Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Documents or any defect or deficiencies in the Liens securing the First Lien Debt, or any other circumstance whatsoever, First Lien Creditor and Second Lien Creditors hereby agree that: (i) any Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt; (ii) any Lien with respect to the Collateral securing any Second Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt; (iii) any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and (iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing (A) any First Lien Priority Debt, (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt. (b) All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2)
Appears in 2 contracts
Samples: Intercreditor Agreement (Boxlight Corp), Intercreditor Agreement (Boxlight Corp)
Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Documents or any defect or deficiencies in the Liens securing the First Lien Debt, or any other circumstance whatsoever, First Lien Creditor and Second Lien Creditors Creditor hereby agree that:
(i) any Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) any Lien with respect to the Collateral securing any Second Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
(iii) any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing (A) any First Lien Priority Debt, (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt.
(b) All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2)
Appears in 2 contracts
Samples: Intercreditor Agreement (Boxlight Corp), Intercreditor Agreement (Boxlight Corp)
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any 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 Collateral Trustee, 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 (i) any Priority Debt, whether such Lien is on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party (subject to the Priority Lien Cap) shall be senior in right, priority, operation, effect and 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 Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect on any Collateral, in any case, subject to the Collateral securing any First Priority Lien Priority Debt Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Priority Debt, Cap as provided herein and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect It is acknowledged that, subject to the Collateral securing any First Priority Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to Cap as provided herein, (i) the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to Replacement of either the Collateral securing any Excess First Priority Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated 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 Section 6.2)respect of any Collateral.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any 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 or adequate protection Liens, each of the Second Lien Collateral Trustee, 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 agree that (i) any Priority Debt, whether such Lien is on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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 Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect to the on any Collateral securing any First Lien Priority Debt and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First Lien and all Priority Debt, Liens on any Collateral and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect to It is acknowledged that (i) the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of Indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordinationthe 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, only 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 the extent that such subordination is permitted time pursuant to the terms of the First Second Lien Account Documents (to the extent not constrained by the Priority Credit Agreement and or any other relevant agreement), (ii) a portion of the Second Lien Credit AgreementsObligations may consist of Indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or as contemplated in Section 6.2). All Liens with respect from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposesDocuments may be replaced, whether restated, supplemented, restructured or not such Liens securing any Excess First otherwise amended or modified from time to time and (B) the Second Lien Debt are avoidedObligations may be increased, invalidatedextended, unenforceable renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or subordinated otherwise amended or modified from time to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordinationthe 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, only 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 the extent that such subordination is permitted time pursuant to the terms of the First Third Lien Account 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.
(d) Priority Lien Obligations consisting of the Credit AgreementsAgreement Obligations shall be permitted to have Foreclosure Proceeds with priority status pursuant to the Credit Agreement Documents or otherwise in relation to FLLO Debt, including the New Debt Obligations, but no FLLO Debt shall be permitted to have Foreclosure Proceeds with priority status pursuant to the Additional Priority Lien Documents or as contemplated otherwise in Section 6.2)relation to other FLLO Debt.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any a Priority Lien Obligation to a Lien securing another obligation of the Borrower 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 Collateral Trustee, 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 (i) any Priority Debt, whether such Lien is on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and all other respects to (x) any and all Second Liens on any Collateral and (y) any and all Third Liens on any Collateral, (ii) any Second Lien Creditor or on any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
(iii) any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Second Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (Ax) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect on any Collateral, in any case, subject to the Priority Lien Cap as provided herein and (y) senior in right, priority, operation, effect and all other respects to any and all Third Liens on any Collateral securing and (1iii) any First Third Lien Priority Debt or (2) on any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, of any Second Third Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to (x) any and all Priority Liens with respect on any Collateral, in any case, subject to the Collateral securing Priority Lien Cap as provided herein and (Ay) any First Lien Priority Debt, (B) and all Second Liens on any Second Lien Priority Debt, or (C) any Excess First Lien DebtCollateral.
