Parallel Modifications to Second Lien Obligations Sample Clauses

The "Parallel Modifications to Second Lien Obligations" clause establishes that any amendments, waivers, or modifications made to the terms of the first lien obligations must be mirrored or paralleled in the second lien obligations. In practice, this means if the first lien lenders agree to extend maturity dates, adjust interest rates, or alter covenants, the same changes must be applied to the second lien debt documents. This ensures consistency between the two sets of obligations, preventing conflicts or imbalances in the rights and obligations of the different creditor groups, and ultimately maintains the intended priority and structure of the overall financing arrangement.
Parallel Modifications to Second Lien Obligations. If a First Lien Nexstar Claimholder or First Lien Mission Claimholder and a Grantor modify a First Lien Nexstar Collateral Document or First Lien Mission Collateral Document, respectively, the modification will apply automatically to any comparable provision of a Second Lien Collateral Document in which the Grantor grants a Lien on the same Collateral, without the consent of any Second Lien Claimholder and without any action by Second Lien Agent or any Grantor, provided that no such modification will (a) remove or release Second Lien Collateral, except to the extent that (1) the release is permitted or required by this Agreement, or (2) there is a corresponding release of First Lien Nexstar Collateral and First Lien Mission Collateral, or (b) impose duties on Second Lien Agent without its consent.
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Parallel Modifications to Second Lien Obligations. Subject to section 2.2, “
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Parallel Modifications to Second Lien Obligations. Subject to Section 3.2, if a First Lien Claimholder and a Grantor modify a First Lien Collateral Document, the modification will apply automatically to any comparable provision of a Second Lien Collateral Document in which the Grantor grants a Lien on the same Collateral, without the consent of any Second Lien Claimholder and without any action by Second Lien Agent or any Grantor, provided that no such modification will: (a) remove or release Second Lien Collateral, except to the extent that (1) the release is permitted or required by Section 7.1 or permitted by the Second Lien Loan Documents as in effect on the date hereof, and (2) there is a corresponding release of First Lien Collateral, (b) impose duties on Second Lien Agent without its consent, or (c) permit other Liens on the Collateral not permitted under the terms of the Second Lien Loan Documents or Section 7 of this Agreement.
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Related to Parallel Modifications to Second Lien Obligations

  • Continuing Obligations of the Grantors Each Grantor shall remain liable to observe and perform all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Collateral, all in accordance with the terms and conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such performance.

  • Modifications to Loan Documents Except as otherwise provided in Section 9.02(b) or 9.02(c) with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver under any of the Loan Documents; provided that, without the prior consent of each Lender, the Administrative Agent shall not (except as provided herein or in the Security Documents) release all or substantially all of the Collateral or otherwise terminate all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations being secured by all or substantially all of such collateral security, or alter the relative priorities of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized, to release any Lien covering property that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders have consented.

  • Agents under Collateral Documents and Guaranty Each Secured Party hereby further authorizes Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit of Secured Parties, to be the agent for and representative of Secured Parties with respect to the Guaranty, the Collateral and the Collateral Documents; provided that neither Administrative Agent nor Collateral Agent shall owe any fiduciary duty, duty of loyalty, duty of care, duty of disclosure or any other obligation whatsoever to any holder of Obligations with respect to any Hedge Agreement. Subject to Section 10.5, without further written consent or authorization from any Secured Party, Administrative Agent or Collateral Agent, as applicable may execute any documents or instruments necessary to (i) in connection with a sale or disposition of assets permitted by this Agreement, release any Lien encumbering any item of Collateral that is the subject of such sale or other disposition of assets or to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented or (ii) release any Guarantor from the Guaranty pursuant to Section 7.12 or with respect to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented. Collateral Agent further declares that it holds all Australian Collateral acquired by the Collateral Agent after the date hereof on trust for the benefit of the Secured Parties from time to time (it being understood that the provisions of this Section 9 apply to Collateral Agent in its capacity as trustee of such trust).

  • Modifications to Loan Agreement 1 The Loan Agreement shall be amended by deleting the following text appearing as Section 7.9 (Subordinated Debt) thereof:

  • Continuing Security Interest; Assignments under the Credit Agreement This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of the Secured Obligations, (ii) the Termination Date and (iii) the termination or expiration of all Letters of Credit and all Secured Hedge Agreements, (b) be binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender Party may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Advances owing to it and the Note or Notes, if any, held by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender Party herein or otherwise, in each case as provided in Section 8.07 of the Credit Agreement.