Common use of Purchase-Money Security Interests and Equipment Leases Clause in Contracts

Purchase-Money Security Interests and Equipment Leases. Notwithstanding any other provision hereof regarding the creation of Liens, but subject to Section 11.3.2, the Lessee may grant priority purchase money security interests in items of Tangible Personal Property or lease Tangible Personal Property from equipment lessors without the consent of the Lessor as long as the total amount of the obligations of the Lessee outstanding in connection therewith do not exceed ONE HUNDRED THOUSAND DOLLARS ($100,000) in the aggregate and the Lessee may grant purchase money security interests in Tangible Personal Property and lease Tangible Personal Property from equipment lessors in excess of such limit, as long as, in each instance, (i) the secured party or equipment lessor enters into an intercreditor agreement with, and satisfactory to, the Lessor, pursuant to which, without limiting the foregoing, (x) the Lessor shall be afforded the option of curing defaults and the option of succeeding to the rights of the Lessee and (y) the Lessor's security interest in Tangible Personal Property shall be subordinated to the security interest granted to such secured party, (ii) all of the terms, conditions and provisions of the purchase money security agreements or equipment leases evidencing the financing arrangement are reasonably acceptable to the Lessor, (iii) promptly after the execution thereof, the Lessee provides to the Lessor true and complete copies, as executed, of all such purchase money security agreements and equipment leases (and all amendments thereto) and (iv) no such purchase money security interest or equipment lease shall be cross-defaulted or cross-collateralized with any other obligation. Security interests granted by the Lessee in full compliance with the provisions of this Section 6.1.2 are referred to as "Permitted Prior Security Interests."

Purchase-Money Security Interests and Equipment Leases. Notwithstanding any other provision hereof regarding the creation of Liens, but subject to Section 11.3.2, the Lessee may grant priority purchase money security interests in items of Tangible Personal Property or lease Tangible Personal Property from equipment lessors without the consent of the Lessor as long as the total amount of the obligations of the Lessee outstanding in connection therewith do not exceed ONE HUNDRED THOUSAND DOLLARS ($100,000) in the aggregate and the Lessee may grant purchase money security interests in Tangible Personal Property and lease Tangible Personal Property from equipment lessors in excess of such limit, as long as, in each instance, (i) the secured party or equipment lessor enters into an intercreditor agreement with, and satisfactory to, the Lessor, pursuant to which, without limiting the foregoing, (x) the Lessor shall be afforded the option of curing defaults and the option of succeeding to the rights of the Lessee and (y) the Lessor's security interest in Tangible Personal Property shall be subordinated to the security interest granted to such secured party, (ii) all of the terms, conditions and provisions of the purchase money security agreements or equipment leases evidencing the financing arrangement are reasonably acceptable to the Lessor, (iii) promptly after the execution thereof, the Lessee provides to the Lessor true and complete copies, as executed, of all such purchase money security agreements and equipment leases (and all amendments thereto) and (iv) no such purchase money security interest or equipment lease shall be cross-defaulted or cross-collateralized with any other obligation. Security interests granted by the Lessee in full compliance with the provisions of this Section 6.1.2 are referred to as "Permitted APermitted Prior Security Interests."Interests.@