Common use of Lien Sharing and Priority Confirmation Clause in Contracts

Lien Sharing and Priority Confirmation. The undersigned New Secured Party hereby agrees, for the enforceable benefit of each current and future First Lien Representative, the Second Lien Administrative Agent, the Trustee and each current and future First Lien Secured Party, Second Lien Secured Party and Third Lien Secured Party and as a condition to being treated as Secured Debt under the Intercreditor Agreement that: (a) all [First][Second] Lien Obligations will be and are secured equally and ratably by all [First][Second] Liens at any time granted by the Borrower or any other Grantor to secure any Obligations in respect of any [Series of First Lien Debt][Second Lien Debt], whether or not upon property otherwise constituting collateral for such [Series of First Lien Debt][Second Lien Debt], and that all such [First][Second] Liens will be enforceable by the Collateral Agent for the benefit of all [First][Second] Lien Secured Parties equally and ratably; (b) the New Secured Party is bound by the provisions of the Intercreditor Agreement, including the provisions relating to the ranking of [First][Second] Liens and the order of application of proceeds from the enforcement of [First][Second] Liens; and (c) the Collateral Agent shall perform its obligations under the Intercreditor Agreement and the other Security Documents.

Lien Sharing and Priority Confirmation. The undersigned New Authorized Representative, on behalf of itself and the other New Second Lien Secured Party Parties, hereby agrees, for the enforceable benefit of each current existing and future First Lien Representative, the Second Lien Administrative Agent, the Trustee Authorized Representative and each current existing and future First other Second Lien Secured Party, Second Lien Secured Party and Third Lien Secured Party and as a condition to being treated as Secured Debt under the Intercreditor Agreement that: (a) all [First][Second] Second Lien Obligations will be and are secured equally and ratably by all [First][Second] Liens on the Shared Collateral which are at any time granted by any Grantor to the Borrower or any other Grantor Second Lien Agent to secure any Obligations in respect of any [Series of First Second Lien Debt][Second Lien Debt], whether or not upon property otherwise constituting collateral for such [Series of First Lien Debt][Second Lien Debt]Obligations, and that all such [First][Second] Liens on the Shared Collateral granted pursuant to the Second Lien Security Documents will be enforceable by the Collateral Second Lien Agent for the benefit of all [First][Second] Second Lien Secured Parties equally and ratably, in each case, pursuant to and subject to the terms of the Intercreditor Agreement; (b) the New Authorized Representative and each other New Second Lien Secured Party is bound by the terms, conditions and provisions of the Intercreditor Agreement, including the Senior Lien Intercreditor Agreement and the Second Lien Security Documents, including, without limitation, the provisions relating to the ranking of [First][Second] Liens and the order of application of proceeds from the enforcement of [First][Second] Liens; and (c) the Collateral Agent New Authorized Representative shall perform its obligations under the Intercreditor Agreement, the Senior Lien Intercreditor Agreement and the other Second Lien Security Documents.

Lien Sharing and Priority Confirmation. The undersigned New Representative, on behalf of itself and each holder of obligations in respect of the New Second Lien Facility (together with the New Representative, the “New Second Lien Secured Party Parties”), hereby agrees, for the enforceable benefit of each current and future First Lien Representative, the Second Lien Administrative Agent, the Trustee and each current all existing and future First Lien Secured PartyParties, each existing and future Debt Representative and each existing and future Second Lien Secured Party and Third Lien Secured Party Party, and as a condition to being treated as Secured Debt Second Lien Obligations under the Intercreditor Agreement that: (a) all [First][Second] Second Lien Obligations will be and are secured equally and ratably by all [First][Second] Liens granted to the Second Lien Collateral Agent, for the benefit of the Second Lien Secured Parties, which are at any time granted by the Borrower or any other Grantor to secure any Second Lien Obligations in respect of any [Series of First Lien Debt][Second Lien Debt], whether or not upon property otherwise constituting collateral for such [Series of First New Second Lien Debt][Second Lien Debt]Facility, and that all such [First][Second] Liens granted pursuant to the Second Lien Security Documents will be enforceable by the Second Lien Collateral Agent for the benefit of all [First][Second] holders of Second Lien Secured Parties Obligations equally and ratablyratably as contemplated by the Intercreditor Agreement; (b) the New Representative and each other New Second Lien Secured Party is bound by the terms, conditions and provisions of the Intercreditor AgreementAgreement and the Second Lien Security Documents, including including, without limitation, the provisions relating to the ranking of [First][Second] Liens and the order of application of proceeds from the enforcement of [First][Second] Liens; and (c) the Collateral Agent New Representative shall perform its obligations under the Intercreditor Agreement and the other Second Lien Security Documents.