Common use of Lien Priorities Clause in Contracts

Lien Priorities. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Parity Lien Obligations granted on the Collateral or of any Liens securing the Priority Lien Obligations granted on the Collateral, and notwithstanding any provision of the UCC, or any other applicable law or the Note Documents or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Priority Lien Obligations or the Parity Lien Obligations, the subordination of such Liens to any other Liens, or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantor, (i) any Lien on the Collateral securing any Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent or any holders of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Collateral securing any Parity Lien Obligations; (ii) any Lien on the Collateral securing any Parity Lien Obligations now or hereafter held by or on behalf of the Trustee, the Collateral Agent, any holders of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Collateral securing any Priority Lien Obligations; and (iii) any Lien on the Collateral securing any Excess Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Lien on the Collateral securing any Parity Lien Obligations.

Lien Priorities. (a) The grant of the Revolver Liens pursuant to the Revolver Documents and the grant of the Term Loan Liens pursuant to the Term Loan Documents create two separate and distinct Liens of equal priority on the Shared Collateral for the equal and ratable benefit of the holders of all previously existing and future Priority Obligations. Notwithstanding the date, time, method, manner foregoing or order of grant, attachment or perfection of any Liens securing anything else to the Parity Lien Obligations granted on the Collateral or of any Liens securing the Priority Lien Obligations granted on the Collateral, and notwithstanding any provision of the UCC, or any other applicable law or the Note Documents or any defect or deficiencies in, or failure to perfect or lapse contrary in perfection of, or avoidance as a fraudulent conveyance or otherwise ofthis Agreement, the Liens securing the Priority Lien Obligations or the Parity Lien Obligations, the subordination of such Liens to any other Liens, or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantor, Term Loan Agent hereby acknowledges and agrees (i) any Lien on the Collateral securing any Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent or any holders of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Collateral securing any Parity Lien Obligations; (ii) any Lien on the Collateral securing any Parity Lien Obligations now or hereafter held by or on behalf of the Trustee, Term Loan Secured Parties) that the Collateral Agent, Term Loan Secured Parties (and not the Revolver Secured Parties) bear the risk of any holders determination by a court of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on competent jurisdiction that (w) the Collateral securing any Term Loan Obligations do not constitute “Priority Lien Obligations; ” under (and as defined in) the Second Lien Intercreditor Agreement, (iiix) any of the Term Loan Obligations are unenforceable under applicable law or are subordinated to any other obligations (including the Second Lien Obligations (as defined in the Second Lien Intercreditor Agreement)), (y) any of the Term Loan Obligations do not have an enforceable security interest in any of the Shared Collateral securing such Term Loan Obligations and/or (z) any intervening security interest exists securing any other obligations (including the Second Lien Obligations (as defined in the Second Lien Intercreditor Agreement)) on a basis ranking prior to the security interest of such Term Loan Obligations or (any such condition referred to in the foregoing clauses (w), (x), (y) or (z) with respect to any Term Loan Obligations, an “Impairment” of such Term Loan Obligations). In the event of any Impairment with respect to any Term Loan Obligations, the results of such Impairment shall be borne solely by the holders of such Term Loan Obligations, and the rights of the holders of such Term Loan Obligations (including the right to receive distributions in respect of such Term Loan Obligations pursuant to Section 8.01 or the right to equal and ratable liens on the Shared Collateral securing any Excess Priority Lien to the extent the Impairment relates to the Term Loan Liens) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Term Loan Obligations now or hereafter held by or subject to such Impairment. The Revolver Agent, on behalf of the Revolver Secured Parties, agrees the Revolver Secured Parties shall not commence or support any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Lien on the Collateral securing any Parity Lien Obligationsjudicial proceeding seeking an Impairment.

