendments or supplements to this Agreement, as such new First Lien Agent shall reasonably request in writing in order to provide the new First Lien Agent the rights of the First Lien Agents contemplated hereby and (ii) to the extent then held by the Second Priority Designated Agent, deliver to such First Lien Agent the Pledged Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such First Lien Agent to obtain possession or control of such Pledged Collateral).

No Release Upon Discharge of Senior Lender Claims; Reinstatement. (a) Notwithstanding any other provisions contained in this Agreement, on the date of Discharge of Senior Lender Claims, the Second Priority Liens on the Second Priority Collateral securing the Second Priority Claims or the Liens granted pursuant to the German Security Documents securing the Second Priority Claims will not be released except to the extent such Second Priority Collateral or Collateral under the German Security Documents or any portion thereof was disposed of in compliance with the terms of this Agreement in order to repay Senior Lender Claims secured by such Second Priority CollateralCollateral or Collateral under the German Security Documents. (b) If, at any time on or after the Discharge of Senior Lender Claims has occurred, the Borrower Issuer incurs and designates any new Senior Lender Claims as being in respect of a Replacement Credit AgreementClaims, then such Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Lender Claims), and the applicable Replacement Credit Agreement agreement governing such Senior Lender Claims shall automatically be treated as the Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder. Upon receipt by each Second Priority Agent of notice of such designation (including the identity of any new First Lien Agent) from the Borrower and the First Lien Agent in respect of such Replacement Credit Agreement), each Second Priority Agent shall promptly (i) enter into such documents and agreementsagreements (at the Issuer’s expense), including amendments or supplements to this Agreement, as such new First Lien Agent shall reasonably request in writing in order to provide the new First Lien Agent the rights of the First Lien Agents contemplated hereby and (ii) to the extent then held by the any Second Priority Designated Agent, deliver to such First Lien Agent the Pledged or Controlled Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such First Lien Agent to obtain possession or control of such Pledged or Controlled Collateral).

No Release Upon Discharge of Senior Lender Claims; Reinstatement. (a) Notwithstanding any other provisions contained in this Agreement, on the date of Discharge of Senior Lender Claims, the Second Priority Liens on the Second Priority Collateral securing the Second Priority Claims will not be released except to the extent such Second Priority Collateral or any portion thereof was disposed of in compliance with the terms of this Agreement in order to repay Senior Lender Claims secured by such Second Priority Collateral. (b) If, at any time on or after the Discharge of Senior Lender Claims has occurred, the Borrower incurs any Grantor shall incur and designates designate in a written notice delivered to each Second Priority Agent any new Senior Lender Claims as being in respect (provided, that the failure to provide such notice shall not affect the validity of a Replacement Credit Agreementsuch Senior Lender Claims), then such Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Lender Claims), and the applicable Replacement Credit Agreement agreement governing such Senior Lender Claims shall automatically be treated as the Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder. Upon receipt by each Second Priority Agent of notice of such designation (including the identity of any new First Lien Agent) from the Borrower and the First Lien Agent in respect of such Replacement Credit Agreement), each Second Priority Agent shall promptly (i) enter into such documents and agreements, including amendments or supplements to this Agreement, as such new First Lien Agent shall reasonably request in writing in order to provide the new First Lien Agent the rights of the First Lien Agents contemplated hereby and (ii) to the extent then held by the any Second Priority Designated Agent, deliver to such First Lien Agent the Pledged Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such First Lien Agent to obtain possession or control of such Pledged Collateral).

No Release Upon Discharge of Senior Lender Claims; Reinstatement. (a) Notwithstanding any other provisions contained in this Agreement, on the date of Discharge of Senior Lender Claims, the Second Priority Liens on the Second Priority Collateral securing the Second Priority Claims will not be released except to the extent such Second Priority Collateral or any portion thereof was disposed of in compliance with the terms of this Agreement in order to repay Senior Lender Claims secured by such Second Priority Collateral. (b) If, at any time on or after the Discharge of Senior Lender Claims has occurred, the Borrower Company incurs and designates any new Senior Lender Claims as being in respect of a Replacement Credit AgreementAgreement or a Replacement First Priority Indenture, as applicable, then such Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Lender Claims), and the applicable Replacement Credit Agreement or the applicable Replacement First Priority Indenture governing such Senior Lender Claims shall automatically be treated as the Credit Agreement or the First Priority Notes Indenture, as applicable, for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder. Upon receipt by each Second Priority Agent of notice of such designation (including the identity of any new First Lien Agent) from the Borrower Company and the First Lien Agent in respect of such Replacement Credit AgreementAgreement or such Replacement First Priority Indenture, as applicable, each Second Priority Agent shall promptly promptly, at the Company’s expense, (i) enter into such documents and agreements, including amendments or supplements to this Agreement, as such new First Lien Agent shall reasonably request in writing in order to provide the new First Lien Agent the rights of the First Lien Agents contemplated hereby and (ii) to the extent then held by the any Second Priority Designated Agent, deliver to such First Lien Agent the Pledged Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such First Lien Agent to obtain possession or control of such Pledged Collateral).

No Release Upon Discharge of Senior Lender Claims; Reinstatement. (a) Notwithstanding any other provisions contained in this Agreement, on the date of Discharge of Senior Lender Claims, the Second Priority Liens on the Second Priority Collateral securing the Second Priority Claims will not be released except to the extent such Second Priority Collateral or any portion thereof was disposed of in compliance with the terms of this Agreement in order to repay Senior Lender Claims secured by such Second Priority Collateral. (b) If, at any time on substantially contemporaneously with or after the Discharge of Senior Lender Claims has occurred, the Borrower incurs and designates any new Senior Lender Claims as being in respect of a Replacement Credit Agreement, then such Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Lender Claims), and the applicable Replacement Credit Agreement governing such Senior Lender Claims shall automatically be treated as the Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder. Upon receipt by each Second Priority Agent of notice of such designation (including the identity of any new First Lien Agent) from the Borrower and the First Lien Agent in respect of such Replacement Credit Agreement, each Second Priority Agent shall promptly (i) enter into such documents and agreements, including amendments or supplements to this Agreement, as such new First Lien Agent shall reasonably request in writing in order to provide the new First Lien Agent the rights of the First Lien Agents contemplated hereby and (ii) to the extent then held by the any Second Priority Designated Agent, deliver to such First Lien Agent the Pledged Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such First Lien Agent to obtain possession or control of such Pledged Collateral).