First Lien Shared Collateral definition

First Lien Shared Collateral means the Shared Collateral to the extent subject to a Lien in favor of the Collateral Agent securing the Obligations.
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First Lien Shared Collateral means, at any time, collateral in which the holders of two or more Series of First Lien Obligations (or their respective representatives or agents on behalf of such holders) hold a valid and perfected security interest or Lien at such time. If more than two Series of First Lien Obligations are outstanding at any time and the holders of less than all Series of First Lien Obligations hold a valid and perfected security interest or Lien in any such collateral at such time, then such collateral shall constitute First Lien Shared Collateral for those Series of First Lien Obligations that hold a valid and perfected security interest or Lien in such collateral at such time and shall not constitute First Lien Shared Collateral for any Series who does not have a valid and perfected security interest or Lien in such collateral at such time.
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Examples of First Lien Shared Collateral in a sentence

  • To the extent the Collateral Agent is not reimbursed and indemnified by the Borrower under the respective First Lien Security Documents to which they are a party, the Collateral Agent shall be entitled to reimbursement from the proceeds of the First Lien Shared Collateral and the Shared Collateral, but shall have no claim against any First Lien Secured Party for reimbursement or indemnification.

  • The First Lien Shared Collateral secures only the First Lien Secured Obligations, and no other Secured Party shall have any Liens thereon or any security interest therein.


More Definitions of First Lien Shared Collateral

First Lien Shared Collateral means all properties and assets of the Borrower and the Pledgors now owned or hereafter acquired with respect to which the First Lien Secured Parties are granted as security for any First Lien Secured Obligations but not the Second Lien Secured Obligations or Obligations under any Permitted Additional Junior Secured Debt Agreement; provided that, in no event shall such collateral include FF&E Collateral so long as any FF&E Financing secured by such FF&E Collateral is outstanding.
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First Lien Shared Collateral means First-Lien Collateral that constitutes Shared Collateral.
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Related to First Lien Shared Collateral

  • Shared Collateral means, at any time, Collateral in which the holders of two or more Series of First-Lien Obligations hold a valid and perfected security interest at such time. If more than two Series of First-Lien Obligations are outstanding at any time and the holders of less than all Series of First-Lien Obligations hold a valid and perfected security interest in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series of First-Lien Obligations that hold a valid security interest in such Collateral at such time and shall not constitute Shared Collateral for any Series which does not have a valid and perfected security interest in such Collateral at such time.

  • ABL Priority Collateral has the meaning assigned to such term in the Intercreditor Agreement.

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services, in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in respect of cash management services.

  • First Lien Secured Parties means (i) the Credit Agreement Secured Parties and (ii) the Additional First-Lien Secured Parties with respect to each Series of Additional First-Lien Obligations.

  • Second Priority Collateral means any “Collateral” as defined in any Second Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as security for any Second Priority Debt Obligation.

  • Term Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Additional First Lien Secured Parties means the holders of any Additional First Lien Obligations and any trustee, authorized representative or agent of such Additional First Lien Obligations.