Lien Priorities. 2.1 Relative Priorities for the Revolving Credit Primary Collateral – Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Parity Lien Revolving Credit Obligations granted on the Revolving Credit Primary Collateral or of any Liens securing the Priority Lien Notes Obligations granted on the Collateral, Revolving Credit Primary Collateral and notwithstanding any provision of the any UCC, or any other applicable law or the Note Revolving Credit Documents or the Notes Documents or any defect or deficiencies in, or failure to perfect or lapse in perfection ofperfect, or avoidance as a fraudulent conveyance or otherwise of, the such Liens securing the Priority Lien Revolving Credit Obligations or the Parity Lien Obligations, the subordination of such Liens to any other Liens, Notes Obligations or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantorthe US Revolving Credit Collateral Agent, (i) on behalf of itself and the Revolving Credit Claimholders and the Notes Collateral Agent, on behalf of itself and the Notes Claimholders, each hereby agree that any Lien of the US Revolving Credit Collateral Agent on the Collateral securing any Priority Lien Obligations Revolving Credit Primary Collateral, whether now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien the US Revolving Credit Collateral Agent or any holders of Priority Lien Debt Revolving Credit Claimholder or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien all Liens on the Revolving Credit Primary Collateral securing any Parity Lien Notes Obligations; (ii) . For the avoidance of doubt, any Lien on of the US Revolving Credit Collateral Agent securing any Parity Lien Obligations in respect of Loans (as defined in the Revolving Credit Agreement) and letters of credit issued under the Revolving Credit Agreement not constituting Revolving Credit Obligations for purposes of clause (c) of the definition of Revolving Credit Obligations, whether now or hereafter held by or on behalf of the Trustee, the US Revolving Credit Collateral Agent, any holders of Parity Lien Debt Agent or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Collateral securing any Priority Lien Obligations; and (iii) any Lien on the Collateral securing any Excess Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt Revolving Credit Claimholder or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Lien of the Notes Collateral Agent on the Revolving Credit Primary Collateral securing any Parity Lien Notes Obligations (but only to the extent such Obligations do not constitute Revolving Credit Obligations).

Lien Priorities. Notwithstanding (a) (i) The parties hereto hereby agree that, notwithstanding the date, time, method, manner order or order method of grantcreation, attachment or perfection of any the respective security interests and/or Liens securing the Parity Lien Obligations granted on in favor of the Collateral Agents to secure the Obligations or the filing or recording of financing statements or other Security Documents; the validity or enforceability of the security interests and Liens granted in favor of the Collateral Agents or the Revolver Secured Creditors or the Term Secured Creditors; the dating, execution or delivery of any agreement, document or instrument granting any Collateral Agent or Secured Creditor security interests and/or Liens securing in or on any or all of the Priority Lien Obligations granted property or assets of any pledgor; the date on which any indebtedness is extended; the Collateral, and notwithstanding giving or failure to give notice of the acquisition or expected acquisition of any purchase money or other security interest; any provision of the UCCUniform Commercial Code, including any rule for determining priority thereunder or under any other applicable law or rule governing the Note Documents relative priorities of secured creditors, including with respect to real property or fixtures; any defect or deficiencies in, or failure to perfect or lapse provision set forth in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Priority Lien Obligations any Credit Document; or the Parity Lien Obligations, the subordination of such Liens to possession or control by any other Liens, or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantor, (i) any Lien on the Collateral securing any Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent or any holders of Priority Lien Debt Secured Creditor or any agent bailee of all or trustee therefor, regardless any part of how acquired, whether by grant, possession, statute, operation any Collateral as of law, subrogation the date hereof or otherwise, (w) the Liens granted on the Revolver First Priority Collateral under the Revolver Security Documents to secure the Revolver Secured Obligations shall be senior in all respects a first and prior to any Lien security interest for all purposes in such Revolver First Priority Collateral, (x) the Liens granted on the Term First Priority Collateral securing any Parity Lien Obligations; under the Term Security Documents to secure the Term Secured Obligations shall be a first and prior security interest for all purposes in such Term First Priority Collateral, (iiy) any Lien the Liens granted on the Revolver First Priority Collateral securing any Parity Lien under the Term Security Documents to secure the Term Secured Obligations now or hereafter held by or on behalf of the Trustee, the Collateral Agent, any holders of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior second and subordinate in all respects subordinated to all the Liens granted under the Revolver Security Documents on the Revolver First Priority Collateral securing any Priority Lien Obligations; and (iiiz) any Lien and the Liens granted on the Term First Priority Collateral securing any Excess Priority Lien under the Revolver Security Documents to secure the Revolver Secured Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior second and subordinate in all respects subordinated to any Lien the Liens granted under the Term Security Documents on the Collateral securing any Parity Lien ObligationsTerm First Priority Collateral.

