Common use of Relative Priorities Clause in Contracts

Relative Priorities. Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens on Collateral securing the Obligations under the First Lien Obligations (“First Priority Liens”) or any Liens on Collateral that secure the Notes and the Second Lien Obligations (“Second Priority Liens”), and notwithstanding any contrary provision of the UCC or any other applicable law or the First Lien Documents or the Second Lien Documents, or any other circumstance whatsoever, Collateral Agent and the First Lien Agent hereby agree that: (a) subject to the last sentence of this Section 2.1, any First Priority Liens now or hereafter held by or on behalf of, or created for the benefit of, First Lien Agent or any First Lien Creditors or any agent or trustee therefore shall be senior in right, priority, perfection, operation, effect and all other respects to any and all Second Priority Liens; and (b) subject to the last sentence of this Section 2.1, Second Priority Liens now or hereafter held by or on behalf of, or created for the benefit of, Collateral Agent, any Second Lien Creditors or any agent or trustee therefore shall be junior and subordinate in right, priority, perfection, operation, effect and all other respects to all First Priority Liens. All First Priority Liens shall be and remain senior in all respects and prior to all Second Priority Liens for all purposes, whether or not such First Priority Liens are subordinated to any Lien securing any other obligation of any Grantor or any other person (but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Credit Agreement and the Second Lien Indenture, or as specified in Section 6.2).

Relative Priorities. (a) Notwithstanding the date, time, method, manner, manner or order of grant, attachment, attachment or perfection of any Liens on Collateral securing the Obligations under the First Second Priority Lien Obligations (“or any First Priority Liens”) or any Liens on Collateral that secure the Notes and the Second Lien Obligations (“Second Priority Liens”)Lien, and notwithstanding any contrary provision of the UCC or any other applicable law or the First Lien Documents provisions of any Security Document or the Second Lien Documents, any other Loan Document or any other circumstance whatsoever, the Second Lien Collateral Agent Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Agent hereby agree that: Obligations has not occurred, (ai) subject to the last sentence of this Section 2.1, any First Priority Liens Lien now or hereafter held by or on behalf of, or created for the benefit of, First Lien Agent or of any First Lien Creditors or any agent or trustee therefore Secured Party shall be senior in right, priority, perfection, operation, effect and all other respects to any and all Second Priority Liens; and Liens and (bii) subject to the last sentence of this Section 2.1, any Second Priority Liens Lien now or hereafter held by or on behalf of, or created for the benefit of, Collateral Agent, of any Second Lien Creditors or any agent or trustee therefore Secured Party shall be junior and subordinate in right, priority, perfection, operation, effect and all other respects to any and all First Priority Liens. All First Priority Liens shall be and remain senior . (b) Notwithstanding the foregoing clause (a) or anything else in all respects and prior this Agreement to all Second Priority Liens for all purposesthe contrary, whether or not such First Priority Liens are subordinated to any Lien securing any other obligation of any Grantor or any other person (but only to the extent that such subordination is permitted the First Lien Secured Parties make any extensions of credit to the Borrower pursuant to the terms First Lien Loan Documents that at the time of such extensions of credit constitute any Excess First Lien Loan Amount, then the amount of such Excess First Lien Loan Amount shall not be considered First Lien Obligations for the purposes of the Lien priorities set forth in clause (a) above. To the extent provided under the applicable Documents, all such extensions of credit shall continue to be secured by the Collateral; provided, that the Liens upon any of the Collateral securing the Excess First Lien Credit Agreement Loan Amount shall be junior and subordinate to the Liens securing the Second Lien Indenture, or as specified in Section 6.2)Obligations.

