Common use of Revolving Nature of Additional Term Obligations Clause in Contracts

Revolving Nature of Additional Term Obligations. The ABL Agent, for and on behalf of itself and the ABL Secured Parties expressly acknowledges and agrees that (i) Additional Term Credit Facilities may include a revolving commitment, and in the ordinary course of business any Additional Term Agent and Additional Term Secured Parties may apply payments and make advances thereunder; (ii) the amount of Additional Term Obligations that may be outstanding thereunder at any time or from time to time may be increased or reduced and subsequently reborrowed, the terms of Additional Term Obligations thereunder may be modified, extended or amended from time to time, and the aggregate amount of Additional Term Obligations thereunder may be increased, replaced or refinanced, in each event, without notice to or consent by the ABL Secured Parties and without affecting the provisions hereof; provided, however, that from and after the date on which any Additional Term Agent or Additional Term Secured Party commences the Exercise of Secured Creditor Remedies, all amounts received by any such Additional Term Agent or Additional Term Secured Party as a result of such Exercise of Secured Creditor Remedies shall be applied as specified in this Section 4.1. The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the ABL Obligations, the First Lien Term Loan Obligations, the Second Lien Term Loan Obligations, or any Additional Term Obligations, or any portion thereof.

Revolving Nature of Additional Term Obligations. The [Term Loan] Agent, for and on behalf of itself and the [Term Loan] Secured Parties, and the ABL Agent, for and on behalf of itself and the ABL Secured Parties, and any Additional [Term] Agent, for and on behalf of itself and any Additional [Term] Secured Parties represented thereby, expressly acknowledges acknowledge and agrees agree that (i) Additional Term [Term] Credit Facilities may include a revolving commitment, and in the ordinary course of business any Additional Term [Term] Agent and Additional Term [Term] Secured Parties may apply payments and make advances thereunder; (ii) the amount of Additional Term [Term] Obligations that may be outstanding thereunder at any time or from time to time may be increased or reduced and subsequently reborrowed, the terms of Additional Term [Term] Obligations thereunder may be modified, extended or amended from time to time, and the aggregate amount of Additional Term [Term] Obligations thereunder may be increased, replaced or refinanced, in each event, without notice to or consent by the [Term Loan] Secured Parties (in the case of the [Term Loan] Agent), the ABL Secured Parties (in the case of the ABL Agent) or any Additional [Term] Secured Parties (in the case of any other Additional [Term] Agent) and without affecting the provisions hereof; provided, however, that from and after the date on which any Additional Term [Term] Agent or Additional Term [Term] Secured Party commences the Exercise of Secured Creditor Remedies, all amounts received by any such Additional Term [Term] Agent or Additional Term [Term] Secured Party as a result of such Exercise of Secured Creditor Remedies shall be applied as specified in this Section 4.1. The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the ABL Obligations, the First Lien [Term Loan Obligations, the Second Lien Term Loan Loan] Obligations, or any Additional Term [Term] Obligations, or any portion thereof.