Common use of Excluded Collateral Clause in Contracts

Excluded Collateral. Grant to any Person any Lien on any Excluded Property unless the Administrative Agent (for the benefit of the Secured Parties) has a Lien on such property, other than (i) Liens on assets of a Franchise (or stock of the Subsidiary that owns such Franchise) granted to the respective franchisor, (ii) Liens granted on Excluded Property to a holder of a Permitted Lien on such Excluded Property where a grant of a security interest to the Administrative Agent in such Excluded Property would violate or invalidate such asset or agreement governing such asset or create a right of termination in favor of the holder of such Permitted Lien on such Excluded Property, (iii) Liens on Excluded Property constituting real property, fixtures and related real property rights, and (iv) Excluded Property consisting of contracts related to real property, fixtures or related real property rights, or proceeds of real property, fixtures, related real property rights or related contracts (including, without limitation, insurance proceeds in respect of the foregoing), that in each case of this clause (iv) secures Permitted Real Estate Debt to the extent that a grant of a security interest thereon to the Administrative Agent would conflict with or result in a violation of the terms of such Permitted Real Estate Debt.

Excluded Collateral. Grant to any Person any Lien on any Excluded Property unless the Administrative Agent (for the benefit of the Secured Parties) has a Lien on such property, other than than (i) Liens on assets of a Franchise (or stock of the Subsidiary that owns such Franchise) granted to the respective franchisor, (ii) Liens granted on Excluded Property to a holder of a Permitted Lien on such Excluded Property where a grant of a security interest to the Administrative Agent in such Excluded Property would violate or invalidate such asset or agreement governing such asset or create a right of termination in favor of the holder of such Permitted Lien on such Excluded Property, (iii) Liens on Excluded Property constituting real property, fixtures and related real property rights, and (iv) Excluded Property consisting of contracts related to real property, fixtures or related real property rights, or proceeds of real property, fixtures, related real property rights or related contracts (including, without limitation, insurance proceeds in respect of the foregoing), that in each case of this clause (iv) secures Permitted Real Estate Debt to the extent that a grant of a security interest thereon to the Administrative Agent would conflict with or result in a violation of the terms of such Permitted Real Estate Debt.

Excluded Collateral. Grant to any Person any Lien on any Excluded Property unless the Administrative Agent (for the benefit of the Secured Parties) has a Lien on such property, other than (i) Liens on assets of a Franchise (or stock of the Subsidiary that owns such Franchise) granted to the respective franchisor, (ii) Liens granted on Excluded Property to a holder of a Permitted Lien on such Excluded Property where a grant of a security interest to the Administrative Agent in such Excluded Property would violate or invalidate such asset or agreement governing such asset or create a right of termination in favor of the holder of such Permitted Lien on such Excluded Property, (iii) Liens on Excluded Property constituting real property, fixtures and related real property rights, and (iv) Excluded Property consisting of contracts related to real property, fixtures or related real property rights, or proceeds of real property, fixtures, related real property rights or related contracts (including, without limitation, insurance proceeds in respect of the foregoing), that in each case of this clause (iv) secures Permitted Real Estate Debt to the extent that a grant of a security 145 interest thereon to the Administrative Agent would conflict with or result in a violation of the terms of such Permitted Real Estate Debt.