Common use of Rights as Unsecured Creditors Clause in Contracts

Rights as Unsecured Creditors. Except as otherwise expressly prohibited in this Agreement, each Junior Secured Party may exercise rights and remedies as an unsecured creditor against any Obligor in accordance with the terms of the Notes Documents or Pari Passu Indebtedness Documents, as applicable, and applicable law. For the avoidance of doubt, nothing in this Agreement shall prohibit the receipt by a Junior Secured Party of the required payments of interest on and principal of the Notes or Pari Passu Obligations, as applicable, so long as such receipt is not the direct or indirect result of the taking by the Notes Collateral Agent or any Noteholder, on the one hand, or the Pari Passu Collateral Agent or any Pari Passu Lender, on the other hand, of any Enforcement Action in respect of any Lien held by any of them in contravention of this Agreement. In the event that a Junior Secured Party becomes a judgment lien creditor in respect of any Shared Collateral as a result of its enforcement of its rights as an unsecured creditor, the judgment lien held by such Junior Secured Party shall be deemed part of the Obligations held by such Junior Secured Party and shall be subordinated to the Liens securing the other Obligations held by the other Junior Secured Parties to the extent provided in this Agreement.

Rights as Unsecured Creditors. Except as otherwise expressly prohibited Notwithstanding anything to the contrary in this Agreement, each Junior Secured Party may exercise rights and remedies as an unsecured creditor against any Obligor in accordance with the terms of the Notes Documents or Pari Passu Indebtedness Documents, as applicable, and applicable law. For the avoidance of doubt, nothing in this Agreement shall prohibit the receipt by a Junior Secured Party of the required payments of interest on and principal of the Notes or Pari Passu Obligations, as applicable, so long as such receipt is not the direct or indirect result of the taking by the Notes Collateral Agent or any Noteholder, on the one hand, or the Pari Passu Collateral Agent or any Pari Passu Lender, on the other hand, of any Enforcement Action in respect of any Lien held by any of them in contravention of this Agreement. In the event that a Junior Secured Party becomes a judgment lien creditor in respect of any Shared Collateral as a result of its enforcement of its rights as an unsecured creditor, the judgment lien held by such Junior Secured Party shall be deemed part of the Obligations held by such Junior Secured Party and shall be subordinated to the Liens securing the other Obligations held by the other Junior Secured Parties to the extent provided in this Agreement.

Rights as Unsecured Creditors. Except as otherwise expressly prohibited set forth in this Agreement, each Junior the ABL Obligations Secured Party Parties may exercise rights and remedies as an unsecured creditor creditors against the Company or any Obligor other Pledgor in accordance with the terms of the Notes ABL Obligations Documents or Pari Passu Indebtedness Documents, as applicable, to which such ABL Obligations Secured Parties are party and applicable law, in each case to the extent not inconsistent with the provisions of this Agreement. For the avoidance of doubtExcept as otherwise set forth in this Agreement, nothing in this Agreement shall prohibit the receipt by a Junior the ABL Obligations Secured Party Parties of the required payments of interest on interest, principal and principal other amounts in respect of the Notes or Pari Passu Obligations, as applicable, ABL Obligations so long as such receipt is not the direct or indirect result of the taking exercise by the Notes Collateral Agent any ABL Obligations Secured Party of rights or any Noteholder, on the one hand, or the Pari Passu Collateral Agent or any Pari Passu Lender, on the other hand, of any Enforcement Action remedies as a secured creditor (including set off) in respect of the Non-ABL Priority Collateral in contravention of this Agreement or enforcement in contravention of this Agreement of any Lien held by any of them in contravention of this Agreementthem. In the event that a Junior any ABL Obligations Secured Party becomes a judgment lien creditor in respect of any Shared Non-ABL Priority Collateral as a result of its enforcement of its rights as an unsecured creditor, the such judgment lien held by such Junior Secured Party shall be deemed part of the Obligations held by such Junior Secured Party and shall be subordinated to the Liens securing Non-ABL Obligations, in each case, on the same basis as the other Liens on the Non-ABL Priority Collateral securing the ABL Obligations held by the other Junior Secured Parties are so subordinated to the extent provided in such Non-ABL Obligations under this Agreement.

Rights as Unsecured Creditors. Except as otherwise expressly prohibited Notwithstanding anything to the contrary in this Agreement, each Junior the Second-Priority Agents and the Indenture Secured Party Parties may exercise rights and remedies as an unsecured creditor against the Company or any Obligor Subsidiary that has guaranteed the Noteholder Claims in accordance with the terms of the Notes applicable Noteholder Documents or Pari Passu Indebtedness Documents, as applicable, and applicable law. For the avoidance of doubt, nothing Nothing in this Agreement shall prohibit the receipt by a Junior any Second-Priority Agent or any Indenture Secured Party of the required payments of interest on and principal of the Notes or Pari Passu Obligations, as applicable, so long as such receipt is not the direct or indirect result of the taking exercise by the Notes Collateral any Second-Priority Agent or any Noteholder, on the one hand, Indenture Secured Party of rights or the Pari Passu Collateral Agent or any Pari Passu Lender, on the other hand, of any Enforcement Action remedies as a secured creditor in respect of Common Collateral in contravention of this Agreement of any Lien in respect of Noteholder Claims held by any of them in contravention of this Agreementthem. In the event that a Junior any Second-Priority Agent or any Indenture Secured Party becomes a judgment lien creditor or other secured creditor in respect of any Shared Common Collateral as a result of its enforcement of its rights as an unsecured creditorcreditor in respect of Noteholder Claims or otherwise, the such judgment or other lien held by such Junior Secured Party shall be deemed part of the Obligations held by such Junior Secured Party and shall be subordinated to the Liens securing Senior Lender Claims on the same basis as the other Obligations held by Liens securing the other Junior Secured Parties Second-Priority Claims are so subordinated to the extent provided in this Agreement.such Liens securing Senior Lender Claims under this