Relative Priorities. Notwithstanding (a) the date, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority Lien, (b) any provision of the UCC or any other applicable law or the provisions of any Security Document or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligation, the Second Lien Administrative Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, (g) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll other respects to any and all Second Priority Lien , (h) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens, and (i) the First Priority Lien shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other Person.
Appears in 3 contracts
Samples: Second Lien Credit Agreement (Sundance Energy Australia LTD), Second Lien Credit Agreement (Sundance Energy Australia LTD), Second Lien Credit Agreement (Sundance Energy Australia LTD)
Relative Priorities. Notwithstanding (a) the date, time, method, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority Lien, (b) any provision of the UCC or any other applicable law or the provisions of any Security Document Instrument or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligationobligation, the Second Lien Administrative Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, :
(gi) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens;
(hii) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens, and ; and
(iiii) the First Priority Lien Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the CompanyBorrower, any other Grantor or any other Person.
Appears in 2 contracts
Samples: Second Lien Credit Agreement (Titan Energy, LLC), Credit Agreement (Titan Energy, LLC)
Relative Priorities. Notwithstanding (a) The grant of the date, manner or order First Liens pursuant to the First Lien Documents and the grant of grant, attachment or perfection of any Second Priority the Junior Liens pursuant to the Junior Lien or any First Priority Lien, Documents create two separate and distinct Liens on the Collateral.
(b) any provision of Notwithstanding anything to the UCC contrary contained in this Agreement, the First Lien Documents, the Junior Lien Documents or any other applicable law agreement or instrument to the provisions of any Security Document contrary, or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Junior Lien Obligation or holder of such obligation and irrespective of ;
(i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise);
(ii) the time, manner, order of grant, attachment or perfection of a Lien;
(iii) any conflicting provision of the New York UCC or other applicable law;
(iv) any defect in, or non-perfection, setting aside or avoidance of, a Lien or a First Lien Document or a Junior Lien Document;
(v) the modification of a First Lien Document, a Junior Lien Document, a First Lien Obligation or a Junior Lien Obligation, ;
(vi) the Second exchange of any security interest in any Collateral for a security interest in other Collateral;
(vii) the commencement of an Insolvency or Liquidation Proceeding; or
(viii) the subordination of a Lien Administrative on Collateral securing a First Lien Obligation to a Lien securing another obligation of the Company or other Person that is permitted under the First Lien Documents as in effect on the date hereof or securing a DIP Financing or the subordination of a Lien on Collateral securing a Junior Lien Obligation to a Lien securing another obligation of the Company or any other Person (other than a First Lien Obligation) that is permitted under the Junior Lien Documents as in effect on the date hereof; the Junior Lien Collateral Agent, for itself and on behalf of itself and the other Second Junior Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gA) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Junior Liens on any Collateral, in any case, subject to the First Lien , Cap as provided herein and (hB) any Second Priority Junior Lien on any Collateral now or hereafter held by or for the benefit of any Second Junior Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority LiensLiens on any Collateral, and in any case, subject to the First Lien Cap as provided herein.
(c) It is acknowledged that, subject to the First Lien Cap, (i) the aggregate amount of the First Priority Lien Obligations may be increased from time to time pursuant to the terms of the First Lien Documents, (ii) a portion of the First Lien Obligations may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the First Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the First Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, and Additional First Lien Obligations or Additional Junior Lien Obligations may be incurred, in the case of the foregoing (A) and (B) all without affecting the subordination of the Junior Liens hereunder or the provisions of this Agreement defining the relative rights of the First Lien Secured Parties and the Junior Lien Secured Parties. The lien priorities provided for herein shall not be and remain senior in rightaltered or otherwise affected by any amendment, prioritymodification, operationsupplement, effect and all other respects to extension, increase, renewal, restatement or replacement of either the First Lien Obligations (or any Second Priority Liens part thereof) or the Junior Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantee for all purposes, whether or not any First Priority Liens are subordinated Lien Obligation or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other PersonCollateral.
Appears in 2 contracts
Samples: Intercreditor Agreement, Intercreditor Agreement (Pacific Drilling S.A.)
