Common use of Permitted Modifications Clause in Contracts

Permitted Modifications. Except as otherwise expressly provided in this section 2, (a) some or all of the First Lien Obligations may be modified, and their aggregate amount increased or Refinanced, in each case in accordance with the provisions of the First Lien Documents and the First Lien Intercreditor Agreement, without notice to or consent by any Second Lien Claimholder; provided that the holders of any Refinancing Indebtedness (or their agent) must bind themselves in a writing addressed to Second Lien Claimholders to the terms of this Agreement, and (b) the Second Lien Obligations may be modified, and their aggregate amount increased or Refinanced, in each case in accordance with the provisions of the Second Lien Documents, without notice to or consent by any First Lien Claimholder; provided that the holders of any Refinancing Indebtedness (or their agent) must bind themselves in a writing addressed to First Lien Claimholders to the terms of this Agreement. However, no such modifications may alter or otherwise affect sections 1.1, “Seniority of Liens Securing First Lien Obligations,” or 1.8, “Prohibition on Contesting Liens; No Marshaling”, or otherwise be in contravention of the other provisions of this Agreement.

Appears in 2 contracts

Sources: Intercreditor Agreement (Terran Orbital Corp), First Lien/Second Lien Intercreditor Agreement (Terran Orbital Corp)