Relative Priorities. The grant of the Priority Liens pursuant to the Priority Lien Documents, the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents create three separate and distinct Liens on the Collateral. (a) Notwithstanding anything contained in this Agreement, the datePriority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (%4) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (%4) the time, method, manner, or order of the grant, attachment, attachment or perfection of a Lien, (%4) any Liens conflicting provision of the New York UCC or other applicable law, (%4) any defect in, or non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document, a Second Lien Document or a Third Lien Document, (%4) the modification of a Priority Lien Obligation, a Second Lien Obligation or a Third Lien Obligation, or (%4) the subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of the Obligations Company or other Person that is permitted under the First Priority Lien Obligations (“First Priority Liens”) Documents as in effect on the date hereof or any Liens on Collateral that secure the Notes and securing a DIP Financing, each of the Second Lien Obligations (“Collateral Trustee, on behalf of itself and the other Second Priority Liens”)Lien Secured Parties, and notwithstanding any contrary provision the Third Lien Collateral Trustee, on behalf of the UCC or any other applicable law or the First Lien Documents or the Second Lien Documents, or any other circumstance whatsoever, Collateral Agent itself and the First other Third Lien Agent Secured Parties, hereby agree that: agrees that (a%5) subject to the last sentence of this Section 2.1, any First Priority Liens Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit of, First of any Priority Lien Agent or any First Lien Creditors or any agent or trustee therefore Secured Party shall be senior in right, priority, perfectionoperation, effect and all other respects to (%6) any and all Second Liens on any Collateral and (%6) any and all Third Liens on any Collateral, (%5) any Second Lien on any Collateral now or hereafter held by or for 5279325v2 the benefit of any Second Lien Secured Party shall be (%6) junior and subordinate in right, priority, operation, effect and all other respects to any and all Second Priority Liens; and (b) Liens on any Collateral, in any case, subject to the last sentence of this Section 2.1Priority Lien Cap as provided herein and (%6) senior in right, Second Priority priority, operation, effect and all other respects to any and all Third Liens on any Collateral, and (%5) any Third Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit of, Collateral Agent, of any Second Third Lien Creditors or any agent or trustee therefore Secured Party shall be junior and subordinate in right, priority, perfection, operation, effect and all other respects to (%6) any and all First Priority Liens. All First Priority Liens shall be on any Collateral and remain senior in all respects (%6) any and prior to all Second Priority Liens for all purposeson any Collateral. (b) It is acknowledged that, whether or not such First Priority Liens are subordinated to any Lien securing any other obligation of any Grantor or any other person (but only subject to the extent that such subordination is permitted Priority Lien Cap (as provided herein), (%4) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the terms of the First Priority Lien Credit Documents, (%4) a portion of the Priority Lien Obligations consists or may consist of Debt that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (%4)(%5) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (%5) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens or Third Liens hereunder or the provisions of this Agreement and defining the relative rights of the Priority Lien Secured Parties, the Second Lien IndentureSecured Parties and the Third Lien Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or as specified Replacement of either the Priority Lien Obligations (or any part thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in Section 6.2)respect of any Collateral.

Relative Priorities. Notwithstanding (a) the date, time, method, manner, manner or order of grant, attachment, attachment or perfection of any Liens on Collateral securing the Obligations under the First Second Priority Lien Obligations (“or any First Priority Liens”Lien, (b) or any Liens on Collateral that secure the Notes and the Second Lien Obligations (“Second Priority Liens”), and notwithstanding any contrary provision of the UCC or any other applicable law or the provisions of any Security Instrument or any other Loan Document, (c) any defect in, or non-perfection, setting aside, or avoidance of a Lien or a First Lien Documents Loan Document or the a Second Lien DocumentsLoan Document, (d) the modification of a First Lien Loan Document or a Second Lien Loan Document, (e) the exchange of any security interest in any Collateral for a security interest in other Collateral, (f) the commencement of an Insolvency Proceeding or any other circumstance whatsoever, Collateral Agent and the including a circumstance that might be a defense available to, or a discharge of, a Grantor in respect of a First Lien Agent Obligation or a Second Lien Obligation or holder of such obligation, the Second Lien Administrative Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agree agrees that, so long as the Discharge of First Lien Obligations has not occurred: (ai) subject to the last sentence of this Section 2.1, any First Priority Liens Lien now or hereafter held by or on behalf of, or created for the benefit of, First Lien Agent or of any First Lien Creditors or any agent or trustee therefore Secured Party shall be senior in right, priority, perfection, operation, effect and all other respects to any and all Second Priority Liens; and, (bii) subject to the last sentence of this Section 2.1, any Second Priority Liens Lien now or hereafter held by or on behalf of, or created for the benefit of, Collateral Agent, of any Second Lien Creditors or any agent or trustee therefore Secured Party shall be junior and subordinate in right, priority, perfectionoperation, effect and all other respects to any and all First Priority Liens, and (iii) the First Priority Liens shall be and remain senior in right, priority, operation, effect and all other respects to all First Priority Liens. All First Priority Liens shall be and remain senior in all respects and prior to all any Second Priority Liens for all purposes, whether or not such any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of the Borrower, any other Grantor or any other person (but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Credit Agreement and the Second Lien Indenture, or as specified in Section 6.2)Person.

