Common use of Collateral Shared Equally and Ratably within Class Clause in Contracts

Collateral Shared Equally and Ratably within Class. The parties to this Agreement agree that except as expressly set forth in Section 3.4, the payment and satisfaction in full of all of the Priority Lien Obligations within each Class will be secured Equally and ratably by the Liens established in favor of the Collateral Trustee for the benefit of the Secured Parties belonging to such Class; provided, however, that notwithstanding the foregoing, this provision will not be violated with respect to any particular Collateral and any particular Series of Priority Lien Debt if the Priority Lien Documents in respect thereof prohibit the applicable Priority Lien Representative from accepting the benefit of a Lien on any particular asset or property or such Priority Lien Representative otherwise expressly declines in writing to accept the benefit of a Lien on such asset or property (“Declined Liens”).

Collateral Shared Equally and Ratably within Class. The parties to this Agreement agree that except as expressly set forth in Section 3.4, the payment and satisfaction in full of all of the Priority Lien Secured Obligations within each Class will be secured Equally and ratably by the Liens established in favor of the Collateral Trustee for the benefit of the Secured Parties belonging to such Class; provided, however, that notwithstanding the foregoing, this provision will not be violated with respect to any particular Collateral and any particular Series of Priority Lien Secured Debt if the Priority Lien Secured Debt Documents in respect thereof prohibit the applicable Priority Lien Secured Representative from accepting the benefit of a Lien on any particular asset or property or such Priority Lien Secured Representative otherwise expressly declines in writing to accept the benefit of a Lien on such asset or property (“Declined Liens”).