(bc) All Liens with respect It is acknowledged that, subject to the Collateral securing any First Priority Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to Cap (as provided herein), (i) the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (1) the Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (2) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (1) and (2) all without affecting the subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to Replacement of either the Collateral securing any Excess First Priority Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated 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 Section 6.2)respect of any Collateral.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or -11- secures Debt relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Documents or any defect or deficiencies in in, or failure to attach or perfect, the Liens securing the First Lien Debt, or any other circumstance whatsoever, First Lien Creditor Agent and Second Lien Creditors Agent hereby agree that:
(i) any Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor Agent or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) any Lien with respect to the Collateral securing any Second Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor Agent, any Permitted Additional Second Lien Obligations Representative, or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;; and
(iii) any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor Agent or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing (A) any First Lien Priority Debt, Debt or (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt.; and
(b) All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor any Grantor or any other person (but, in the case of subordination, but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Credit Agreement and the Second Lien Credit AgreementsDocuments, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2).
Appears in 1 contract
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any 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 Collateral Trustee, on behalf of itself and the other Second Lien Secured Parties hereby agrees that (i) any Priority Debt, whether such Lien is on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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 Creditor 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 Priority Liens 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 Second Lien Claimholder agreement or instrument or operation of law to the contrary, or any agent or trustee therefor, regardless other circumstance whatsoever and irrespective of (i) how or when acquired, 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 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 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 with respect to the on any Collateral securing any First Lien Priority Debt and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First Lien and all Priority Debt, Liens on any Collateral and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien DebtIt is acknowledged that, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, subject in the case of subordination, only any Second Lien Obligations (but not in the case of any Third Lien Obligations) to the extent that such subordination is permitted Priority Lien Cap (as provided herein), (i) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to Replacement of either the Collateral securing any Excess First Priority Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated 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 Section 6.2)respect of any Collateral.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any a Priority Lien Obligation or a Second Lien Obligation to a Lien securing another obligation of DynCorp or other Person that is permitted under the Priority DebtLien Documents or the Second Lien Documents or securing a DIP Financing, whether such each of the Second Lien is Collateral Trustee, 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 (i) any Priority Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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 Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect to the on any Collateral securing any First Lien Priority Debt and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First Lien and all Priority Debt, Liens on any Collateral and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect to It is acknowledged that (i) the Collateral securing any First aggregate amount of the Priority Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Obligations or Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated Obligations may be increased from time to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents and the Second Lien Credit AgreementsDocuments, (ii) a portion of the Priority Lien Obligations consists or as contemplated may consist of indebtedness that is revolving in Section 6.2). All Liens 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) in accordance with respect to this Agreement (A) the Collateral securing any Priority Lien Documents or the Second Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to Lien Obligations or the Collateral securing any Excess First Lien Debt or any Excess Second Lien DebtObligations may be increased, in each caseextended, for all purposesrenewed, whether replaced, restated, supplemented, restructured, repaid, refunded, refinanced or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable otherwise amended or subordinated modified from time to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to Replacement of either the Collateral securing any Excess First Priority Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated of any guarantees for any Priority Lien Obligations or any Second Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in Section 6.2)respect of any Collateral.
Appears in 1 contract
Samples: Intercreditor Agreement (Delta Tucker Holdings, Inc.)
