Common use of Survival of Liens Clause in Contracts

Survival of Liens. The obligations of the Borrower in respect of the Postpetition Obligations, and the claims and Liens granted to or for the benefit of the Postpetition Lender, the Prepetition Lenders and the Prepetition Agent pursuant to this Interim Order and the other Postpetition Financing Documents, shall not be discharged by the entry of an order (a) confirming a chapter 11 plan in any of the Borrower’s Chapter 11 Case (and, pursuant to section 1141(d)(4) of the Bankruptcy Code, the Borrower hereby waives such discharge) or (b) converting any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code. The Postpetition Financing Documents provide that an Event of Default shall occur if any chapter 11 plan in the Borrower’s Chapter 11 Case is confirmed and becomes effective unless such plan provides that the Postpetition Obligations shall be paid in full in cash and satisfied in the manner provided in the Postpetition Financing Documents on or before the effective date of such plan, unless the Postpetition Lender shall otherwise consent in writing prior to the effective date of such plan.