Common use of Separate Grants of Security and Separate Classes Clause in Contracts

Separate Grants of Security and Separate Classes. Each of the parties hereto irrevocably acknowledges and agrees that (a) the claims and interests of the ABL Secured Parties and the Term Loan Secured Parties are not “substantially similar” within the meaning of Section 1122 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, (b) the grants of the Liens to secure the ABL Debt and the grants of the Liens to secure the Term Loan Debt constitute two separate and distinct grants of Liens, (c) the ABL Secured Parties’ rights in the Collateral are fundamentally different from the Term Loan Secured Parties’ rights in the Collateral and (d) as a result of the foregoing, among other things, the ABL Debt and the Term Loan Debt must be separately classified in any plan of reorganization proposed or adopted in any Insolvency Proceeding.

Separate Grants of Security and Separate Classes. Each of the parties hereto irrevocably acknowledges and agrees that (ax) the claims and interests of the ABL Revolving Loan Secured Parties and the Term Loan Notes Secured Parties are not “substantially similar” within the meaning of Section 1122 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, (bxi) the grants of the Liens to secure the ABL Revolving Loan Debt and the grants of the Liens to secure the Term Loan Notes Debt constitute two separate and distinct grants of Liens, (cxii) the ABL Revolving Loan Secured Parties’ Parties rights in the Collateral are fundamentally different from the Term Loan Notes Secured Parties’ rights in the Collateral and (dxiii) as a result of the foregoing, among other things, the ABL Revolving Loan Debt and the Term Loan Notes Debt must be separately classified in any plan of reorganization proposed or adopted in any Insolvency or Liquidation Proceeding.

Separate Grants of Security and Separate Classes. Each of the parties hereto irrevocably acknowledges and agrees that (a) the claims and interests of the ABL Revolving Loan Secured Parties and the Term Loan Notes Secured Parties are not “substantially similar” within the meaning of Section 1122 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, (b) the grants of the Liens to secure the ABL Revolving Loan Debt and the grants of the Liens to secure the Term Loan Notes Debt constitute two separate and distinct grants of Liens, (c) the ABL Revolving Loan Secured Parties’ Parties rights in the Collateral are fundamentally different from the Term Loan Notes Secured Parties’ rights in the Collateral and (d) as a result of the foregoing, among other things, the ABL Revolving Loan Debt and the Term Loan Notes Debt must be separately classified in any plan of reorganization proposed or adopted in any Insolvency or Liquidation Proceeding.

Separate Grants of Security and Separate Classes. Each of the parties hereto irrevocably acknowledges and agrees that (a) the claims and interests of the ABL Secured Parties Formula Revolver Creditors and the Term Loan Secured Parties Floor Plan Creditors are not “"substantially similar” " within the meaning of Section 1122 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, (b) the grants of the Liens to secure the ABL Debt Formula Revolver Obligations and the grants of the Liens to secure the Term Loan Debt Floor Plan Obligations constitute two separate and distinct grants of Liens, (c) the ABL Secured Parties’ Formula Revolver Creditors rights in the Collateral are fundamentally different from the Term Loan Secured PartiesFloor Plan Creditors’ rights in the Collateral and (d) as a result of the foregoing, among other things, the ABL Debt Formula Revolver Obligations and the Term Loan Debt Floor Plan Obligations must be separately classified in any plan of reorganization proposed or adopted in any Insolvency Proceeding.