Lien Priorities. Notwithstanding (a) (i) The parties hereto hereby agree that, notwithstanding the date, time, method, manner order or order method of grantcreation, attachment or perfection of any the respective security interests and/or Liens securing the Parity Lien Obligations granted on in favor of the Collateral Agents to secure the Obligations or the filing or recording of financing statements or other Security Documents; the validity or enforceability of the security interests and Liens granted in favor of the Collateral Agents or the Revolver Secured Creditors or the Notes Secured Creditors; the dating, execution or delivery of any agreement, document or instrument granting any Collateral Agent or Secured Creditor security interests and/or Liens securing in or on any or all of the Priority Lien Obligations granted property or assets of any pledgor; the date on which any indebtedness is extended; the Collateral, and notwithstanding giving or failure to give notice of the acquisition or expected acquisition of any purchase money or other security interest; any provision of the UCCUniform Commercial Code, including any rule for determining priority thereunder or under any other applicable law or rule governing the Note Documents relative priorities of secured creditors, including with respect to real property or fixtures; any defect or deficiencies in, or failure to perfect or lapse provision set forth in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Priority Lien Obligations any Credit Document; or the Parity Lien Obligations, the subordination of such Liens to possession or control by any other Liens, or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantor, (i) any Lien on the Collateral securing any Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent or any holders of Priority Lien Debt Secured Creditor or any agent bailee of all or trustee therefor, regardless any part of how acquired, whether by grant, possession, statute, operation any Collateral as of law, subrogation the date hereof or otherwise, (w) the Liens granted on the Revolver First Priority Collateral under the Revolver Security Documents to secure the Revolver Secured Obligations shall be senior in all respects a first and prior to any Lien security interest for all purposes in such Revolver First Priority Collateral, (x) the Liens granted on the Notes First Priority Collateral securing any Parity Lien Obligations; under the Notes Security Documents to secure the Notes Secured Obligations shall be a first and prior security interest for all purposes in such Notes First Priority Collateral, (iiy) any Lien the Liens granted on the Revolver First Priority Collateral securing any Parity Lien under the Notes Security Documents to secure the Notes Secured Obligations now or hereafter held by or on behalf of the Trustee, the Collateral Agent, any holders of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior second and subordinate in all respects subordinated to all the Liens granted under the Revolver Security Documents on the Revolver First Priority Collateral securing any Priority Lien Obligations; and (iiiz) any Lien and the Liens granted on the Notes First Priority Collateral securing any Excess Priority Lien under the Revolver Security Documents to secure the Revolver Secured Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior second and subordinate in all respects subordinated to any Lien the Liens granted under the Notes Security Documents on the Collateral securing any Parity Lien ObligationsNotes First Priority Collateral.

Lien Priorities. (a) The grant of the Revolver Liens pursuant to the Revolver Documents and the grant of the FLLO Liens pursuant to the FLLO Documents create two separate and distinct Liens of equal priority on the Shared Collateral for the equal and ratable benefit of the holders of all previously existing and future Priority Obligations. Notwithstanding the dateforegoing or anything else to the contrary in this Agreement, time, method, manner or order of grant, attachment or perfection of any Liens securing the Parity Lien Obligations granted on the Collateral or of any Liens securing the Priority Lien Obligations granted on the Collateral, each FLLO Agent hereby acknowledges and notwithstanding any provision of the UCC, or any other applicable law or the Note Documents or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Priority Lien Obligations or the Parity Lien Obligations, the subordination of such Liens to any other Liens, or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantor, agrees (i) any Lien on the Collateral securing any Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent or any holders of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Collateral securing any Parity Lien Obligations; (ii) any Lien on the Collateral securing any Parity Lien Obligations now or hereafter held by or on behalf of the Trustee, applicable FLLO Secured Parties) that the Collateral Agent, FLLO Secured Parties (and not the Revolver Secured Parties) bear the risk of any holders determination by a court of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on competent jurisdiction that (w) the Collateral securing any FLLO Obligations do not constitute “Priority Lien Obligations; ” under (and as defined in) the Second Lien Intercreditor Agreement, (iiix) any of the FLLO Obligations are unenforceable under applicable law or are subordinated to any other obligations (including the Second Lien Obligations (as defined in the Second Lien Intercreditor Agreement)), (y) any of the FLLO Obligations do not have an enforceable security interest in any of the Shared Collateral securing such FLLO Obligations and/or (z) any intervening security interest exists securing any other obligations (including the Second Lien Obligations (as defined in the Second Lien Intercreditor Agreement)) on a basis ranking prior to the security interest of such FLLO Obligations or (any such condition referred to in the foregoing clauses (w), (x), (y) or (z) with respect to any FLLO Obligations, an “Impairment” of such FLLO Obligations). In the event of any Impairment with respect to any FLLO Obligations, the results of such Impairment shall be borne solely by the holders of such FLLO Obligations, and the rights of the holders of such FLLO Obligations (including the right to receive distributions in respect of such FLLO Obligations pursuant to Section 8.01 or the right to equal and ratable liens on the Shared Collateral securing any Excess Priority Lien to the extent the Impairment relates to the FLLO Liens) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the FLLO Obligations now or hereafter held by or subject to such Impairment. The Revolver Agent, on behalf of the Revolver Secured Parties, agrees the Revolver Secured Parties shall not commence or support any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Lien on the Collateral securing any Parity Lien Obligationsjudicial proceeding seeking an Impairment.