Relative Priorities. Notwithstanding (a) the date, manner time, method, manner, or order of grant, attachment attachment, or perfection of any Liens on Collateral securing the Obligations under the First Lien Obligations (“First Priority Liens”) or any Liens on Collateral that secure the Notes and the Second Lien Obligations (“Second Priority Lien or Liens”), and notwithstanding any First Priority Lien, (b) any contrary provision of the UCC or any other applicable law or the provisions of any Security Document First Lien Documents or the Second Lien Documents, or any other Loan Documentcircumstance whatsoever, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a Collateral Agent and the First Lien Loan Document or a Second Lien Loan DocumentAgent hereby agree that:
(a) subject to the last sentence of this Section 2.1, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligation, the Second Lien Administrative Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, (g) any First Priority Lien Liens now or hereafter held by or on behalf of, or created for the benefit of of, First Lien Agent or any First Lien Secured Party Creditors or any agent or trustee therefore shall be senior in right, priority, operation, effect and ll other respects to any and all Second Priority Lien , (h) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priorityperfection, operation, effect and all other respects to any and all First Second Priority Liens; and
(b) subject to the last sentence of this Section 2.1, and (i) Second Priority Liens now or hereafter held by or on behalf of, or created for the First Priority benefit of, Collateral Agent, any Second Lien Creditors or any agent or trustee therefore shall be junior and remain senior subordinate in right, priority, perfection, operation, effect and all other respects to any all First Priority Liens. All First Priority Liens shall be and remain senior in all respects and prior to all Second Priority Liens for all purposes, whether or not any such First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other Personperson (but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Credit Agreement and the Second Lien Indenture, or as specified in Section 6.2).
Appears in 2 contracts
Samples: Intercreditor Agreement (Interface Security Systems, L.L.C.), Intercreditor Agreement (Interface Security Systems Holdings Inc)
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents and the grant of the Second Liens pursuant to the Second Lien Documents create two separate and distinct Liens on the Collateral.
(b) Notwithstanding anything contained in this Agreement, manner the Priority Lien Documents, the Second Lien Documents, or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document or a Second Lien Loan Document, (dv) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Priority Lien Obligation or a Second Lien Obligation or holder (vi) the subordination of such a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of Xxxxxxxx or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, or the subordination of a Lien on Collateral securing a Second Lien Obligation to a Lien securing another obligation of Xxxxxxxx or other Person (other than a Priority Lien Obligation) that is permitted under the Second Lien Documents as in effect on the date hereof, the Second Lien Administrative Collateral Agent, for itself and on behalf of itself and the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, :
(gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens on any Collateral,
(hii) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority LiensLiens on any Collateral, and (i) in any case, subject to the First Priority Lien Cap as provided herein, and
(iii) any Second Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be and remain senior equal in right, priority, operation, effect and all other respects to any and all Second Liens on any Collateral.
(c) It is acknowledged that, subject to the Priority Liens for all purposesLien Cap (as provided herein), whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation (i) the aggregate amount of the CompanyPriority Lien Obligations may be increased from time to time pursuant to the terms of the Priority Lien Documents, (ii) a portion of the Priority Lien Obligations under the Priority Lien Credit Agreement consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B), all without affecting the subordination of the Second Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties and the Second Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of any of the Priority Lien Obligations (or any part thereof) or the Second Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or other PersonSecured Party may take or fail to take in respect of any Collateral.
Appears in 2 contracts
Samples: Junior Lien Intercreditor Agreement (Comstock Oil & Gas, LP), Intercreditor Agreement (Comstock Oil & Gas, LP)
Relative Priorities. Notwithstanding The grant of the Priority Liens pursuant to the Priority Lien Documents, the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral.
(a) Notwithstanding anything contained in this Agreement, the datePriority Lien Documents, manner the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (%4) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (%4) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (b%4) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (c%4) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document, a Second Lien Document or a Second Third Lien Loan Document, (d%4) the modification of a First Priority Lien Loan Document or a Second Lien Loan DocumentObligation, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such a Third Lien Obligation, or (%4) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of the Company or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, each of the Second Lien Administrative AgentCollateral Trustee, for itself and on behalf of itself and the other Second Lien Secured Parties, and the Third Lien Collateral Trustee, on behalf of itself and the other Third Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (g%5) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to (%6) any and all Second Liens on any Collateral and (%6) any and all Third Liens on any Collateral, (%5) any Second Lien on any Collateral now or hereafter held by or for 5279325v2 the benefit of any Second Lien Secured Party shall be (%6) junior and subordinate in right, priority, operation, effect and all other respects to any and all Second Priority Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (%6) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral, and (h%5) any Second Priority Third Lien on any Collateral now or hereafter held by or for the benefit of any Second Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (%6) any and all First Priority LiensLiens on any Collateral and (%6) any and all Second Liens on any Collateral.
