Junior Priority Security Documents definition

Junior Priority Security Documents means, collectively, the Junior Priority Security Agreement, other security agreements relating to the Collateral securing a series of Junior Priority Obligations and the mortgages and instruments filed and recorded in appropriate jurisdictions to preserve and protect the Liens on the Collateral securing a series of Junior Priority Obligations (including financing statements under the Uniform Commercial Code of the relevant states) in each case, as amended, restated, renewed, replaced or otherwise modified from time to time.

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Junior Priority Security Documents means any Additional Junior-Priority Document that creates and/or perfects or purports to create and/or perfect any Lien on the Collateral for the benefit of the applicable Junior-Priority Secured Parties under such Additional Junior-Priority Documents.

Junior Priority Security Documents. (or like term) in the Junior Lien Pari Passu Intercreditor Agreement.

Examples of Junior Priority Security Documents in a sentence

Each Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the Senior Priority Security Documents and the Junior Priority Security Documents constitute separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Senior Priority Obligations are fundamentally different from the Junior Priority Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding.
The Trustee will, at the Grantor’s expense, execute and deliver to Grantor such documents as Grantor shall reasonably request to evidence the fact that any asset so sold or disposed of is no longer subject to the security interest created by the Junior Priority Security Documents.
If the new Senior Priority Obligations under the new Senior Priority Documents are secured by assets of the Grantors of the type constituting Junior Priority Collateral that do not also secure the Junior Priority Obligations, then the Junior Priority Obligations shall be secured at such time by a Senior Priority Lien on such assets to the same extent provided in the Junior Priority Security Documents with respect to the other Junior Priority Collateral.
In furtherance of the foregoing, the parties hereto acknowledge, subject to the other provisions of this Collateral Trust Agreement, that the Grantors shall cause the First Priority Security Documents and the Junior Priority Security Documents to be in all material respects the same forms of documents other than as is necessary or appropriate to reflect the first lien and second lien nature of the Secured Obligations thereunder.
If the new Senior Priority Obligations under the new Senior Priority Documents are secured by assets of the Grantors of the type constituting Senior Priority Collateral that do not also secure the Junior Priority Obligations, then the Junior Priority Obligations shall be secured at such time by a Junior Priority Lien on such assets to the same extent provided in the Junior Priority Security Documents with respect to the other Senior Priority Collateral.

More Definitions of Junior Priority Security Documents

Junior Priority Security Documents means (a) the Term Loan Security Documents, (b) the Notes Security Documents and (c) each of the other agreements, documents or instruments pursuant to which a Lien on Intercreditor Collateral is granted or purported to be granted securing any Junior Priority Debt Obligation or under which rights or remedies with respect to such Liens are governed, but in each case only to the extent relating to Intercreditor Collateral.

Junior Priority Security Documents means, collectively, the Security Agreement, the Intellectual Property Agreement and all other security agreements, pledges, collateral assignments, mortgages or other instruments evidencing or creating any Security Interests in favor of the Trustee, for the benefit of the Trustee and the Securityholders, in all or any portion of the Collateral, in each case, as amended, amended and restated, supplemented, replaced or otherwise modified from time to time, in accordance with the terms thereof.

Junior Priority Security Documents has the meaning given to the term “Second Priority Security Documents” or any comparable term in the Junior Priority Intercreditor Agreements.

Junior Priority Security Documents means the Second Priority Security Documents and the Third Priority Security Documents, collectively.

Junior Priority Security Documents means (i) the Federal Capex Facility Security Documents, (ii) the Ontario Capex Facility Security Documents, and (iii) any other agreement, document or instrument pursuant to which a Lien is granted (or purported to be granted) securing any Junior Priority Obligations or under which rights or remedies with respect to such Liens are governed, together with any amendments, replacements, modifications, extensions, renewals or supplements to, or restatements of, any of the foregoing.

Junior Priority Security Documents means the documents pursuant to which the Liens on the Junior Priority Collateral for the benefit of the Junior Priority Secured Parties shall have been granted or purported to be granted. “Lien” means (a) any mortgage, deed of trust, pledge, deed to secure debt, hypothecation, security interest, easement (including, without limitation, reciprocal easement agreements and utility agreements), rights-of-way, reservations, encroachments, zoning, and other land use restrictions, claim or any other title defect, lease, encumbrance, restriction, lien or charge of any kind whatsoever and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing). “Loan Party” means the Borrower and each direct or indirect domestic subsidiary of the Borrower that is now or hereafter becomes a party to any First Priority Document or Second Priority Document. All references in this Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding. “Person” means any person, individual, sole proprietorship, partnership, joint venture, corporation, limited liability company, unincorporated organization, association, institution, entity, party, including any government and any political subdivision, agency or instrumentality thereof.

Junior Priority Security Documents means all security agreements, pledge agreements, intercreditor agreements, collateral assignments, mortgages, deeds of trust, assignments of leases and rents, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by any Grantor, in each case, creating (or purporting to create) a Lien upon any property, rights or interests of such Grantor in favor of the Collateral Trustee, for the benefit of any holder of the Junior Priority Secured Obligations, in each case, as amended, modified, renewed, extended, restated or replaced, in whole or in part, from time to time, in accordance with its terms.