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any 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 Collateral Trustee, on behalf of itself and the other Second Lien Secured Parties hereby agrees that (i) any Priority Debt, whether such Lien is on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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 Creditor 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 Priority Liens 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 Second Lien Claimholder agreement or instrument or operation of law to the contrary, or any agent or trustee therefor, regardless other circumstance whatsoever and irrespective of (i) how or when acquired, 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 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 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 with respect to the on any Collateral securing any First Lien Priority Debt and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First Lien and all Priority Debt, Liens on any Collateral and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien DebtIt is acknowledged that, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, subject in the case of subordination, only any Second Lien Obligations (but not in the case of any Third Lien Obligations) to the extent that such subordination is permitted Priority Lien Cap (as provided herein), (i) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to Replacement of either the Collateral securing any Excess First Priority Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated 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 Section 6.2)respect of any Collateral.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Documents or any defect or deficiencies in in, or failure to attach or perfect, the Liens securing the First Lien Debt, or any other circumstance whatsoever, First Lien Creditor Agent and Second Lien Creditors Agent hereby agree that, subject to the Financing Order:
(i) any Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor Agent or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt Debt, other than the Second Lien DIP Priority Account Collateral, or (B) any Excess First Lien Debt;
(ii) any Lien with respect to the Collateral securing any Second Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, Second Lien Agent, any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be, (A) other than with respect to the Second Lien DIP Priority Account Collateral, junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing any Excess First Lien Debt;
(iii) any Lien with respect to the Second Lien DIP Priority Account Collateral securing any Second Lien Creditor Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, Second Lien Agent or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect to the Second Lien DIP Priority Account Collateral securing (A) any First Lien Debt, or (B) any Excess First Lien Debt;
(iv) any Lien with respect to the Second Lien DIP Priority Account Collateral securing any First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Agent, any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Second Lien DIP Priority Account Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;; and
(iiiv) any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor Agent or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing (A) any First Lien Priority Debt, Debt or (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt.
(b) All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First (other than the Second Lien DebtDIP Priority Account Collateral), in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor any Grantor or any other person (but, in the case of subordination, but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account DIP Credit Agreement and the Second Lien Credit AgreementsDocuments, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2).
Appears in 1 contract
Samples: Intercreditor Agreement
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the time, manner, 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 with respect to 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 any a Priority Lien Obligation to a Lien securing another obligation of Midstates 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 Midstates or other Person (other than a Priority DebtLien Obligation) that is permitted under the Second Lien Documents as in effect on the date hereof, whether such each of the Second Lien is Collateral Agent, 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 (i) any Priority Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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 Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect on any Collateral, in any case, subject to the Collateral securing any First Priority Lien Priority Debt Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Priority Debt, Cap as provided herein and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect It is acknowledged that, subject to the Collateral securing any First Priority Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to Cap (as provided herein), (i) the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordinationthe foregoing (A) and (B), only to all without affecting the extent that such subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to the Collateral securing Replacement of any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Priority Lien Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or other Secured Party may take or fail to take in Section 6.2)respect of any Collateral.
Appears in 1 contract
Samples: Intercreditor Agreement (Midstates Petroleum Company, Inc.)
Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Term Loan Debt or of any Liens in the Collateral securing the First Lien ABL Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Term Loan Documents or any defect or deficiencies in in, or failure to attach or perfect, the Liens securing the First Lien ABL Debt, or any other circumstance whatsoever, First Lien Creditor ABL Agent and Second Lien Creditors Term Loan Agent hereby agree that:
(i) any Lien with respect to the ABL Priority Collateral securing any First Lien Priority ABL Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder of the ABL Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect to the ABL Priority Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Term Loan Debt;
(ii) any Lien with respect to the ABL Priority Collateral securing any Second Lien Priority Term Loan Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder of the Term Loan Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, subrogation or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the ABL Priority Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien ABL Debt;
(iii) any Lien with respect to the Term Loan Priority Collateral securing any Excess First Lien Debt, whether such Lien is Term Loan Debt now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder of the Term Loan Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, subrogation or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Term Loan Priority Collateral securing any Excess Second Lien ABL Debt; and
(iv) any Lien with respect to the Term Loan Priority Collateral securing any Excess Second Lien Debt, whether such Lien is ABL Debt now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder of the ABL Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Term Loan Priority Collateral securing (A) any First Lien Priority Debt, (B) any Second Lien Priority Debt, or (C) any Excess First Lien Term Loan Debt.
