Revolving Nature of Certain First Lien Obligations. Each Agent, for and on behalf of itself and the Secured Parties represented thereby, expressly acknowledges and agrees that (i) the Original First Lien Credit Agreement [and the First Lien Credit Agreement]ix includes one or more revolving commitments, that in the ordinary course of business the Original First Lien Agent and certain First Lien Credit Agreement Lenders[, the [ ] Agent and certain [ ] Lenders]x may apply payments and make advances thereunder, and one or more incremental commitments of various classes, and (ii) the amount of the Original First Lien Obligations [or [ ] Obligations]xi that may be outstanding thereunder at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the Original First Lien Obligations [or [ ] Obligations]xii thereunder may be modified, extended or amended from time to time, and that the aggregate amount of the Original First Lien Obligations[, [ ] Obligations]xii or Additional Obligations thereunder may be increased, replaced or refinanced, in each event, without notice to or consent by any other Secured Parties and without affecting the provisions hereof; provided, however, that from and after the date on which the Original First Lien Agent or any Original First Lien Credit Agreement Lender [or the [ ] Agent or any [ ] Lenders]xi commences the Exercise of Secured Creditor Remedies, all amounts received by the Original First Lien Agent or any such Original First Lien Credit Agreement Lender [or the [ ] Agent or any [ ] Lenders]xi as a result of such Exercise of Secured Creditor Remedies shall be applied as specified in this Section 4.01. 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 Original First Lien Obligations, the [ ]i [First/Second]ii Lien Obligations, or any Additional Obligations, or any portion thereof.
Revolving Nature of Certain First Lien Obligations. Each Second Lien Agent, for and on behalf of itself and the other applicable Second Lien Secured Parties, expressly acknowledges and agrees that (i) any First Lien Debt Facility may include a revolving commitment, that the First Lien Agent and the First Lien Lenders will apply payments and make advances thereunder; and (ii) the amount of the First Lien Obligations that may be outstanding under any such revolving commitment at any time or from time to time may (to the extent permitted hereunder) be increased or reduced and subsequently reborrowed, and that the terms of the First Lien Obligations under any such revolving commitment may (to the extent permitted hereunder) be modified, extended or amended from time to time, and that the aggregate amount of the First Lien Obligations under any such revolving commitment may (to the extent permitted hereunder) be increased or refinanced, in each case, without affecting the provisions hereof (including the Lien Priority); provided, however, that from and after the date on which the First Lien Controlling Agent (or any other First Lien Secured Party) commences the Exercise of Any Secured Creditor Remedies, all amounts received by any First Lien Agent or any First Lien Secured Party shall be applied as specified in Section 4.1(b).