Relative Priorities. (a) Notwithstanding the time, date, time, method, manner, manner or order of grant, attachment, attachment or perfection of any Liens on Collateral securing the Obligations under the First Second Priority Lien Obligations (“or any First Priority Liens”) Lien (or any Liens on Collateral that secure actual or alleged defect in any of the Notes and the Second Lien Obligations (“foregoing), how any Second Priority Liens”Lien or First Priority Lien was acquired (whether by grant, possession, statute, operation of law, subrogation or otherwise), and notwithstanding any contrary provision of the UCC as in effect in any US Jurisdiction, or any other applicable law or the First Lien Documents provisions of any Security Document or the Second Lien Documents, any other Credit Document or any other circumstance whatsoever, the Second Lien Collateral Agent Agent, for itself and on behalf of the other Second Lien Secured Parties, hereby agrees that, so long as the Discharge of First Lien Agent hereby agree that: Obligations has not occurred, (ai) subject to the last sentence of this Section 2.1, any First Priority Liens Lien now or hereafter held by or on behalf of, or created for the benefit of, First Lien Agent or of any First Lien Creditors or any agent or trustee therefore Secured Party shall be senior in right, priority, perfection, operation, effect and all other respects to any and all Second Priority Liens; and Liens and (bii) subject to the last sentence of this Section 2.1, any Second Priority Liens Lien now or hereafter held by or on behalf of, or created for the benefit of, Collateral Agent, of any Second Lien Creditors or any agent or trustee therefore Secured Party shall be junior and subordinate in right, priority, perfectionoperation, effect and all other respects to any and all First Priority Liens. So long as the Discharge of First Lien Obligations has not occurred, the First Priority Liens shall be and remain senior in right, priority, operation, effect and all other respects to all First Priority Liens. All First Priority Liens shall be and remain senior in all respects and prior to all any Second Priority Liens for all purposes, whether or not such any First Priority Liens are subordinated in any respect to any other Lien securing any other obligation of Holdings, any other Grantor or any other person (but only to the extent that such subordination is permitted pursuant to the terms of the First Lien Credit Agreement and the Second Lien Indenture, or as specified in Section 6.2)Person.