Lien Priorities. (a) Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Parity Lien Subordinated Obligations granted on the Senior Priority Collateral or of any Liens securing the Priority Lien Senior Obligations granted on the Senior Priority Collateral, and notwithstanding any provision of the UCC, U.C.C. or any other applicable law or law, the Note Subordinated Loan Documents or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise ofperfect, the Liens securing the Priority Lien Senior Obligations or the Parity Lien Obligations, the subordination of such Liens to any other Liens, or any other circumstance whatsoeverwhatsoever (including any Lien securing the Senior Obligations being subordinated, whether voided, invalidated or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantorlapsed), the Subordinated Administrative Agent, on behalf of itself and the other Subordinated Secured Parties, hereby agrees that: (i) any Lien purported to be granted on the Senior Priority Collateral securing any Priority Lien Senior Obligations now or hereafter held by or on behalf of any Priority Lien Representativethe Senior Administrative Agent, any Priority Lien Collateral Agent or any holders of Priority Lien Debt other Senior Secured Party or any agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Senior Priority Collateral securing any Parity Lien the Subordinated Obligations; and (ii) any Lien purported to be granted on the Senior Priority Collateral securing any Parity Lien the Subordinated Obligations now or hereafter held by or on behalf of the Trustee, the Collateral Subordinated Administrative Agent, any holders of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Collateral securing any Priority Lien Obligations; and (iii) any Lien on the Collateral securing any Excess Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt other Subordinated Secured Party or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate Subordinated in all respects to any Lien all Liens on the Senior Priority Collateral securing any Parity Senior Obligations. All Liens on the Senior Priority Collateral securing any Senior Obligations shall be and remain senior in all respects and prior to all Liens on the Senior Priority Collateral securing any Subordinated Obligations for all purposes, whether or not such Liens securing any Senior Loan Obligations are subordinated to any Lien Obligationssecuring any other obligation of any Borrower, any other Loan Party or any other Person.

Lien Priorities. Notwithstanding (a) (i) The parties hereto hereby agree that, notwithstanding the date, time, method, manner order or order method of grantcreation, attachment or perfection of any the respective security interests and/or Liens securing the Parity Lien Obligations granted on in favor of the Collateral Agents to secure the Obligations or the filing or recording of financing statements or other Security Documents; the validity or enforceability of the security interests and Liens granted in favor of the Collateral Agents or the Revolver Secured Creditors or the Term and Note Secured Creditors; the dating, execution or delivery of any agreement, document or instrument granting any Collateral Agent or Secured Creditor security interests and/or Liens securing in or on any or all of the Priority Lien Obligations granted property or assets of any pledgor; the date on which any indebtedness is extended; the Collateral, and notwithstanding giving or failure to give notice of the acquisition or expected acquisition of any purchase money or other security interest; any provision of the UCCUniform Commercial Code, including any rule for determining priority thereunder or under any other applicable law or rule governing the Note Documents relative priorities of secured creditors, including with respect to real property or fixtures; any defect or deficiencies in, or failure to perfect or lapse provision set forth in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Priority Lien Obligations any Loan Document or the Parity Lien Obligations, Senior Secured Notes Indenture or the subordination of such Liens to Senior Secured Notes; or the possession or control by any other Liens, or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantor, (i) any Lien on the Collateral securing any Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent or any holders of Priority Lien Debt Secured Creditor or any agent bailee of all or trustee therefor, regardless any part of how acquired, whether by grant, possession, statute, operation any Collateral as of law, subrogation the date hereof or otherwise, (w) the Liens granted on the Revolver First Priority Collateral under the Revolver Security Documents to secure the Revolver Secured Obligations shall be senior in all respects a first and prior to any Lien security interest for all purposes in such Revolver First Priority Collateral, (x) the Liens granted on the Term and Note First Priority Collateral securing any Parity Lien Obligations; under the Term and Note Security Documents to secure the Term and Note Secured Obligations shall be a first and prior security interest for all purposes in such Term and Note First Priority Collateral, (iiy) any Lien the Liens granted on the Revolver First Priority Collateral securing any Parity Lien under the Term and Note Security Documents to secure the Term and Note Secured Obligations now or hereafter held by or on behalf of the Trustee, the Collateral Agent, any holders of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior second and subordinate in all respects subordinated to all the Liens granted under the Revolver Security Documents on the Revolver First Priority Collateral securing any Priority Lien Obligations; and (iiiz) any Lien and the Liens granted on the Term and Note First Priority Collateral securing any Excess Priority Lien under the Revolver Security Documents to secure the Revolver Secured Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior second and subordinate in all respects subordinated to any Lien the Liens granted under the Term and Note Security Documents on the Collateral securing any Parity Lien ObligationsTerm and Note First Priority Collateral.

