Common use of Limitation on Certain Liens Clause in Contracts

Limitation on Certain Liens. No Loan Party shall grant a security interest on “Property” as defined in the Senior Notes Indenture as in effect on the First Amendment Effective Date in favor of any Person that ceases to be a Loan Party as a result of a Disposition otherwise permitted hereunder, and in any such case, such Disposition, if applicable, shall be subject to a non-exclusive, irrevocable (until Payment in Full) royalty-free license of such Material Intellectual Propertysecured Indebtedness for borrowed money, unless a security interest senior or pari to the security interest securing such Indebtedness is granted thereon by such Loan Party in favor of the Administrative Agent (for use in connection with the exercise of rights and remediesbenefit of the Secured Parties under the Loan Documents in respect of the Collateral, which license shall be substantially similar to the license described in Section 5.4 of the Security Agreement (or otherwise reasonably satisfactory to the Administrative Agent)hereunder) and such Person enters into an Intercreditor Agreement.