Non-Controlling Secured Parties definition

Non-Controlling Secured Parties means, with respect to any Shared Collateral, the First Lien Secured Parties which are not Controlling Secured Parties with respect to such Shared Collateral.

Non-Controlling Secured Parties means the Secured Parties which are not Controlling Secured Parties.

Non-Controlling Secured Parties means, (i) with respect to any Common Pari Passu Collateral, the Pari Passu Secured Parties which are not Controlling Secured Parties with respect to such Common Pari Passu Collateral and (ii) with respect to any Common Subordinated Lien Collateral, the Subordinated Lien Secured Parties which are not Controlling Secured Parties with respect to such Common Subordinated Lien Collateral.

Examples of Non-Controlling Secured Parties in a sentence

• Notwithstanding the equal priority of the Liens, the Controlling Collateral Agent may deal with the Shared Collateral without regard to the equal priority Lien of the Non-Controlling Secured Parties on such Collateral.

• For the avoidance of doubt, to the extent Shared Collateral is Cash Collateral, the Existing Notes Trustee, on behalf of the Existing Notes Secured Parties and the Non-Controlling Secured Parties, has consented to the use of such Cash Collateral.

• The exception does not apply to bodily injury resulting from the use of reasonable force to protect person’s property.

• Each Collateral Agent (other than the Controlling Collateral Agent), for itself or on behalf of any such Non-Controlling Secured Parties, promptly shall execute and deliver to the Controlling Collateral Agent or such Grantor such termination statements, releases and other documents as the Controlling Collateral Agent or such Grantor may request to effectively confirm the foregoing releases.

• Notwithstanding the equal priority of the Liens, the Controlling Agent may deal with the Shared Collateral without regard to the equal priority Lien of the Non-Controlling Secured Parties on such Collateral.

More Definitions of Non-Controlling Secured Parties

Non-Controlling Secured Parties means, with respect to any Shared Collateral, the Equal Priority Secured Parties which are not Controlling Secured Parties with respect to such Shared Collateral.

Non-Controlling Secured Parties means, with respect to any Shared Collateral, the Pari Debt Secured Parties which are not Controlling Secured Parties with respect to such Shared Collateral, it being understood for the avoidance of doubt that at any time clause (i) of the definition of the Applicable Collateral Agent is in effect, none of the Credit Agreement Secured Parties shall be Non-Controlling Secured Parties.

Non-Controlling Secured Parties means, at any time, any Secured Party represented by an Authorized Representative that is not the Applicable Authorized Representative at such time.

Non-Controlling Secured Parties the Pari Passu Secured Parties which are not Controlling Secured Parties.

Non-Controlling Secured Parties means the Pari Passu Secured Parties and the Junior Lien Priority Secured Parties that are not Controlling Secured Parties.

Non-Controlling Secured Parties means, with respect to any Pledged Collateral, the Secured Parties which are not Controlling Secured Parties with respect to such Pledged Collateral.

Non-Controlling Secured Parties means, at any time, the holders of First Lien Obligations which are not at such time Controlling Secured Parties. No holder of First Lien Obligations receiving adequate protection shall object to any other holders of First Lien Obligations receiving adequate protection comparable to any adequate protection granted to such holder of First Lien Obligations in connection with a DIP Financing or use of cash collateral. Amendment of Documents Documents entered into in connection with the Credit Agreement or the First Lien Pari Passu Debt may be amended, supplemented or otherwise modified, and the Credit Agreement and the First Lien Pari Passu Debt may be refinanced, in each case without the consent of the Administrative Agent, any Secured Party, any First Lien Representative or any holders of any First Lien Pari Passu Debt; provided, that a representative of the holders of any refinancing debt shall bind itself in writing to the terms of the First Lien Intercreditor Agreement. Notwithstanding the foregoing, no security document entered into in connection with the Credit Agreement or the First Lien Pari Passu Debt may be amended, supplemented or otherwise modified to the extent such amendment, supplement or modification would contravene any of the terms of the First Lien Intercreditor Agreement.