(b) All Liens with respect to the ABL Priority Collateral securing any First Lien Priority ABL Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Term Loan Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority ABL Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor any Grantor or any other person (but, in the case of subordination, but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account ABL Credit Agreement and the Second Lien Credit AgreementsTerm Loan Debt Agreement, or as contemplated in Section 6.2). All Liens with respect to the Term Loan Priority Collateral securing any Second Lien Priority Term Loan Debt shall be and remain senior in all respects and prior to all Liens with respect to the Term Loan Priority Collateral securing any Excess First Lien Debt or any Excess Second Lien ABL Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Term Loan Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor any Grantor or any other person (but, in the case of subordination, but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account ABL Credit Agreement and the Second Lien Credit AgreementsTerm Loan Debt Agreement, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2).
Appears in 1 contract
Samples: Intercreditor Agreement (Unifi Inc)
Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in securing (or purportedly securing) the Revolving Obligations with respect to the Collateral securing the Second Lien Debt or of any Liens in securing (or purportedly securing) the Notes Obligations with respect to the Collateral securing the First Lien Debt (including, in each case, notwithstanding irrespective of whether any such Lien is granted (or secures Debt Obligations relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Revolving Loan Documents or the Notes Documents, as applicable, or any defect or deficiencies in in, or failure to attach or perfect, the Liens securing (or purportedly securing) any of the First Lien DebtObligations, or any other circumstance whatsoever, First Lien Creditor the Notes Collateral Agent and Second Lien Creditors the Revolving Collateral AgentLender hereby agree that:
(ia) any Lien with respect to the Revolving Priority Collateral securing any First Lien Priority Debt, whether such Lien is Revolving Obligations now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor the Revolving Collateral AgentLender or any other First Lien Claimholder Revolving Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, subrogation or otherwise, shall be senior in all respects and prior to any Lien with respect to the Revolving Priority Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien DebtNotes Obligations;
(iib) any Lien with respect to the Notes Priority Collateral securing any Second Lien Priority Debt, whether such Lien is Notes Obligations now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor the Notes Collateral Agent or any other Second Notes Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by xxxxx, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien Claimholder with respect to the Notes Priority Collateral securing any Revolving Obligations;
(c) any Lien with respect to the Revolving Priority Collateral securing any Notes Obligations now or hereafter held by or on behalf of, or created for the benefit of, the Notes Collateral Agent, any Notes Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, subrogation or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Revolving Priority Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;Revolving Obligations; and
(iiid) any Lien with respect to the Notes Priority Collateral securing any Excess First Lien Debt, whether such Lien is Revolving Obligations now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or the Revolving Collateral AgentLender, any other First Lien Claimholder Revolving Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Notes Priority Collateral securing (A) any First Lien Priority Debt, (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt.
(b) All Notes Obligations. The subordination of Liens provided for in this Agreement shall continue to be effective with respect to any part of the Collateral securing from and after the date hereof whether such Liens are avoided, declared, or ruled to be, invalid, unenforceable, void, equitably subordinated or not allowed by a court of competent jurisdiction, as a result of any First Lien Priority Debt shall be and remain senior in all respects and prior action taken by any Notes Claimholder or any Revolving Claimholder, as applicable, or any failure by such person to all Liens take any action, with respect to the Collateral securing any Second Lien Debt financing statement (including any amendment to or any Excess First Lien Debtcontinuation thereof), in each case, for all purposes, whether mortgage or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable other perfection document or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2)requirement.
