Pari Passu Lien Requirement Sample Clauses

Pari Passu Lien Requirement. Notwithstanding anything to the contrary contained herein, to the extent that any Loan Party grants or maintains a Lien on any assets of such Loan Party pursuant to the terms of the Term Loan Agreement or any Permitted Capital Markets Indebtedness, such Loan Party shall contemporaneously grant and maintain a Lien on such assets in accordance with the provisions of this Agreement. All Liens in the Collateral and the Covenant Relief Period Collateral shall be pari passu with the Liens granted in connection with the Term Loan Agreement and shall be pari passu or senior to the Liens granted in connection with any Permitted Capital Markets Indebtedness, and shall, in all respects, be subject to an Intercreditor Agreement.
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Pari Passu Lien Requirement. To the extent that any Loan Party grants or maintains a Lien (other than Permitted Encumbrances) on any assets (other than any Real Estate Asset that does not constitute an Unencumbered Property) of such Loan Party to secure any other Indebtedness (including guarantees) pursuant to any debt capital markets transaction (other than convertible debt securities), including notes or revolving credit or term loan facilities, in an aggregate principal amount of $150,000,000 or more, such Loan Party shall contemporaneously grant and maintain a Lien on such assets to secure the Obligations on an equal and ratable basis (pursuant to a customary intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent) with such other Indebtedness so secured until such time as such other Indebtedness is no longer secured by a Lien.
Sample 1
Pari Passu Lien Requirement. Notwithstanding anything to the contrary contained herein, to the extent that any Loan Party grants or maintains a Lien on any assets of such Loan Party to secure the other Credit Facilities or any other Indebtedness that is pari passu with the Obligations, such Loan Party shall contemporaneously grant and maintain a Lien on such assets to secure the Obligations. All Liens in the Covenant Waiver Period Collateral shall be pari passu with the Liens granted in connection with the other Credit Facilities, and shall, in all respects, be subject to the Intercreditor Agreement.
Sample 1

Related to Pari Passu Lien Requirement

  • Pari Passu or Priority Status The claims of the Agents and the Lenders against the Parent or the Borrower under this Agreement will rank at least pari passu with the claims of all unsecured creditors of the Parent or the Borrower (other than claims of such creditors to the extent that they are statutorily preferred) and in priority to the claims of any creditor of the Parent or the Borrower who is also a Credit Party.

  • Pari Passu Status The obligations of the Guarantor hereunder constitute direct, general obligations of the Guarantor and rank at least pari passu (in priority of payment) with all other unsecured, unsubordinated Indebtedness (other than any such Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.

  • Pari Passu Ranking Each Obligor must ensure that its payment obligations under the Finance Documents rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

  • Transactions Affecting Collateral or Obligations Neither the Borrower nor any of its Subsidiaries shall enter into any transaction which would be reasonably expected to have a Material Adverse Effect.

  • Notes Rank Pari Passu The obligations of the Company under this Agreement and the Notes rank pari passu in right of payment with all other senior unsecured Debt (actual or contingent) of the Company, including, without limitation, all senior unsecured Debt of the Company described in Schedule 5.15 hereto.

  • Priority Debt The Company will not permit Priority Debt to exceed 15% of Consolidated Total Assets (as of the end of the Company’s then most recently completed fiscal quarter) at any time.

  • Pari Passu Obligations The Guarantor shall ensure that its obligations hereunder at all times constitute direct, general obligations of the Guarantor ranking at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness (other than Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.

  • Notes to Rank Pari Passu The Notes and all other obligations under this Agreement of the Company are and at all times shall remain direct and unsecured obligations of the Company ranking pari passu as against the assets of the Company with all other Notes from time to time issued and outstanding hereunder without any preference among themselves and pari passu with all other present and future unsecured Debt (actual or contingent) of the Company which is not expressed to be subordinate or junior in rank to any other unsecured Debt of the Company.

  • Pari Passu Guarantees The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with any similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or capital securities issued by the Issuer Trust and with any other security, guarantee or other obligation that is expressly stated to rank pari passu with the obligations of the Guarantor under this Guarantee Agreement.

  • Notes Subordinate to Senior Indebtedness The Company covenants and agrees, and each Holder of Notes, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article 11, the Indebtedness represented by the Notes and the payment of the principal of, premium, if any, and interest on the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article 11 to the prior payment in full in cash or Cash Equivalents or, as acceptable to the holders of Senior Indebtedness, in any other manner, of all Senior Indebtedness. This Article 11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce such provisions.

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