Relative Priorities. (a) The grant of the Priority Liens pursuant to the Priority Lien Documents, the grant of the Second Liens pursuant to the Second Lien Documents and the grant of the Third Liens pursuant to the Third Lien Documents each create separate and distinct Liens on the Collateral. (b) Notwithstanding anything contained in this Agreement, the datePriority Lien Documents, the Second Lien Documents, the Third Lien Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, method, manner, or order of the grant, attachment, attachment or perfection of a Lien, (iii) any Liens conflicting provision of the New York UCC or other applicable law, (iv) any defect in, or non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document, a Second Lien Document or a Third Lien Document, (v) the modification of a Priority Lien Obligation, a Second Lien Obligation or a Third Lien Obligation, or (vi) the subordination of a Lien on Collateral securing the Obligations a Priority Lien Obligation to a Lien securing another obligation of NOG or any other Person that is permitted under the First Priority Lien Obligations (“First Priority Liens”) Documents as in effect on the date hereof or any Liens on Collateral that secure the Notes and securing a DIP Financing, each of the Second Lien Obligations (“Agent, on behalf of itself and the other Second Priority Liens”)Lien Secured Parties, and notwithstanding any contrary provision the Third Lien Collateral Trustee, on behalf of the UCC or any other applicable law or the First Lien Documents or the Second Lien Documents, or any other circumstance whatsoever, Collateral Agent itself and the First other Third Lien Agent Secured Parties, hereby agree that: agrees that (ai) subject to the last sentence of this Section 2.1, any First Priority Liens Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit of, First of any Priority Lien Agent or any First Lien Creditors or any agent or trustee therefore Secured Party shall be senior in right, priority, perfectionoperation, effect and in all other respects to (A) any and all Second Liens on any Collateral, subject to the Priority Lien Cap, and (B) any and all Third Liens on any Collateral, (ii) any Second Lien on any Collateral now or hereafter held by or for the benefit of any Second Lien Secured Party shall be (A) junior and subordinate in right, priority, operation, effect and in all other respects to any and all Second Priority Liens; and (b) Liens on any Collateral, subject to the last sentence of this Section 2.1Priority Lien Cap, Second Priority and (B) senior in right, priority, operation, effect and in all other respects to any and all Third Liens on any Collateral and (iii) any Third Lien on any Collateral now or hereafter held by or on behalf of, or created for the benefit of, Collateral Agent, of any Second Third Lien Creditors or any agent or trustee therefore Secured Party shall be junior and subordinate in right, priority, perfection, operation, effect and in all other respects to (A) any and all First Priority Liens. All First Priority Liens shall be on any Collateral (without regard to the Priority Lien Cap) and remain senior in all respects (B) any and prior to all Second Priority Liens for all purposes, whether or not such First Priority on any Collateral. The subordination of the Liens are subordinated to any securing the Second Lien securing any other obligation of any Grantor or any other person (but only Obligations to the extent Liens securing the Priority Lien Obligations (subject to the Priority Lien Cap) and the subordination of the Liens securing the Third Lien Obligations to the Liens securing Priority Lien Obligations (without regard to the Priority Lien Cap) and to the Liens securing the Second Lien Obligations set forth in this Section 2.01(b) affects only the relative priority of those Liens, and does not subordinate the Second Lien Obligations or the Third Lien Obligations in right of payment to the Priority Lien Obligations, and does not subordinate the Excess Priority Lien Obligations or the Third Lien Obligations in right of payment to the Second Lien Obligations. (c) It is acknowledged that such subordination is permitted (i) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the terms of the First Priority Lien Credit Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of Debt that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination of the Second Liens (subject to the Priority Lien Cap) or Third Liens (without regard to the Priority Lien Cap) hereunder or the provisions of this Agreement and defining the relative rights of the Priority Lien Secured Parties, the Second Lien IndentureSecured Parties and the Third Lien Secured Parties in connection with the Collateral. Subject to this Agreement, it is acknowledged that (i) the aggregate amount of Second Lien Obligations may be increased from time to time pursuant to the terms of the Second Lien Documents and (ii) (A) the Second Lien Documents may be replaced, restated, supplemented, restructured or as specified otherwise amended or modified from time to time and (B) the Second Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time in Section 6.2accordance with the terms hereof, in the case of the foregoing (A) and (B) all without affecting the subordination of the Third Liens hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties in connection with the Collateral. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of the Priority Lien Obligations (or any part thereof), the Second Lien Obligations (or any part thereof) or the Third Lien Obligations (or any part thereof), by the release of any Collateral or of any guarantees for any Priority Lien Obligations or the Second Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral.