Financing Issues. If the Guarantor or any of its subsidiaries shall be subject to any Insolvency or Liquidation Proceeding and the First Lien Collateral Agent shall desire to permit the use of cash collateral or to permit Borrower to obtain financing under section 363 or section 364 of the Bankruptcy Code (“DIP Financing”), then the Second Lien Collateral Agent, on behalf of itself and the Noteholders, agrees that it will raise no objection to such use or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by Section 6.3) and, to the extent the Lender Liens are junior in priority or pari passu with such DIP Financing, will maintain the priority of its Liens in the Common Collateral as junior in priority to such Lender Liens on the same basis as the other Liens securing the Noteholder Claims are second in priority to Lender Claims under this Agreement.
Appears in 2 contracts
Sources: Indenture (Coinmach Service Corp), Intercreditor Agreement (Coinmach Service Corp)
Financing Issues. If the Guarantor or any of its subsidiaries Obligor shall be subject to any Insolvency or Liquidation Proceeding and the First Lien Collateral Administrative Agent shall desire to permit the use of cash collateral or to permit the Borrower to obtain financing under section 363 or section 364 of the Bankruptcy Code (“"DIP Financing”"), then the Second Lien Collateral AgentTrustee, on behalf of itself and the Noteholders, agrees that it will raise no objection to such use or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by Section 6.3) and, to the extent the Lender Liens are junior in priority or pari passu with such DIP Financing, will maintain the priority of its Liens in the Common Collateral as junior in priority to such Lender Liens on the same basis as the other Liens securing the Noteholder Claims are second in priority to Lender Claims under this Agreement.
Appears in 2 contracts
Sources: Intercreditor Agreement (Mens Apparel Guild in California Inc), Intercreditor Agreement (Advanstar Communications Inc)
Financing Issues. If the Guarantor Company or any of its subsidiaries other Grantor shall be subject to any Insolvency or Liquidation Proceeding and the First Lien Collateral Credit Agent shall desire to permit the use of cash collateral or to permit Borrower the Company or any other Grantor to obtain financing under section Section 363 or section Section 364 of Title 11 of the United States Code or any similar Bankruptcy Code Law (“"DIP Financing”"), then the each Second Lien Collateral Priority Agent, on behalf of itself and the Noteholdersapplicable Second Priority Lenders, agrees that it will raise no objection to such use of cash collateral or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by Section 6.3) and, to the extent the Lender Liens securing the First Priority Claims are junior in priority subordinated or pari passu with such DIP Financing, will maintain the priority of subordinate its Liens in the Common Collateral as junior in priority to such Lender Liens DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Noteholder Second Priority Claims are second in priority subordinated to Lender First Priority Claims under this Agreement.
Appears in 2 contracts
Sources: Intercreditor Agreement (Tenneco Automotive Inc), Intercreditor Agreement (Clevite Industries Inc)
Financing Issues. If the Guarantor CSC or any of its subsidiaries shall be subject to any Insolvency or Liquidation Proceeding and the First Lien Collateral Agent shall desire to permit the use of cash collateral or to permit the Borrower to obtain financing under section 363 or section sec- tion 364 of the Bankruptcy Code (“"DIP Financing”"), then the Second Lien Collateral Agent, on behalf of itself and the Noteholders, agrees that it will raise no objection to such use or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by Section 6.3) and, to the extent the Lender Liens are junior in priority or pari passu with such DIP Financing, will maintain the priority of its Liens in the Common Collateral as junior in priority to such Lender Liens on the same basis as the other Liens securing the Noteholder Claims are second in priority to Lender Claims under this Agreement.
Appears in 1 contract
Sources: Intercreditor Agreement (Appliance Warehouse of America Inc)
Financing Issues. If the Guarantor any Borrower or any Subsidiary of its subsidiaries a Borrower shall be subject to any Insolvency or Liquidation Proceeding and the First Lien Collateral Senior Agent shall desire to permit the use of cash collateral or to permit such Borrower or Subsidiary to obtain financing under section 363 or section 364 of the Bankruptcy Code (“"DIP Financing”"), then the Second Lien Collateral AgentTrustee, on behalf of itself and the Noteholders, agrees that it will raise no objection to such use or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by Section 6.3) and, to the extent the Lender Liens securing the First Priority Lien Obligations are junior in priority subordinated or pari passu with such DIP Financing, will maintain the priority of subordinate its Liens in the Common Collateral as junior in priority to such Lender Liens DIP Financing (and all obligations relating thereto) on the same basis as the other Liens securing the Noteholder Claims Obligations are second in priority so subordinated to Lender Claims First Priority Lien Obligations under this Agreement.
Appears in 1 contract
Financing Issues. If the Guarantor Company or any of its subsidiaries other Grantor shall be subject to any Insolvency or Liquidation Proceeding and the First Lien Collateral Credit Agent shall desire to permit the use of cash collateral or to permit Borrower the Company or any other Grantor to obtain financing under section Section 363 or section Section 364 of Title 11 of the United States Code or any similar Bankruptcy Code Law (“DIP Financing”), then the each Second Lien Collateral Priority Agent, on behalf of itself and the Noteholdersapplicable Second Priority Lenders, agrees that it will raise no objection to such use of cash collateral or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by Section 6.3) and, to the extent the Lender Liens securing the First Priority Claims are junior in priority subordinated or pari passu with such DIP Financing, will maintain the priority of subordinate its Liens in the Common Collateral as junior in priority to such Lender Liens DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Noteholder Second Priority Claims are second in priority subordinated to Lender First Priority Claims under this Agreement.
Appears in 1 contract
Sources: Credit Agreement (Tenneco Inc)