Appears in 1 contract
Samples: Intercreditor Agreement (Salem Media Group, Inc. /De/)
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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, and (vi) the subordination of a Lien on Collateral securing any 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 DebtLien Obligation) that is permitted under the Second Lien Documents as in effect on the date hereof, whether such each of the Second Lien is Collateral Agent, 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 (i) any Priority Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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, (ii) any Second Lien Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect on any Collateral, in any case, subject to the Collateral securing any First Priority Lien Priority Debt Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First Lien and all Priority Debt, Liens on any Collateral and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect It is acknowledged that, subject to the Collateral securing any First Priority Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to Cap (as provided herein), (i) the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to Replacement of either the Collateral securing any Excess First Priority Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated 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 Section 6.2)respect of any Collateral.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any 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 DebtLien Obligation) that is permitted under the Second Lien Documents as in effect on the date hereof, whether such each of the Second Lien is Collateral Agent, 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 (i) any Priority Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and all other respects to (A) any and all Second Liens on any Collateral, subject to Section 6.01, and (B) any and all Third Liens on any Collateral, subject to Section 6.01, (ii) any Second Lien Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect on any Collateral, subject to the Collateral securing any First Lien Priority Debt Section 6.01 and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect and all Third Liens on any Collateral, subject to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
Section 6.01 and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First Lien and all Priority DebtLiens on any Collateral, subject to Section 6.01, and (B) any and all Second Lien Priority DebtLiens on any Collateral, or (C) any Excess First Lien Debtsubject to Section 6.01.
(bc) All Liens with respect It is acknowledged that, subject to Section 6.01, (i) the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, Refinanced or otherwise amended, restated or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordinationthe 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, only 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 Refinancing of any of 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.
(d) It is acknowledged that, subject to Section 6.01, (i) the extent that such subordination is permitted aggregate amount of the Second Lien Obligations may be increased from time to time pursuant to the terms of the First Second Lien Account Agreement and Documents, (ii) a portion of the Second Lien Credit AgreementsObligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or as contemplated in Section 6.2). All Liens with respect from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposesDocuments may be replaced, whether restated, supplemented, restructured or not such Liens securing any Excess First otherwise amended or modified from time to time and (B) the Second Lien Debt are avoidedObligations may be increased, invalidatedextended, unenforceable renewed, Refinanced or subordinated otherwise amended, restated or modified from time to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Lien Account Third Liens hereunder or the provisions of this Agreement and defining the relative rights of the Second Lien Credit AgreementsSecured 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 as contemplated Refinancing of any of 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 Second Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in Section 6.2)respect of any Collateral.
Appears in 1 contract
Samples: Credit Agreement (Centennial Resource Development, Inc.)
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any a Priority Lien Obligation to a Lien securing another obligation of Gulfport 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 Gulfport or any other Person (other than a Priority DebtLien Obligation) that is permitted under the Second Lien Documents as in effect on the date hereof, whether such each of the Second Lien is Collateral Trustee, 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 (i) any Priority Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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 Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect on any Collateral, in any case, subject to the Collateral securing any First Priority Lien Priority Debt Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First and all Priority Liens on any Collateral, in any case, subject to the Priority Lien Priority Debt, Cap as provided herein and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect It is acknowledged that, subject to the Collateral securing any First Priority Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to Cap as provided herein, (i) the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, amended, restated, amended and restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be increased, extended, renewed, replaced, amended, restated, amended and remain senior in all respects and prior restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to the Collateral securing Replacement of any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Priority Lien Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated 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 Section 6.2)respect of any Collateral.