Lien Priorities. 2.1 Relative Priorities for the Revolving Credit Primary Collateral. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Parity Lien Revolving Credit Obligations granted on the Revolving Credit Primary Collateral or of any Liens securing the Priority Lien Notes Obligations granted on the Collateral, Revolving Credit Primary Collateral and notwithstanding any provision of the any UCC, or any other applicable law or the Note Revolving Credit Documents or the Notes Documents or any defect or deficiencies in, or failure to perfect or lapse in perfection ofperfect, or avoidance as a fraudulent conveyance or otherwise of, the such Liens securing the Priority Lien Revolving Credit Obligations or the Parity Lien Obligations, the subordination of such Liens to any other Liens, Notes Obligations or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantorthe US Revolving Credit Collateral Agent, (i) on behalf of itself and the Revolving Credit Claimholders and the Notes Collateral Agent, on behalf of itself and the Notes Claimholders, each hereby agree that any Lien of the US Revolving Credit Collateral Agent on the Collateral securing any Priority Lien Obligations Revolving Credit Primary Collateral, whether now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien the US Revolving Credit Collateral Agent or any holders of Priority Lien Debt Revolving Credit Claimholder or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien all Liens on the Revolving Credit Primary Collateral securing any Parity Lien Notes Obligations; (ii) . For the avoidance of doubt, any Lien on of the US Revolving Credit Collateral Agent securing any Parity Lien Obligations in respect of Loans (as defined in the Revolving Credit Agreement) and letters of credit issued under the Revolving Credit Agreement not constituting Revolving Credit Obligations for purposes of clause (c) of the definition of Revolving Credit Obligations, whether now or hereafter held by or on behalf of the Trustee, the US Revolving Credit Collateral Agent, any holders of Parity Lien Debt Agent or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Collateral securing any Priority Lien Obligations; and (iii) any Lien on the Collateral securing any Excess Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt Revolving Credit Claimholder or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Lien of the Notes Collateral Agent on the Revolving Credit Primary Collateral securing any Parity Lien Notes Obligations (but only to the extent such Obligations do not constitute Revolving Credit Obligations).

