Successor Collateral definition

Successor Collateral means, with respect to each Grantor, any property and assets of such Grantor (or any of its successors and assigns) as such Grantor (or any such successor or any such assign) may, from time to time, upon notice to the Collateral Trustees, pursuant to the Credit Agreement Documents, grant to the Collateral Trustees as additional collateral for their benefit and in trust for the benefit of the Representatives, on their behalf and on behalf of the Secured Parties.

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Successor Collateral means, with respect to the Grantor, any property and assets of the Grantor (or any of its successors and assigns) as the Grantor (or any such successor or any such assign) may, from time to time, upon notice to the Collateral Trustees, pursuant to the Existing Indebtedness Agreements or otherwise, grant to the Collateral Trustees as additional collateral for their benefit and in trust for the equal and ratable benefit of the Representatives, on their behalf and on behalf of the Secured Holders.

Successor Collateral means, with respect to each Grantor, any property and assets of such Grantor (or any of its successors and assigns) as such Grantor (or any such successor or any such assign) may, from time to time, upon notice to the Second Priority Collateral Trustees, pursuant to the Senior Note Indenture Agreements, the Other Indenture Debt Agreements, or otherwise, grant to the Second Priority Collateral Trustees as additional collateral for their benefit and in trust for the equal and ratable benefit of the Second Priority Representatives, on their behalf and on behalf of the Second Priority Secured Holders.

Examples of Successor Collateral in a sentence

• In the event that the Successor Collateral Manager becomes aware of Errors or Continued Errors, it shall, with the prior consent of the Administrative Agent, use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continued Errors and to prevent future Continued Errors.

• The Collateral Agent immediately prior to any change in Collateral Agent pursuant to this Section 5.20 (the “Prior Collateral Agent”) shall be deemed to have assigned all of its rights, powers and duties hereunder to the successor Collateral Agent determined in accordance with this Section 5.20 (the “Successor Collateral Agent”) and the Successor Collateral Agent shall be deemed to have accepted, assumed and succeeded to such rights, powers and duties.

• No such resignation shall become effective until a Successor Collateral Manager shall have assumed the responsibilities and obligations of the Collateral Manager in accordance with Section 11.09.

• The indemnification obligations of the Successor Collateral Manager, upon becoming a Successor Collateral Manager, are expressly limited to those arising on account of its failure to act in good faith and with reasonable care under the circumstances.

• The Successor Collateral Manager shall be entitled to recover its costs thereby expended in accordance with the Priority of Payments.

• Under no circumstances will the Successor Collateral Manager be liable for indirect, special, consequential or incidental damages, such as loss of use, revenue or profit.

• In the event that the Successor Collateral Manager becomes aware of Errors or Continued Errors, it shall, with the prior consent of the Administrative Agent, use its commercially reasonable efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continued Errors and to prevent future Continued Errors.

• In no event shall the Successor Collateral Manager be liable to the Borrower for any bad debts or other defaults by Obligors.

• Within thirty (30) Business Days following the aforesaid notice of Administrative Agent, the Backup Collateral Manager will commence the performance of such servicing duties as Successor Collateral Manager in accordance with the terms and conditions of this Agreement.

• In addition, the Backup Collateral Manager may execute any of its duties under this Agreement (both as Backup Collateral Manager and as Successor Collateral Manager) by or through agents; provided that the Backup Collateral Manager shall remain primarily liable for the due performance of its duties hereunder.

More Definitions of Successor Collateral

Successor Collateral means, with respect to each Pledgor, any property and assets of such Pledgor (or any of its successors and assigns) as such Pledgor (or any such successor or any such assign) may, from time to time, upon notice to the Collateral Trustees, pursuant to the Credit Agreements or otherwise, grant to the Collateral Trustees as additional collateral (in addition to the Additional Collateral) for their benefit and in trust for the Equal and Ratable Benefit of the Representatives, on their behalf and on behalf of the Secured Holders.

Successor Collateral means, with respect to each Pledgor, any property and assets of such Pledgor (or any of its successors and assigns) as such Pledgor (or any such successor or any such assign) may, from time to time, upon notice to the Collateral Trustees, pursuant to the Credit Agreements or otherwise, grant to the Collateral Trustees as additional collateral for their benefit and in trust for the equal and ratable benefit of the Representatives, on their behalf and on behalf of the Secured Holders.

Successor Collateral has the meaning specified in Section 2.01.