(b) It is acknowledged that, subject to the Priority Lien Cap (as provided herein), (%4) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the terms of the Priority Lien Documents, (%4) a portion of the Priority Lien Obligations consists or may consist of Debt that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (i%4)(%5) the First Priority Lien shall Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and remain senior (%5) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation the case of the Companyforegoing (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any other Grantor amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any other Personpart thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) the date, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority Lien, (b) any provision of the UCC or any other applicable law Legal Requirement or the provisions of any Security Document or any other Loan Facility Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or (g) any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligationobligation, the Second Lien Administrative Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, Parties hereby agrees that, :
(i) so long as the Discharge of First Lien Obligations has not occurred, :
(gA) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Liens subject to the First Lien Cap and the Second Lien Cap,
(B) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens subject to the First Lien Cap and the Second Lien Cap, and
(hC) the First Priority Liens, subject to the First Lien Cap and the Second Lien Cap, shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other Person;
(ii) upon a Discharge of First Lien Obligations:
(A) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all First Priority Liens subject to the Second Lien Cap,
(B) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all Second Priority Liens subject to the Second Lien Cap, and
(C) the Second Priority Liens, subject to the Second Lien Cap, shall be and remain senior in right, priority, operation, effect and all other respects to any First Priority Liens for all purposes, whether or not any Second Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other Person; and
(iii) upon a Discharge of Second Lien Obligations:
(A) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all Second Priority Liens,
(B) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens, and and
(iC) the First Priority Lien Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other Person.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) Notwithstanding the time, date, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority LienLien (or any actual or alleged defect in any of the foregoing), how any Second Priority Lien or First Priority Lien was acquired (b) whether by grant, possession, statute, operation of law, subrogation or otherwise), and notwithstanding any provision of the UCC as in effect in any US Jurisdiction, or any other applicable law or the provisions of any Security Document or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Credit Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligation, the Second Lien Administrative Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, (gi) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens and (hii) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens. So long as the Discharge of First Lien Obligations has not occurred, and (i) the First Priority Lien Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the CompanyHoldings, any other Grantor or any other Person.
(b) Calculations by any Collateral Agent, any Representative, and any other Secured Parties under this Agreement of amounts of Obligations outstanding shall be made using the Dollar Equivalent of all such amounts.
(c) Each First Lien Collateral Agent (including each additional First Lien Collateral Agent representing Additional First Lien Secured Parties), for and on behalf of itself and the First Lien Secured Parties it represents, acknowledges and agrees that (i) each Second Lien Collateral Agent, for the benefit of itself and the Second Lien Secured Parties it represents, has been granted Second Priority Liens upon the Shared Collateral, and each First Lien Collateral Agent hereby consents thereto to the extent such Second Priority Liens are subject to the Lien Priorities set forth herein, (ii) one or more Second Lien Collateral Agents, each on behalf of itself and any Additional Second Lien Secured Parties represented thereby, may be granted Second Priority Liens upon the Shared Collateral, and each First Lien Collateral Agent hereby consents thereto to the extent such Second Priority Liens are subject to the Lien Priorities set forth herein and (iii) subject to the First Lien Intercreditor Agreement, one or more other First Lien Collateral Agents, on behalf of itself and any Additional First Lien Secured Parties or other First Lien Secured Parties it represents, may be granted First Priority Liens upon the First Lien Collateral in which such First Lien Collateral Agent has or is being granted First Priority Liens, and such First Lien Collateral Agent hereby consents thereto, to the extent such First Priority Liens are subject to the First Lien Intercreditor Agreement.
(d) Each Second Lien Collateral Agent, for and on behalf of itself and the Second Lien Secured Parties it represents, acknowledges and agrees that (i) each First Lien Collateral Agent, for the benefit of itself and the First Lien Secured Parties it represents, has been granted (or may be granted in the case of any additional First Lien Collateral Agent representing any Additional First Lien Secured Parties or other First Lien Secured Parties) First Priority Liens upon all of the Collateral in which any Second Lien
Appears in 1 contract
Samples: Indenture (Pactiv Evergreen Inc.)
Relative Priorities. Notwithstanding (a) the date, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority Lien, (b) any provision of the UCC or any other applicable law Legal Requirement or the provisions of any Security Collateral Document or any other Loan Facility Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or (g) any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligationobligation, the Second Lien Administrative Agent, for itself and on behalf of the other Second Lien Secured Parties, Parties hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, :
(gA) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens,
(hB) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens, and and
(iC) the First Priority Lien Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other Person.;
Appears in 1 contract
Samples: Second Lien Credit Agreement (U.S. Well Services, Inc.)
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents, manner the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral.
(i) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document, a Second Lien Document or a Second Third Lien Loan Document, (dv) the modification of a First Priority Lien Loan Document or a Second Lien Loan DocumentObligation, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder a Third Lien Obligation, or (vi) the subordination of such Obligationa Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of W&T or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, the Second Lien Administrative AgentCollateral Trustee, for itself and on behalf of itself and the other Second Lien Secured Parties, Parties hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to (A) any and all Second Priority Lien Liens on any Collateral and (B) any and all Third Liens on any Collateral, (hii) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all First Priority LiensLiens on any Collateral and (B) any and all Second Liens on any Collateral.