Lien Priorities. (a) Each Representative hereby (i) acknowledges that the Grantors (x) have granted or will grant Liens on the Collateral in favor of the Term Loan Agent (for the benefit of itself and/or the other Term Loan Secured Parties) to secure the Term Loan Obligations, (y) have granted or will grant Liens on the Collateral in favor of the Intermediation Facility Secured Parties to secure the Intermediation Facility Obligations and (z) have granted or will grant Liens on the Collateral in favor of the Renewables Intermediation Facility Secured Parties to secure the Renewables Intermediation Facility Obligations. Notwithstanding anything to the contrary herein or any Finance Document, any and all Liens now existing or hereafter created or arising, regardless of how or when acquired, whether by grant, statute, operation of law, subrogation or otherwise, are expressly, and shall remain, junior in priority, operation and effect to any and all First Priority Liens now existing or hereafter created or arising, notwithstanding (i) the date, time, method, manner or order of grant, attachment attachment, or perfection of any Liens securing the Parity Lien Obligations granted on the Collateral to any Secured Party in respect of all or any portion of any Liens securing the Priority Lien Obligations granted on the Collateral, and notwithstanding (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of any Secured Party in any Collateral, (iii) any provision of the UCC, or any other applicable law or any of the Note Documents Finance Documents, (iv) whether the Liens securing any of the Secured Obligations are valid, enforceable, void, avoidable, subordinated, disputed, or allowed, (v) whether any Term Loan Agent, Intermediation Facility Secured Party or Renewables Intermediation Facility Secured Party, in each case directly or through agents, has control over all or any portion of the Collateral, (vi) any defect or deficiencies in, or non-perfection or alleged or purported defect or deficiency in any of the foregoing (including any failure to perfect or lapse in perfection ofperfection), setting aside, Re-Characterization, or avoidance (including as a fraudulent conveyance or otherwise otherwise) of, the Liens securing the Priority Lien Obligations or the Parity Lien Obligations, the subordination of such Liens to any other LiensLien, or (vii) the fact that any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantor, such First Priority Liens are (ix) any Lien on the Collateral securing any Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent or any holders of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior subordinated to any Lien on the Collateral securing any Parity Lien Obligations; (ii) any Lien on the Collateral securing any Parity Lien Obligations now or hereafter held by or on behalf of the Trustee, the Collateral Agent, any holders of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Collateral securing any Priority Lien Obligations; and (iii) any Lien on the Collateral securing any Excess Priority Lien Obligations now or hereafter held by or on behalf obligation of any Priority Lien RepresentativeGrantor or (y) otherwise subordinated, voided, avoided, invalidated or lapsed in any Priority Lien Collateral Agent, any holder of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Lien on the Collateral securing any Parity Lien Obligationsmanner.

Lien Priorities. SECTION 2.01. Relative Priorities Notwithstanding the date, time, methodmanner, manner order or order method of grant, creation, attachment or perfection of any Liens securing the Parity Junior Lien Obligations granted on the Collateral or of any Liens securing the Priority Lien Obligations granted on the CollateralSenior Lien, and notwithstanding any provision of the UCC, UCC or any other applicable law law, the provisions of any Security Document or the Note Documents or any other Debt Document, any defect or deficiencies in, deficiency or failure to perfect or lapse alleged deficiency in perfection of, or avoidance as a fraudulent conveyance or otherwise of, any of the Liens securing the Priority Lien Obligations or the Parity Lien Obligations, the subordination of such Liens to any other Liens, foregoing or any other circumstance whatsoever, whether or not any insolvency or liquidation proceeding has been commenced by or against ION or any Guarantoreach Representative, for itself and on behalf of its respective Secured Parties, hereby agrees that, until the Senior Discharge Date, (ia) any Senior Lien on the Collateral securing any Priority Lien Obligations now or hereafter held by or on behalf for the benefit of any Priority Lien Representative, any Priority Lien Collateral Agent or any holders of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, Credit Facility Secured Party shall be senior in right, priority, perfection, operation, effect and all other respects and prior to any Lien on the Collateral securing any Parity Lien Obligations; and all Junior Liens and (iib) any Junior Lien on the Collateral securing any Parity Lien Obligations now or hereafter held by or on behalf for the benefit of the Trustee, the Collateral Agent, any holders of Parity Lien Debt or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, Indenture Secured Party shall be junior and subordinate in right, priority, operation, effect and all respects to all Liens on the Collateral securing any Priority Lien Obligations; and (iii) any Lien on the Collateral securing any Excess Priority Lien Obligations now or hereafter held by or on behalf of any Priority Lien Representative, any Priority Lien Collateral Agent, any holder of Priority Lien Debt or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all other respects to any Lien and all Senior Liens, in each case, on the Collateral terms set forth herein. Until the Senior Discharge Date, the Senior Liens shall be and remain senior in right, priority, operation, effect and all other respects to any Junior Liens for all purposes, in each case, on the terms set forth herein, whether or not any Senior Liens are subordinated in any respect to any other Lien securing any Parity other obligation of any Grantor or any other Person and whether or not any such Liens are voided, avoided, invalidated, lapsed or unperfected. Except with respect to Permitted Liens (as defined in the Amended Credit Agreement as in effect on the date hereof), the Administrative Agent agrees not to subordinate, or otherwise voluntarily relinquish the benefits of, its Senior Lien Obligationsin any Credit Facility Collateral to the Lien, indebtedness or claim of any other creditor of AGI, Holdings, any Borrower or any Grantor or any Guarantor without the prior written consent of the Indenture Agent (acting at the written direction of the requisite Note Holders in accordance with the terms of the Indenture).