Equal and Ratable Benefit definition

Equal and Ratable Benefit means, with respect to any of the Collateral or any rights to share in any proceeds thereof, the equal and ratable interest therein and rights in respect thereof solely of those Secured Holders holding any interest therein or rights thereto in accordance with the terms of the Master Agreement, this Agreement and other Collateral Documents based on their respective pro rata shares of the Total Principal Exposure of only those Secured Holders. For example, (i) only the Credit Parties, and not any of the Note Holders, would have the Equal and Ratable Benefit of any Lien created under the Collateral Documents in any assets of the Pledgors not subject to the Indenture Lien Restrictions of the Note Indentures, and (ii) so long as any Rexair Bank Exposure remains outstanding, the Lien hereunder in favor of the Collateral Trustees for the Equal and Ratable benefit of the Secured Holders and their respective Representatives upon any of the Rexair Collateral shall be junior and subordinate to the Lien in favor of the Rexair Collateral Agent for the Equal and Ratable Benefit of the Rexair Credit Parties pursuant to the Rexair Collateral Documents.
View Source

Examples of Equal and Ratable Benefit in a sentence

  • This Agreement is made for the Equal and Ratable Benefit of the Representatives on behalf of the Secured Holders, and the Representatives may from time to time enforce their rights as explicit beneficiaries hereunder.

  • The provisions of this Agreement creating a trust for the Equal and Ratable Benefit of the Representatives on behalf of the Secured Holders and setting forth the rights, duties, obligations and responsibilities of the Collateral Trustees hereunder shall be governed by and construed in accordance with the laws of the State of Delaware, so long as Wilmington Trust Company shall serve as Corporate Trustee hereunder.

  • This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until released as provided in Section 8.02 of the Collateral Trust Agreement, (b) be binding upon each Pledgor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral Trustees hereunder, to the Equal and Ratable Benefit of the Secured Holders and their respective successors, transferees and assigns.

  • If no such notice is delivered by a Representative within ten Business Days thereafter, the Corporate Trustee shall deposit amounts otherwise distributable to such Representative into an account for the Equal and Ratable Benefit of such Representative and its Secured Holders pursuant to Section 5.02 hereof.

Related to Equal and Ratable Benefit

  • Equally and Ratably means, in reference to sharing of Liens or proceeds thereof as between holders of Secured Obligations within the same Class, that such Liens or proceeds:

  • Second Priority Debt means any Indebtedness of the Borrower or any other Grantor guaranteed by the Guarantors (and not guaranteed by any Subsidiary that is not a Guarantor), including the Initial Second Priority Debt, which Indebtedness and guarantees are secured by the Second Priority Collateral on a pari passu basis (but without regard to control of remedies, other than as provided by the terms of the applicable Second Priority Debt Documents) with any other Second Priority Debt Obligations and the applicable Second Priority Debt Documents which provide that such Indebtedness and guarantees are to be secured by such Second Priority Collateral on a subordinate basis to the Senior Debt Obligations (and which is not secured by Liens on any assets of the Borrower or any other Grantor other than the Second Priority Collateral or which are not included in the Senior Collateral); provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each Senior Debt Document and Second Priority Debt Document and (ii) except in the case of the Initial Second Priority Debt hereunder, the Representative for the holders of such Indebtedness shall have become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09 hereof. Second Priority Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in exchange therefor.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any other series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest, fees or expenses which accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt and (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents.

  • Second Priority Obligations means (a) with respect to the Existing Second Priority Agreement, all “Secured Obligations” of each Loan Party as defined in the “Security Agreement” referred to in the Existing Second Priority Agreement and (b) with respect to each other Second Priority Agreement, (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all indebtedness under such Second Priority Agreement, and (ii) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable Second Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties hereunder, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • Second Priority Debt Parties means the Initial Second Priority Debt Parties and, with respect to any series, issue or class of Second Priority Debt, the holders of such Indebtedness, the Representative with respect thereto, any trustee or agent therefor under any related Second Priority Debt Documents and the beneficiaries of each indemnification obligation undertaken by the Borrower or any other Grantor under any related Second Priority Debt Documents.