(ii) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the First time, manner, or order of the grant, attachment or perfection of a Lien, (iii) any conflicting provision of the New York UCC or other applicable law, (iv) any defect in, or non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document, a Second Lien Document or a Third Lien Document, (v) the modification of a Priority Lien Obligation, a Second Lien Obligation or a Third Lien Obligation, or (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of W&T or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing the Third Lien Collateral Trustee, on behalf of itself and the other Third Lien Secured Parties, hereby agrees that (i) any Priority Lien on any Collateral now or hereafter held by or for the benefit of any Priority Lien Secured Party shall be senior in right, priority, operation, effect and remain all other respects to (A) any and all Second Liens on any Collateral and (B) any and all Third Liens on any Collateral, (ii) any Second Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral and (B) senior in right, priority, operation, effect and all other respects to any Second and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all Priority Liens for on any Collateral and (B) any and all purposesSecond Liens on any Collateral.
(c) It is acknowledged that, whether or subject in the case of any Second Lien Obligations (but not in the case of any First Third Lien Obligations) to the Priority Liens are subordinated in any respect to any other Lien securing any other obligation Cap (as provided herein), (i) the aggregate amount of the CompanyPriority Lien Obligations may be increased from time to time pursuant to the terms of the Priority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any other Personpart thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents, manner the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral.
(1) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document, a Second Lien Document or a Second Third Lien Loan Document, (dv) the modification of a First Priority Lien Loan Document or a Second Lien Loan DocumentObligation, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder a Third Lien Obligation, or (vi) the subordination of such Obligationa Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of W&T or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, the Second Lien Administrative AgentCollateral Trustee, for itself and on behalf of itself and the other Second Lien Secured Parties, Parties hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to (A) any and all Second Priority Lien Liens on any Collateral and (B) any and all Third Liens on any Collateral, (hii) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all First Priority LiensLiens on any Collateral and (B) any and all Second Liens on any Collateral.
(2) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the First time, manner, or order of the grant, attachment or perfection of a Lien, (iii) any conflicting provision of the New York UCC or other applicable law, (iv) any defect in, or non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document, a Second Lien Document or a Third Lien Document, (v) the modification of a Priority Lien Obligation, a Second Lien Obligation or a Third Lien Obligation, or (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of W&T or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing the Third Lien Collateral Trustee, on behalf of itself and the other Third Lien Secured Parties, hereby agrees that (i) any Priority Lien on any Collateral now or hereafter held by or for the benefit of any Priority Lien Secured Party shall be senior in right, priority, operation, effect and remain all other respects to (A) any and all Second Liens on any Collateral and (B) any and all Third Liens on any Collateral, (ii) any Second Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral and (B) senior in right, priority, operation, effect and all other respects to any Second and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all Priority Liens for on any Collateral and (B) any and all purposesSecond Liens on any Collateral.
(c) It is acknowledged that, whether or subject in the case of any Second Lien Obligations (but not in the case of any First Third Lien Obligations) to the Priority Liens are subordinated in any respect to any other Lien securing any other obligation Cap (as provided herein), (i) the aggregate amount of the CompanyPriority Lien Obligations may be increased from time to time pursuant to the terms of the Priority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any other Personpart thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents and the grant of the Second Liens pursuant to the Second Lien Documents create two separate and distinct Liens on the Collateral.
(b) Notwithstanding anything contained in this Agreement, manner the Priority Lien Documents, the Second Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document or a Second Lien Loan Document, (dv) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Priority Lien Obligation or a Second Lien Obligation or holder of such Obligation, or (vi) the Second subordination of a Lien Administrative Agenton Collateral securing a Priority Lien Obligation to a Lien securing another obligation of EPL or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, for itself and on behalf of the other Second Lien Secured Parties, EXXI hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens on any Collateral and (hii) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party EXXI shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority LiensLiens on any Collateral, and in any case, subject to the Priority Lien Cap as provided herein.
