Common use of First Lien Obligations Clause in Contracts

First Lien Obligations. So long as the Discharge of First Lien Obligations has not occurred, except as contemplated by Section 3.3(f), each of the Secured Parties agrees that such Secured Party shall not take, accept or permit to exist any additional Liens on any asset or property of any Grantor to secure any Second Lien Obligation unless the Borrower and the Grantors have granted or reasonably contemporaneously grant a First Priority Lien on such asset or property to secure the First Lien Obligations. To the extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other rights and remedies available to the First Lien Security Agents and/or the other First Lien Secured Parties, each Second Lien Security Agent, on behalf of the Second Lien Secured Parties, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens on the Collateral granted in contravention of this Section 2(c)(i) shall be subject to Section 3.2(a).