Common use of Perfection; Contesting Liens Clause in Contracts

Perfection; Contesting Liens. Each Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any Secured Creditor any obligations in respect of the Disposition of Proceeds or any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any other Secured Creditor in the Collateral or the enforceability of the Term Loan Obligations or the Revolving Credit Obligations; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan Agent or the Revolving Agent to enforce this Agreement.

Perfection; Contesting Liens. Each Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any Secured Creditor any obligations in respect of the Disposition of Proceeds or proceeds of any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, institute or join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any the other Secured Creditor in the Collateral or the enforceability of the Term Loan First Lien Obligations or the Revolving Credit Second Lien Obligations; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan First Lien Agent or the Revolving Second Lien Agent to enforce this Agreement, including the provisions hereof relating to Lien priority.

Perfection; Contesting Liens. Each Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any either Secured Creditor any obligations in respect of the Disposition of Proceeds or proceeds of any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, institute or join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any the other Secured Creditor in the Collateral or the enforceability of the Term Loan Obligations or the Revolving Credit Obligations; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan Agent BFI or the Revolving Agent Lender to enforce this Agreement, including the provisions hereof relating to Lien priority.

Perfection; Contesting Liens. Each No Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its any other Secured Creditor’s Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any Secured Creditor any obligations in respect of the Disposition of Proceeds or proceeds of any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, institute or join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any other Secured Creditor in the Collateral or the enforceability of the Term Loan First Lien Obligations or the Revolving Credit Second Lien Obligations; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan First Lien Agent or the Revolving Second Lien Agent to enforce this Agreement, including the provisions hereof relating to Lien priority.

Perfection; Contesting Liens. Each Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any Secured Creditor any obligations in respect of the Disposition of Proceeds or proceeds of any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, institute or join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any the other Secured Creditor in the Collateral or the enforceability of the Term Loan First Lien Obligations, the Second Lien Obligations or the Revolving Credit Third Lien Obligations; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan First Lien Agent, the Second Lien Agent or the Revolving Third Lien Agent to enforce this Agreement, including the provisions hereof relating to Lien priority.

Perfection; Contesting Liens. Each Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any Secured Creditor any obligations in respect of the Disposition of Proceeds or any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any other Secured Creditor in the Collateral or the enforceability of the Term Loan Obligations or the Revolving Credit Obligations; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan Agent or the Revolving Agent to enforce this Agreement.

Perfection; Contesting Liens. Each Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement Section 3 are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any Secured Creditor any obligations in respect of the Disposition of Proceeds or proceeds of any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, institute or join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any the other Secured Creditor in the Collateral or the enforceability of the Term Loan First Lien Obligations or the Revolving Credit Second Lien Obligations; provided that that, nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan Agent First Lien Holder or the Revolving Agent Second Lien Holder to enforce this Agreement, including the provisions hereof relating to Lien priority.

Perfection; Contesting Liens. Each Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any Secured Creditor any obligations in respect of the Disposition of Proceeds or proceeds of any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, institute or join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any the other Secured Creditor in the Collateral or the enforceability of the Term Loan Obligations Senior Indebtedness or the Revolving Credit Second Lien Obligations; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan Senior Agent or the Revolving Agent Second Lien Creditors to enforce this Agreement, including the provisions hereof relating to Lien priority.

Perfection; Contesting Liens. Each Secured Creditor shall be solely responsible for creating, perfecting and maintaining the perfection of its Lien in the Collateral in which such Secured Creditor has been or is intended to be granted a Lien[, provided that ][Trustee language to be inserted]. The foregoing provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Creditors in respect of Collateral and shall not impose on any Secured Creditor any obligations in respect of the Disposition of Proceeds or proceeds of any Collateral that would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. Each Secured Creditor agrees that it will not institute, institute or join in or support any contest of the validity, perfection, priority or enforceability of the Liens of any the other Secured Creditor in the Collateral or the enforceability of the Term Loan First Lien Obligations or the Revolving Credit Second Lien Obligations; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the Term Loan Agent First Lien Agents or the Revolving Second Lien Agent to enforce this Agreement, including the provisions hereof relating to Lien priority.