(c) It is acknowledged that, subject to the Priority Lien Cap (as provided herein), (i) the First aggregate amount of the Priority Lien shall Obligations may be and remain senior in right, priority, operation, effect and all other respects increased from time to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect time pursuant to any other Lien securing any other obligation the terms of the CompanyPriority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, all without affecting the subordination of the Second Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties and EXXI. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any other Personpart thereof) or the Second Lien Obligations (or any part thereof) by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) the date, manner time, method, manner, or order of grant, attachment attachment, or perfection of any Liens securing the Second Priority Lien Obligations granted with respect to the Collateral or of any Liens securing the First Priority Lien, (b) Lien Obligations granted with respect to the Collateral and notwithstanding any contrary provision of the UCC or any other applicable law or the provisions of any Security Document First Lien Documents or the Second Lien Documents, or any other Loan Documentcircumstance whatsoever, (c) any defect in, or non-perfection, setting aside, or avoidance of a Second Lien or a Agent and the First Lien Loan Document or a Second Agent hereby agree that:
(a) Any Lien Loan Document, (d) with respect to the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of Collateral securing any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligation, the Second Lien Administrative Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, (g) any First Priority Lien now or hereafter held by or on behalf of, or created for the benefit of of, First Lien Agent, the First Lien Lender or any First Lien Secured Party Claimholders, or any agent for any of them, shall be senior in right, priority, operation, effect and ll other respects to any and all Second Priority Lien , (h) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens, and (i) the First Priority Lien shall be and remain senior in right, priority, operation, effect and all other respects to any Lien with respect to the Collateral securing any Second Priority Lien Obligations; and
(b) Any Lien with respect to the Collateral securing any Second Lien Obligations now or hereafter held by or on behalf of, or created for the benefit of, Second Lien Agent, Second Lien Lender, any Second Lien Claimholders or any agent for any of them, shall be junior and subordinate in right, priority, perfection, operation, effect and all other respects to all Liens with respect to the Collateral securing any First Lien Obligations. All Liens with respect to the Collateral securing any First Lien Obligations shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Obligations for all purposes, whether or not such Liens securing any First Priority Liens Lien Obligations are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other Person.
Appears in 1 contract
Samples: Intercreditor Agreement (Starboard Resources, Inc.)
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents, manner the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral.
(b) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document, a Second Lien Document or a Second Third Lien Loan Document, (dv) the modification of a First Priority Lien Loan Document or a Second Lien Loan DocumentObligation, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such a Third Lien Obligation, and (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of the Company or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, or the subordination of a Lien on Collateral securing a Second Lien Obligation to a Lien securing another obligation of the Company or other Person (other than a Priority Lien Obligation) that is permitted under the Second Lien Administrative Documents as in effect on the date hereof, each of the Second Lien Collateral Agent, for itself and on behalf of itself and the other Second Lien Secured Parties, and the Third Lien Collateral Agent, on behalf of itself and the other Third Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to (A) any and all Second Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (B) any and all Third Liens on any Collateral, (hii) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all First Priority LiensLiens on any Collateral and (B) any and all Second Liens on any Collateral.
(c) It is acknowledged that, and subject to the Priority Lien Cap (as provided herein), (i) the First aggregate amount of the Priority Lien shall Obligations may be and remain senior in right, priority, operation, effect and all other respects increased from time to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect time pursuant to any other Lien securing any other obligation the terms of the CompanyPriority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The Lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any other Personpart thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents and the grant of the Second Liens pursuant to the Second Lien Documents create two separate and distinct Liens on the Collateral.
(b) Notwithstanding anything contained in this Agreement, manner the Priority Lien Documents, the Second Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document or a Second Lien Loan Document, (dv) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Priority Lien Obligation or a Second Lien Obligation, or (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of the Borrower or holder of such Obligationother Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, the Second Lien Administrative Collateral Agent, for itself and Active.18117613.5 on behalf of itself and the other Second Lien Secured Parties, Parties hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gA) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien Liens on any Collateral, and (hB) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority LiensLiens on any Collateral.
(c) It is acknowledged that, and subject to the Priority Lien Cap as provided herein (i) the First aggregate amount of the Priority Lien shall Obligations may be and remain senior in right, priority, operation, effect and all other respects increased from time to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect time pursuant to any other Lien securing any other obligation the terms of the CompanyPriority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties and the Second Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any other Personpart thereof) or the Second Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents, manner the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral.
(b) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document, a Second Lien Document or a Second Third Lien Loan Document, (dv) the modification of a First Priority Lien Loan Document or a Second Lien Loan DocumentObligation, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such a Third Lien Obligation, or (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of XxxxXxxxx or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, each of the Second Lien Administrative AgentCollateral Trustee, for itself and on behalf of itself and the other Second Lien Secured Parties, and the Third Lien Collateral Trustee, on behalf of itself and the other Third Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to (A) any and all Second Priority Lien Liens on any Collateral and (B) any and all Third Liens on any Collateral, (hii) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all First Priority LiensLiens on any Collateral and (B) any and all Second Liens on any Collateral.
