Examples of Second Lien Lender Parties in a sentence
In addition, the Second Lien Lender Parties shall not be permitted to restrict, in any manner, a Credit Party from granting a Lien on any Property for the benefit of the First Lien Lenders.
The Second Lien Agent, on behalf of the Second Lien Lender Parties, further waives any right to demand, request, plead or otherwise assert or otherwise claim the benefit of any appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior creditor may have under applicable law.
Until the Discharge of all First Lien Debt, the First Lien Agent shall have the sole and exclusive right, as against the Second Lien Lender Parties, to adjust settlement of insurance claims in the event of any covered loss (including, without limitation, any theft or destruction of any or any part of such Collateral) or condemnation awards and/or to permit the Credit Parties to reinvest any insurance or condemnation proceeds in replacement assets or repair of assets.
The relative rights of the First Lien Agent and the Second Lien Agent (and the First Lien Lender Parties and Second Lien Lender Parties) as set forth in this Agreement in or to any distributions in respect of the Collateral shall continue after the filing of any Proceeding on the same basis as prior to the date of such filing.
Until the Discharge of all First Lien Debt, the Second Lien Lender Parties shall, at the request of the First Lien Agent, cooperate in a reasonable manner in effecting the payment of insurance proceeds and condemnation awards to the First Lien Lender Parties.
Subject at all times to the provisions of Section 2.1 and Section 2.11 of this Agreement, on and after the Second Lien Enforcement Date, the Second Lien Lender Parties may take any Enforcement Action under the Second Lien Debt Documents, including, without limitation, any Enforcement Action with respect to all or any part of the Collateral.
In the event of any conflict or inconsistency between this Agreement and the Second Lien Intercreditor Agreement as between the First Lien Lender Parties and the Second Lien Lender Parties, the Second Lien Intercreditor Agreement shall govern.
At the request of the First Lien Agent, the Second Lien Lender Parties shall cooperate in a reasonable manner in effecting the payment of insurance proceeds and condemnation awards to the First Lien Lender Parties.
This Agreement shall define the relative rights to the Collateral of the First Lien Lender Parties (which shall be paid first from proceeds of the Collateral) and the Second Lien Lender Parties (which shall be paid after the First Lien Debt from proceeds of the Collateral) but shall not be deemed to subordinate the right of the Second Lien Lenders to receive payment to the right of the First Lien Lenders to receive payment.
Each of the First Lien Lender Parties and the Second Lien Lender Parties is hereby authorized to demand specific performance of this Agreement at any time when any Second Lien Lender Party or any First Lien Lender Party, respectively, shall have failed to comply with any of the provisions of this Agreement, and each Lender hereby irrevocably waives any defense based on the adequacy of a remedy at law which might be asserted as a bar to such remedy of specific performance.