Common use of Reorganization Securities Clause in Contracts

Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations or equity securities of the reorganized debtor, or any successor to the debtor, are distributed pursuant to a plan of reorganization, arrangement, compromise or liquidation or similar dispositive restructuring plan (“Reorganization Securities”) on account of Second Lien Obligations, the Second Lien Representative and the Second Lien Secured Parties may retain the Reorganization Securities; provided that any debt obligations received by a Second Lien Secured Party on account of a Second Lien Obligation that constitutes a “secured claim” within the meaning of Section 506(b) of the Bankruptcy Code will be paid over or otherwise transferred to the Designated First Lien Representative for application in accordance with Section 4.2, unless such distribution is made under a plan that is consented to by the affirmative vote of all classes composed of the secured claims of First Lien Secured Parties; provided, further, that if the Reorganization Securities are debt obligations and are distributed on account of the First Lien Obligations and on account of the Second Lien Obligations, and are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. For the avoidance of doubt, Reorganization Securities are not, and shall not be deemed to be, Collateral or proceeds of Collateral.

Reorganization Securities. If, (a) Nothing in this Agreement prohibits or limits the right of any Insolvency or Liquidation Proceeding, Secured Party from receiving and retaining any debt obligations or equity securities of the that are issued by a reorganized debtor, Grantor or any successor to the debtor, are distributed Guarantor pursuant to a plan of reorganization, arrangement, compromise or liquidation reorganization or similar dispositive restructuring plan (“Reorganization Securities”) on account of Second Lien Obligations), the Second Lien Representative and the Second Lien Secured Parties may retain the Reorganization Securities; provided that any debt obligations Reorganization Securities received by a Second Lien any such Secured Party on account of a Second any Revolving Loan Obligations, First Lien Obligation Term Loan Obligations or Incremental Term Loan Obligations that constitutes a “are secured claim” within the meaning of Section 506(b) of the Bankruptcy Code by any Collateral will be paid over or otherwise transferred to the Designated First Lien Representative for application in accordance with Section Sections 4.1 and 4.2. (b) If, unless such distribution is made under in any Insolvency Proceeding, debt obligations of the reorganized debtor secured by Liens upon any Collateral are distributed pursuant to a plan that is consented to by the affirmative vote of all classes composed reorganization or similar dispositive restructuring plan, on account of the secured claims of Revolving Loan Obligations, First Lien Secured Parties; providedTerm Loan Obligations or Incremental Term Loan Obligations, furtherthen, that if to the Reorganization Securities are extent the debt obligations and are distributed on account of the Revolving Loan Obligations, the First Lien Term Loan Obligations and on account of or the Second Lien Obligations, and Incremental Term Loan Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. For the avoidance of doubt, Reorganization Securities are not, and shall not be deemed to be, Collateral or proceeds of Collateral.

Reorganization Securities. If, Nothing in this Agreement prohibits or limits the right of a Second Lien Claimholder to receive and retain any Insolvency or Liquidation Proceeding, debt obligations or equity securities of the that are issued by a reorganized debtor, or any successor to the debtor, are distributed debtor pursuant to a plan of reorganization, arrangement, compromise or liquidation reorganization or similar dispositive restructuring plan (“Reorganization Securities”) on account in connection with an Insolvency Proceeding, provided that, prior to the Discharge of Second the First Lien Obligations, the Second Lien Representative and the Second Lien Secured Parties may retain the Reorganization Securities; provided that any debt obligations securities received by a Second Lien Secured Party Claimholder on account of a Second Lien Obligation in respect of the Shared Collateral that constitutes a “secured claim” within the meaning of Section 506(b) of the Bankruptcy Code will be paid over or otherwise transferred to the Designated First Lien Representative Agent for application in accordance with Section 4.24.1, unless such distribution is made under a plan that is consented to by the affirmative vote of all classes composed of the secured claims of First Lien Secured Parties; providedClaimholders. If, furtherin an Insolvency Proceeding, that if debt Obligations of the Reorganization Securities reorganized debtor secured by Liens upon any property or assets of the reorganized debtor are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the extent the debt obligations and are Obligations distributed on account of the First Lien Obligations and on account of the Second Lien Obligations, and Obligations are secured by Liens upon the same propertyon property or assets that would have constituted Shared Collateral had such property or assets been owned by a Grantor, the provisions of this Agreement will survive the distribution of such debt obligations Obligations pursuant to such plan and will apply with like effect to the Liens on such property or assets securing such debt obligations. For the avoidance of doubtObligations, Reorganization Securities are not, and shall not be deemed to be, Collateral or proceeds of Collateralincluding Section 4.1.