(c) It is acknowledged that, and subject to the Priority Lien Cap (as provided herein), (i) the First aggregate amount of the Priority Lien shall Obligations may be and remain senior in right, priority, operation, effect and all other respects increased from time to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect time pursuant to any other Lien securing any other obligation the terms of the CompanyPriority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any other Personpart thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) the date, manner or order of grant, attachment or perfection of any Second First Priority Lien or any First Super Priority Lien, (b) and notwithstanding any provision of the UCC or any other applicable law or the provisions of any Security Document or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a the First Lien Obligation or a Second Lien Obligation or holder of such Obligation, the Second Lien Administrative AgentRepresentative, for itself and on behalf of the other Second First Lien Secured Parties, and the Super Senior Representative, for itself and on behalf of the other Super Senior Secured Parties, hereby agrees that, that so long as the Discharge of First Lien Super Senior Secured Obligations has not occurred, (ga) any Super Priority Lien now or hereafter held by or for the benefit of any Super Senior Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all First Priority Liens, and the Super Priority Liens shall be and remain senior in right, priority, operation, effect and all other respects to any First Priority Liens for all purposes, whether or not any Super Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Borrower, any other Grantor or any other Person and (b) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll other respects to any and all Second Priority Lien , (h) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all Super Priority Liens;provided that, so long as the Discharge of First Priority LiensLien Secured Obligations has not occurred, and (i) any Lien on the First Priority Lien Collateral securing any Excess Super Senior Obligations now or hereafter held by or on behalf of any Super Senior Secured Party shall be junior and remain senior subordinate in right, priority, operation, effect and all other respects to any Second Priority and all Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien on the Collateral securing any other obligation of the CompanyFirst Lien Secured Obligations and provided, further, that, notwithstanding anything to the contrary herein, any other Grantor or any other PersonLien on the Vector Subordinated Note Collateral for the benefit of the First Lien Revolving Lenders and Issuing Bank shall not be subject to the subordination provisions of this Agreement.
Appears in 1 contract
Samples: Super Senior Intercreditor Agreement (Fusion Connect, Inc.)
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents, manner the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral.
(b) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document, a Second Lien Document or a Second Third Lien Loan Document, (dv) the modification of a First Priority Lien Loan Document or a Second Lien Loan DocumentObligation, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such a Third Lien Obligation, or (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of Chesapeake or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, each of the Second Lien Administrative AgentCollateral Trustee, for itself and on behalf of itself and the other Second Lien Secured Parties, and the Third Lien Collateral Trustee, on behalf of itself and the other Third Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, agree that (gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to (A) any and all Second Priority Lien Liens on any Collateral and (B) any and all Third Liens on any Collateral, (hii) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral and (B) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all First Priority Liens, Liens on any Collateral and (B) any and all Second Liens on any Collateral.
(c) It is acknowledged that (i) the First aggregate amount of the Priority Lien shall Obligations may be and remain senior in right, priority, operation, effect and all other respects increased from time to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect time pursuant to any other Lien securing any other obligation the terms of the CompanyPriority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of Indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. It is acknowledged that (i) the aggregate amount of the Second Lien Obligations may be increased from time to time pursuant to the terms of the Second Lien Documents (to the extent not constrained by the Priority Credit Agreement or any other Personrelevant agreement), (ii) a portion of the Second Lien Obligations may consist of Indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Second Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Second Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. It is acknowledged that (i) the aggregate amount of the Third Lien Obligations may be increased from time to time pursuant to the terms of the Third Lien Documents (to the extent not constrained by the Priority Credit Agreement or any other relevant agreement), (ii) a portion of the Third Lien Obligations may consist of Indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Third Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Third Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any part thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
Appears in 1 contract
Relative Priorities. Notwithstanding (a) Notwithstanding the time, date, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority LienLien (or any actual or alleged defect in any of the foregoing), how any Second Priority Lien or First Priority Lien was acquired (b) whether by xxxxx, possession, statute, operation of law, subrogation or otherwise), and notwithstanding any provision of the UCC as in effect in any US Jurisdiction, or any other applicable law or the provisions of any Security Document or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Credit Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligation, the Second Lien Administrative Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, (gi) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens and (hii) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens. So long as the Discharge of First Lien Obligations has not occurred, and (i) the First Priority Lien Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the CompanyHoldings, any other Grantor or any other Person.
(b) Calculations by any Collateral Agent, any Representative, and any other Secured Parties under this Agreement of amounts of Obligations outstanding shall be made using the Dollar Equivalent of all such amounts.