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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, and (vi) the subordination of a Lien on Collateral securing any 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 DebtLien Obligation) that is permitted under the Second Lien Documents as in effect on the date hereof, whether such each of the Second Lien is Collateral Trustee, 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 (i) any Priority Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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, (ii) any Second Lien Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect on any Collateral, in any case, subject to the Collateral securing any First Priority Lien Priority Debt Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First Lien and all Priority Debt, Liens on any Collateral and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect It is acknowledged that (x) subject to the Collateral securing any First Priority Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to Cap (as provided herein), (i) the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordinationthe foregoing clauses (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, only the Second Lien Secured Parties and the Third Lien Secured Parties and (y)
(i) the aggregate amount of the Second Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Second Lien Account Agreement Documents, and (ii) (A) the Second Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposesObligations may be increased, whether extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable otherwise amended or subordinated modified from time to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing clauses (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated 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 Section 6.2)respect of any Collateral.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding The grant of the datePriority Liens pursuant to the Priority Lien Documents, time, method, manner, or order the grant of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating pursuant to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or 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 defect other agreement or deficiencies in instrument or operation of law to the Liens securing the First Lien Debtcontrary, or any other circumstance whatsoever, First Lien Creditor whatsoever and Second Lien Creditors hereby agree that:
irrespective of (i) any how a Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) the 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 with respect to 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 any 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 Collateral Trustee, 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 (i) any Priority Debt, whether such Lien is on any Collateral now or hereafter held by or on behalf of, or created for the benefit ofof any Priority Lien Secured Party shall be senior in right, priority, operation, effect and 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 Creditor on any Collateral now or hereafter held by or for the benefit of any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens with respect on any Collateral, in any case, subject to the Collateral securing any First Priority Lien Priority Debt Cap as provided herein and (B) senior in right, priority, operation, effect and all other respects and prior to any Lien with respect to the and all Third Liens on any Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
and (iii) any Third Lien with respect to the on any Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First of any Third Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to all Liens with respect to the Collateral securing (A) any First Lien and all Priority Debt, Liens on any Collateral and (B) any and all Second Lien Priority Debt, or (C) Liens on any Excess First Lien DebtCollateral.
(bc) All Liens with respect It is acknowledged that, subject to the Collateral securing any First Priority Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to Cap (as provided herein), (i) the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation aggregate amount of the Debtor or any other person (but, in the case of subordination, only Priority Lien Obligations may be increased from time to the extent that such subordination is permitted time pursuant to the terms of the First Priority Lien Account Agreement Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the Second 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 Priority Lien Credit AgreementsDocuments may be replaced, restated, supplemented, restructured or as contemplated in Section 6.2). All Liens with respect otherwise amended or modified from time to time and (B) the Collateral securing any Second Priority Lien Priority Debt shall Obligations may be and remain senior in all respects and prior increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (buttime, in the case of subordination, only to the extent that such foregoing (A) and (B) all without affecting the subordination is permitted pursuant to the terms of the First Second Liens or Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Account Agreement and Secured Parties, the Second Lien Credit AgreementsSecured 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 as contemplated in Section 6.2). All Liens with respect to Replacement of either the Collateral securing any Excess First Priority Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor Obligations (or any other person (butpart thereof), in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsObligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or as contemplated 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 Section 6.2)respect of any Collateral.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt or of any Liens in the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Documents or any defect or deficiencies in the Liens securing the First Lien Debt, or any other circumstance whatsoever, First Lien Creditor and Second Lien Creditors Creditor hereby agree that:
(i) any Lien with respect to the Collateral securing any First Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(ii) any Lien with respect to the Collateral securing any Second Lien Priority Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
(iii) any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing (A) any First Lien Priority Debt, (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt.
