Common use of Any Lien Clause in Contracts

Any Lien. Grantor that is a Material Subsidiary of NNL or NNI may from time to time designate any indebtedness for borrowed money (other than indebtedness constituting a Capital Markets Event) owed by any Material Subsidiary of NNL or NNI to any Bank or any wholly-owned subsidiary of any Bank or any other financial institution and outstanding on December 20, 2001 or incurred pursuant to a commitment to extend credit in effect on such date or any extensions, renewals, replacements and refinancings thereof as (i) an additional Secured Obligation or (ii) as an additional Guaranteed Obligation (other than for Designated Bank Debt of such Lien Grantor) by delivering to the Collateral Agent a certificate signed by a financial officer that (i) identifies such indebtedness and the material terms thereof and (ii) states that the obligations thereunder are designated as Secured Obligations and Guaranteed Obligations; provided that the aggregate amount of indebtedness (without duplication) designated as "Designated Bank Debt" under this Agreement and any other security or guarantee document entered into by NNL, NNI and their Material Subsidiaries for the benefit of the Secured Parties will not exceed $300,000,000 in aggregate principal amount, provided further, that no Lien Grantor may designate any such indebtedness owed by any U.S. Subsidiary of NNI as a Guaranteed Obligation of such Lien Grantor if such Lien Grantor is a non-U.S. Subsidiary of such U.S. Subsidiary of NNI; provided further that if a designation of indebtedness for borrowed money shall have been made pursuant to (and in accordance with the terms of) (x) Section 22(c) of the U.S. Security Agreement or (y) Section 21(c) of the Canadian Security Agreement, then such designated indebtedness shall constitute a Secured Obligation or a Guaranteed Obligation (as applicable) of each Lien Grantor without any further action on the part of any Lien Grantor.