When Discharge of Senior Obligations Deemed To Not Have Occurred. If, at any time substantially concurrently with or after the occurrence of the Discharge of Senior Obligations, the Borrower or any Subsidiary consummates any Refinancing of any Senior Obligations, then such Discharge of Senior Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Obligations) and the applicable agreement governing such Senior Obligations shall automatically be treated as a Senior Debt Document for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Shared Collateral set forth herein and the agent, representative or trustee for the holders of such Senior Obligations shall be the Senior Representative for all purposes of this Agreement. Upon receipt of notice of such incurrence (including the identity of the new Senior Representative), each Second Priority Representative (including the Designated Second Priority Representative) shall promptly (a) enter into such documents and agreements, including amendments or supplements to this Agreement, as the Borrower or such new Senior Representative shall reasonably request in writing in order to provide the new Senior Representative the rights of a Senior Representative contemplated hereby, (b) deliver to such Senior Representative, to the extent that it is legally permitted to do so, all Shared Collateral, including all proceeds thereof, held or controlled by such Second Priority Representative or any of its agents or bailees, including the transfer of possession and control, as applicable, of the Possessory Collateral, together with any necessary endorsements and notices to depositary banks, securities intermediaries and commodities intermediaries, and assign its rights under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Shared Collateral, (c) notify any applicable insurance carrier that it is no longer entitled to be a loss payee or additional insured under the insurance policies of any Grantor issued by such insurance carrier and (d) notify any governmental authority involved in any condemnation or similar proceeding involving a Grantor that the new Senior Representative is entitled to approve any awards granted in such proceeding.
When Discharge of Senior Obligations Deemed To Not Have Occurred. If at any time after the Discharge of Senior Obligations has occurred, the Company immediately thereafter enters into any Refinancing of any Senior Credit Document evidencing a Senior Obligation which Refinancing is permitted hereby, then such Discharge of Senior Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement, and the obligations under such Refinancing Senior Credit Document shall automatically be treated as Senior Obligations for all purposes of this Agreement, including for purposes of the payment subordination and Lien priorities and rights in respect of Collateral set forth herein, and the Senior Agent under such Senior Credit Documents shall be the Senior Agent for all purposes of this Agreement. Upon receipt of a notice stating that the Company has entered into a new Senior Credit Document (which notice shall include the identity of the new agent, such agent, the “New Agent”), the Trustee and the Subordinated Creditor shall promptly enter into such documents and agreements (including amendments or supplements to this Agreement) as the respective Company or such New Agent may reasonably request in order to provide to the New Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement; provided same does not alter, modify or vitiate any rights, protections, immunities or indemnities afforded to the Trustee hereunder or under the Indenture.
When Discharge of Senior Obligations Deemed To Not Have Occurred. (a) If one or more Grantors enter into any Refinancing of any Series of Senior Obligations, then a Discharge of Senior Obligations shall be deemed not to have occurred with respect to such Series for all purposes of this Agreement, and the obligations under such Refinancing of such Senior Obligations shall be treated as Senior Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the Senior Representative and Senior Collateral Agent under such Senior Loan Documents effecting such Refinancing shall be Senior Representative or Senior Collateral Agent respectively for all purposes of this Agreement. Upon receipt of a Designation from the Company in accordance with Section 9.7(b)(2) and an agreement (in a writing addressed to Third Lien Representative and Third Collateral Agent for the benefit of itself and the Third Lien Claimholders) from each Senior Representative and Senior Collateral Agent under such Senior Loan Documents to be bound by the terms of this Agreement, each Third Lien Representative and Third Lien Collateral Agent shall promptly deliver to the applicable Senior Collateral Agent any Pledged Collateral held by it together with any necessary endorsements (or otherwise allow such Senior Collateral Agent to obtain control of such Pledged Collateral). This Section 5.6(a) shall survive termination of this Agreement.
When Discharge of Senior Obligations Deemed To Not Have Occurred. If the Borrower enters into any Refinancing of the Senior Obligations, then a Discharge of Senior Obligations shall be deemed not to have occurred for all purposes of this Agreement, and the obligations under such Refinancing of such Senior Obligations shall be treated as Senior Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the Senior Lenders under the Senior Loan Documents effecting such Refinancing shall be the Senior Lenders for all purposes of this Agreement.
When Discharge of Senior Obligations Deemed To Not Have Occurred. If, at any time after the Discharge of Senior Obligations has occurred, the Company or any Subsidiary incurs any Senior Obligations (other than in respect of the payment of indemnities surviving the Discharge of Senior Obligations), then such Discharge of Senior Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Obligations) and the applicable agreement governing such Senior Obligations (other than Hedge Contracts) shall automatically be treated as a Senior Debt Document for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Shared Collateral set forth herein, and the agent, representative or trustee for the holders of such Senior Obligations shall be the Senior Representative for all purposes of this Agreement.