(b) All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsAgreement, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsAgreement, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit AgreementsAgreement, or as contemplated in Section 6.2)
Appears in 1 contract
Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Debt Term Loan Obligations granted with respect to all present and future Collateral or of any present or future Liens in securing the ABL Obligations granted with respect to the Collateral securing the First Lien Debt (including, in each case, notwithstanding whether any such Lien is granted (or secures Debt relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision contained in any UCC financing statement, of the UCC or any other applicable law or the Second Lien Documents Term Loan Documents, or (subject to the last paragraph of this Section 2.1) any defect or deficiencies in in, or avoidance of, the Liens securing the First Lien DebtABL Obligations or the Term Loan Obligations, or any other circumstance whatsoever, First Lien Creditor the Term Agent and Second Lien Creditors ABL Agent each hereby agree that:
(ia) subject to the last sentence of this Section 2.1 and to the provisions of Section 4.1, any Lien with respect to the Collateral securing any First Lien ABL Priority Debt, whether such Lien is Obligations now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor ABL Agent or any other First Lien Claimholder ABL Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, therefore shall be senior in all respects and prior to any Lien with respect to the Collateral securing (A) any Second Lien Debt or (B) any Excess First Lien DebtTerm Loan Obligations;
(iib) subject to the last sentence of this Section 2.1 and to the provisions of Section 4.1, any Lien with respect to the Collateral securing any Second Lien Priority Debt, whether such Lien is Term Loan Obligations now or hereafter held by or on behalf of, or created for the benefit of, Term Agent, any Second Lien Creditor or any other Second Lien Claimholder Term Loan Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, therefor shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien ABL Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien DebtObligations;
(iiic) subject to the last sentence of this Section 2.1, and to the provisions of Section 4.1, any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is Term Loan Priority Obligations now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or Term Agent, any other First Lien Claimholder Term Loan Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, therefor shall be (A) junior and subordinate senior in all respects to all Liens with respect to the Collateral securing any Excess ABL Obligations (1notwithstanding anything to the contrary contained in any UCC financing statement);
(d) any First Lien Priority Debt or (2) any Second Lien Priority Debt subject to the last sentence of this Section 2.1, and (B) be senior in all respects and prior to the provisions of Section 4.1, any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is ABL Obligations now or hereafter held by or on behalf of, or created for the benefit of, ABL Agent, any Second Lien Creditor or any other Second Lien Claimholder ABL Claimholders or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, therefor shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing any Term Loan Priority Obligations (A) notwithstanding anything to the contrary contained in any First Lien Priority Debt, (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt.UCC financing statement);
(be) All Liens subject to the last sentence of this Section 2.1, and to the provisions of Section 4.1, any Lien with respect to the Collateral securing any First Lien Priority Debt Excess ABL Obligations now or hereafter held by or on behalf of, or created for the benefit of, ABL Agent, any ABL Claimholders or any agent or trustee therefor shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien DebtTerm Loan Obligations;
(f) subject to the last sentence of this Section 2.1, in each caseand to the provisions of Section 4.1, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt Term Loan Obligations now or hereafter held by or on behalf of, or created for the benefit of, Term Agent, any Term Loan Claimholders or any agent or trustee therefor shall be junior and remain senior subordinate in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt ABL Obligations;
(g) the ABL Agent on behalf of itself and the ABL Claimholders hereby agree that provisions of UCC financing statements listing the ABL Agent as secured party that prohibit the Obligors from granting Liens to third parties shall not apply to any Term Loan Claimholders. The foregoing and any other provision to the contrary contained in this Agreement notwithstanding, (i) the subordination of Liens provided for all purposesin this Agreement shall cease to be effective with respect to any part of the Collateral from and after the date on which the Liens of ABL Agent and ABL Claimholders, whether or Term Agent or Term Loan Claimholders, as applicable, are declared, or ruled to be, invalid, defective, deficient, unenforceable, void or not such Liens securing any Excess First allowed or are equitably subordinated by a court of competent jurisdiction in a final, non-appealable order (“Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only Avoidance”) to the extent that as a result of (x) any action taken by ABL Agent, ABL Claimholders, Term Agent, or Term Loan Claimholders, as applicable, or (y) any failure by ABL Agent or Term Agent, as applicable, to take any action, in each of clauses (x) and (y) with respect to, as it relates to such subordination is permitted pursuant Person’s Liens on the Collateral, the failure to file or record any financing statement (including any amendment thereto or continuation thereof), mortgage or other perfection document (including any federal U.S. Copyright Office or U.S. Patent and Trademark Office intellectual property lien filing, any account control agreement, or any marking of a legend on any chattel paper), respectively, (a “Perfection Failure”) in which event Term Agent and Term Loan Claimholders, or ABL Agent and ABL Claimholders, respectively, not subject to a Perfection Failure shall be entitled to receive and retain, from and after such date, all proceeds with respect to such Collateral to the terms extent the Liens of Term Agent and Term Loan Claimholders, or of ABL Agent and ABL Claimholders, respectively, not subject to a Perfection Failure are valid, enforceable, not void and allowed with respect to such Collateral (provided that if ABL Agent or Term Agent which is the First subject of a Perfection Failure has not been given a Lien Account Protection Notice from the other Agent as to action taken by the other Agent, which, if such action had been promptly taken by ABL Agent or Term Agent, respectively, would have resulted in the applicable Liens not being subject to Lien Avoidance, then this clause (i) shall not be applicable to such Lien Avoidance such that the subordination of Liens of Term Agent or ABL Agent, respectively, not subject to a Perfection Failure as otherwise provided for in this Agreement shall remain effective (and the Second inapplicability of this clause (i) shall be the sole consequence of any failure to provide a Lien Credit AgreementsProtection Notice), and (ii) except as expressly provided in this Agreement, each of ABL Agent and Term Agent agrees not to contractually subordinate its Lien in any Collateral to the Lien of any other creditor of Obligors without the prior written consent of Term Agent or as contemplated in Section 6.2)ABL Agent, respectively.