(c) Each First Lien Collateral Agent (including each additional First Lien Collateral Agent representing Additional First Lien Secured Parties), for and on behalf of itself and the First Lien Secured Parties it represents, acknowledges and agrees that (i) each Second Lien Collateral Agent, for the benefit of itself and the Second Lien Secured Parties it represents, has been granted Second Priority Liens upon the Shared Collateral, and each First Lien Collateral Agent hereby consents thereto to the extent such Second Priority Liens are subject to the Lien Priorities set forth herein, (ii) one or more Second Lien Collateral Agents, each on behalf of itself and any Additional Second Lien Secured Parties represented thereby, may be granted Second Priority Liens upon the Shared Collateral, and each First Lien Collateral Agent hereby consents thereto to the extent such Second Priority Liens are subject to the Lien Priorities set forth herein and (iii) subject to the First Lien Intercreditor Agreement, one or more other First Lien Collateral Agents, on behalf of itself and any Additional First Lien Secured Parties or other First Lien Secured Parties it represents, may be granted First Priority Liens upon the First Priority Collateral in which such First Lien Collateral Agent has or is being granted First Priority Liens, and such First Lien Collateral Agent hereby consents thereto, to the extent such First Priority Liens are subject to the First Lien Intercreditor Agreement.
(d) Each Second Lien Collateral Agent, for and on behalf of itself and the Second Lien Secured Parties it represents, acknowledges and agrees that (i) each First Lien Collateral Agent, for the benefit of itself and the First Lien Secured Parties it represents, has been granted (or may be granted in the case of any additional First Lien Collateral Agent representing any Additional First Lien Secured Parties or other First Lien Secured Parties) First Priority Liens upon all of the Collateral in which any Second Lien Collateral Agent has been granted (or may be granted) Second Priority Liens, and each Second Lien Collateral Agent hereby consents thereto, (ii) one or more additional Second Lien Collateral Agents, each on behalf of itself and any Additional Second Lien Secured Parties or other Second Lien Secured Parties represented thereby, may be granted Second Priority Liens upon all of the Collateral in which such Second Lien Collateral Agent has been granted Second Priority Liens, and each Second Lien Collateral Agent hereby consents thereto and (iii) one or more other Second Lien Collateral Agents, on behalf of itself and any Additional Second Lien Secured Parties or other Second Lien Secured Parties it represents, may be granted Second Priority Liens upon the Second Priority Collateral in which such Second Lien Collateral Agent has or is being granted Second Priority Liens, and such Second Lien Collateral Agent hereby consents thereto.
Appears in 1 contract
Samples: Senior Secured Notes Indenture (Reynolds Group Holdings LTD)
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents and the grant of the 1.5 Liens pursuant to the 1.5 Lien Documents create two separate and distinct Liens on the Collateral.
(b) Notwithstanding anything contained in this Agreement, manner the Priority Lien Documents, the 1.5 Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document or a Second 1.5 Lien Loan Document, (dv) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Priority Lien Obligation or a Second 1.5 Lien Obligation, or (vi) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of W&T or holder of such Obligationother Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, the Second 1.5 Lien Administrative Agent, for itself and on behalf of itself and the other Second 1.5 Lien Secured Parties, Parties hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , 1.5 Liens on any Collateral and (hii) any Second Priority 1.5 Lien on any Collateral now or hereafter held by or for the benefit of any Second 1.5 Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority LiensLiens on any Collateral.
(c) It is hereby acknowledged and agreed that, and subject to the Priority Lien Cap (as provided herein), (i) the First aggregate amount of the Priority Lien shall Obligations may be and remain senior in right, priority, operation, effect and all other respects increased from time to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect time pursuant to any other Lien securing any other obligation the terms of the CompanyPriority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or any other Person.from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the 1.5 Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties and the 1.5
Appears in 1 contract
Relative Priorities. Notwithstanding (a) Notwithstanding the date, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority Lien, (b) and notwithstanding any provision of the UCC or any other applicable law or the provisions of any Security Document or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligation, the Second Lien Administrative Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, (gi) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens and (hii) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens.
(b) Notwithstanding the foregoing clause (a) or anything else in this Agreement to the contrary, and (i) to the extent that the First Priority Lien Secured Parties make any extensions of credit to the Borrower pursuant to the First Lien Loan Documents that at the time of such extensions of credit constitute any Excess First Lien Loan Amount, then the amount of such Excess First Lien Loan Amount shall not be considered First Lien Obligations for the purposes of the Lien priorities set forth in clause (a) above. To the extent provided under the applicable Documents, all such extensions of credit shall continue to be secured by the Collateral; provided, that the Liens upon any of the Collateral securing the Excess First Lien Loan Amount shall be junior and remain senior in right, priority, operation, effect and all other respects subordinate to any the Liens securing the Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Company, any other Grantor or any other PersonObligations.
