Common use of First Lien Security Documents Clause in Contracts

First Lien Security Documents. In the event any Grantor shall create any additional security interest upon any property or assets to secure any First Lien Obligations, it shall concurrently grant a security interest to the Second Lien Agent for the benefit of the Second Lien Secured Parties upon such property as security for the Second Lien Obligations. In the event any Grantor shall undertake any actions to perfect or protect any liens on any assets pledged in connection with the Credit Agreement or other First Lien Obligations, such Grantor shall also at the same time undertake such actions with respect to the Collateral for the benefit of the Second Lien Agent without request by the Second Lien Agent.

First Lien Security Documents. In the event any Grantor shall create any additional security interest upon any property or assets to secure any First Priority Lien Obligations, it shall concurrently grant a security interest to the Second Lien Agent for the benefit of the Second Lien Secured Parties upon such property as security for the Second Lien Secured Obligations. In the event any Grantor shall undertake any actions to perfect or protect any liens on any assets pledged in connection with the either Credit Agreement or any other First Priority Lien Obligations, such Grantor shall also at the same time undertake such actions with respect to the Collateral for the benefit of the Second Lien Agent without request by the Second Lien Agent.