Appears in 1 contract
Relative Priorities. (a) Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens in the Collateral securing the Second Lien Loan Document Debt or of any Liens in the Collateral securing the First Lien Txxxxxx Debt (– including, in each case, notwithstanding whether any such Lien is granted (or secures Txxxxxx Debt or Loan Document Debt relating to the period) before or after the commencement of any Insolvency Proceeding) Proceeding – and notwithstanding any contrary provision of the UCC or any other applicable law or the Second Lien Loan Documents or any defect or deficiencies in in, or failure to attach or perfect, the Liens securing the First Lien Txxxxxx Debt, or any other circumstance whatsoever, First Lien Creditor Txxxxxx and Second Lien Creditors Agent hereby agree that:
: (ia) any Lien with respect to the Collateral securing any First Lien Priority Txxxxxx Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder Txxxxxx or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be senior in all respects and prior to any Lien with respect to the Collateral securing any Loan Document Debt; and (A) any Second Lien Debt or (B) any Excess First Lien Debt;
(iib) any Lien with respect to the Collateral securing any Second Lien Priority Loan Document Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor Agent or any other Second Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Debt and (B) senior in all respects and prior to any Lien with respect to the Collateral securing (1) any Excess First Lien Debt or (2) any Excess Second Lien Debt;
(iii) any Lien with respect to the Collateral securing any Excess First Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, First Lien Creditor or any other First Lien Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be (A) junior and subordinate in all respects to all Liens with respect to the Collateral securing (1) any First Lien Priority Debt or (2) any Second Lien Priority Debt and (B) be senior in all respects and prior to any Lien with respect to the Collateral securing any Excess Second Lien Debt; and
(iv) any Lien with respect to the Collateral securing any Excess Second Lien Debt, whether such Lien is now or hereafter held by or on behalf of, or created for the benefit of, any Second Lien Creditor or any other Second Lien Loan Document Claimholder or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation, or otherwise, shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing (A) any First Lien Priority Debt, (B) any Second Lien Priority Debt, or (C) any Excess First Lien Debt.
(b) All Liens with respect to the Collateral securing any First Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien Debt or any Excess First Lien Txxxxxx Debt, in each case, for all purposes, whether or not such Liens securing any First Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Second Lien Priority Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess First Lien Debt or any Excess Second Lien Debt, in each case, for all purposes, whether or not such Liens securing any Second Lien Priority Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2). All Liens with respect to the Collateral securing any Excess First Lien Debt shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Excess Second Lien Debt for all purposes, whether or not such Liens securing any Excess First Lien Debt are avoided, invalidated, unenforceable or subordinated to any Lien securing any other obligation of the Debtor or any other person (but, in the case of subordination, only to the extent that such subordination is permitted pursuant to the terms of the First Lien Account Agreement and the Second Lien Credit Agreements, or as contemplated in Section 6.2).
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Samples: Intercreditor Agreement (Nevada Gold & Casinos Inc)