Appears in 1 contract
Samples: Intercreditor Agreement (Pacific Energy Resources LTD)
Relative Priorities. Notwithstanding (a) the date, time, method, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority Lien, (b) any provision of the UCC or any other applicable law or the provisions of any Security Document or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Note Document, (d) subject to Section 7.01, the modification of a First Lien Loan Document or a Second Lien Loan Note Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or (g) any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Secured Obligation or a Second Lien Secured Obligation or holder of such Obligationobligation, the Second Lien Administrative Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Non-Excluded Obligations has not occurred, :
(gi) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens,
(hii) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens, and and
(iiii) the First Priority Lien Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the CompanyBorrower, any other Grantor or any other Person; provided that the First Lien Administrative Agent, on behalf of itself and the other First Lien Secured Parties, hereby acknowledges and agrees that any Liens securing the Excess First Lien Obligations and Defaulting First Lien Secured Party Obligations are hereby junior and subordinate in right, priority, operation, effect and all other respects to any and all Second Priority Liens on any Collateral granted to secure the Second Lien Obligations.
Appears in 1 contract
Samples: Intercreditor Agreement (Silverbow Resources, Inc.)
Relative Priorities. Notwithstanding (a) Notwithstanding the time, date, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority LienLien (or any actual or alleged defect in any of the foregoing), how any Second Priority Lien or First Priority Lien was acquired (b) whether by grant, possession, statute, operation of law, subrogation or otherwise), and notwithstanding any provision of the UCC as in effect in any US Jurisdiction, or any other applicable law or the provisions of any Security Document or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Credit Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligation, the Second Lien Administrative Collateral Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, (gi) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens and (hii) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens. So long as the Discharge of First Lien Obligations has not occurred, and (i) the First Priority Lien Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the CompanyHoldings, any other Grantor or any other Person.
Appears in 1 contract
Samples: Indenture (Pactiv Evergreen Inc.)
Relative Priorities. Notwithstanding (a) The grant of the datePriority Liens pursuant to the Priority Lien Documents, manner the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral.
(b) Notwithstanding anything contained in this Agreement, the Priority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of any Second Priority Lien or any First Priority a Lien, (biii) any conflicting provision of the New York UCC or any other applicable law or the provisions of any Security Document or any other Loan Documentlaw, (civ) any defect in, or non-perfection, setting aside, or avoidance of of, a Lien or a First Priority Lien Loan Document, a Second Lien Document or a Second Third Lien Loan Document, (dv) the modification of a First Priority Lien Loan Document or a Second Lien Loan DocumentObligation, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder a Third Lien Obligation, or (vi) the subordination of such Obligationa Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of SM Energy or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP Financing, each of the Priority Lien Agent, on behalf of itself and the other Priority Lien Secured Parties, the Second Lien Administrative AgentCollateral Trustee, for itself and on behalf of itself and the other Second Lien Secured Parties, and the Third Lien Collateral Trustee, on behalf of itself and the other Third Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, that (gi) any First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Lien Secured Party (subject to the Priority Lien Cap) shall be senior in right, priority, operation, effect and ll all other respects to (A) any and all Second Priority Lien Liens on any Collateral and (B) any and all Third Liens on any Collateral, (hii) any Second Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or for the benefit of any Third Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (A) any and all First Priority LiensLiens on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (B) any and all Second Liens on any Collateral.
(c) It is acknowledged that, subject to the Priority Lien Cap as provided herein, (i) the First aggregate amount of the Priority Lien shall Obligations may be and remain senior in right, priority, operation, effect and all other respects increased from time to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect time pursuant to any other Lien securing any other obligation the terms of the CompanyPriority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any other Grantor time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any other Personpart thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.
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Relative Priorities. Notwithstanding (a) the date, manner or order of grant, attachment or perfection of any Second Priority Lien or any First Priority Lien, (b) any provision of the UCC or any other applicable law or the provisions of any Security Document Instrument or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Loan Document or a Second Lien Loan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstace circumstance whatsoever, including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Obligation or a Second Lien Obligation or holder of such Obligationobligation, the Second Lien Administrative Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Obligations has not occurred, :
(gi) any First Priority Lien now or hereafter held by or for the benefit of any First Lien Secured Party shall be senior in right, priority, operation, effect and ll all other respects to any and all Second Priority Lien , Liens,
(hii) any Second Priority Lien now or hereafter held by or for the benefit of any Second Lien Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens, and and
(iiii) the First Priority Lien Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Second Priority Liens for all purposes, whether or not any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the CompanyBorrower, any other Grantor or any other Person.
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