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.
First Lien Shared Collateral means the Shared Collateral to the extent subject to a Lien in favor of the First Priority Collateral Agent securing First Priority Obligations.
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.
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 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.
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.