Similar Collateral Clause Samples
The "Similar Collateral" clause defines what types of assets or property are considered equivalent or sufficiently alike to be treated the same under an agreement, particularly in the context of secured transactions or collateral arrangements. This clause typically outlines the criteria or characteristics that make collateral "similar," such as asset class, quality, or value, and may specify whether substitutions or replacements are permitted. Its core practical function is to provide flexibility in managing collateral while ensuring both parties have a clear understanding of what assets are acceptable, thereby reducing disputes and administrative burdens.
Similar Collateral. The parties hereto acknowledge and agree that it is their intention that the First Priority Collateral and the Second Priority Collateral be identical. In furtherance of the foregoing, the parties hereto agree to cooperate in good faith in order to determine, upon any reasonable request by the First Priority Agent or the Second Priority Agent, the specific assets included in the First Priority Collateral and the Second Priority Collateral, the steps taken to perfect the First Priority Liens and the Second Priority Liens thereon and the identity of the respective parties obligated under the First Priority Debt Documents and the Second Priority Debt Documents in respect of the First Priority Claims and the Second Priority Claims, respectively.
Similar Collateral. Subject to Section 2.3(b) and except for the Second Priority Liens existing on the date of this Agreement on Collateral as to which there is no First Priority Lien required, the parties hereto acknowledge and agree that it is their intention that the First Priority Collateral and the Second Priority Collateral be substantially identical. In furtherance of the foregoing, (i) the Second Priority Agent, on behalf of itself and the other Second Priority Secured Parties hereby agrees that Second Priority Security Documents shall be in substantially the same form as the First Priority Security Documents (other than with respect to the priority of the respective Liens on the Collateral, the control of Collateral that is perfected by control (to the extent that such control cannot be granted to the Second Priority Agent after using commercially reasonably efforts) and the delivery of possessory Collateral), and (ii) the parties hereto agree to cooperate in good faith in order to determine, upon any reasonable request by the First Priority Agent or the Second Priority Agent, the specific assets included in the First Priority Collateral and the Second Priority Collateral, the steps taken to perfect the First Priority Liens and the Second Priority Liens thereon and the identity of the respective parties obligated under the First Priority Debt Documents and the Second Priority Debt Documents in respect of the First Priority Claims and the Second Priority Claims, respectively.
Similar Collateral. The parties hereto acknowledge and agree that it is their intention that the First Priority Collateral, the Second Priority Collateral and the Third Priority Collateral be identical. In furtherance of the foregoing, the parties hereto agree to cooperate in good faith in order to determine, upon any reasonable request by the First Priority Agent, the Second Priority Agent or the Third Priority Agent, the specific assets included in the First Priority Collateral, the Second Priority Collateral and the Third Priority Collateral, the steps taken to perfect the First Priority Liens, the Second Priority Liens and the Third Priority Liens thereon and the identity of the respective parties obligated under the First Priority Debt Documents, the Second Priority Debt Documents and the Third Priority Debt Documents in respect of the First Priority Claims, the Second Priority Claims and the Third Priority Claims, respectively.
Similar Collateral. The parties hereto acknowledge and agree that it is their intention that the First Priority Collateral and the Second Priority Collateral be identical, except that only the First Priority Collateral will include the Excluded Collateral. In furtherance of the foregoing, the parties hereto agree to cooperate in good faith in order to determine, upon any reasonable request by the First Priority Agent or the Second Priority Agent, the specific assets included in the First Priority Collateral and the Second Priority Collateral, the steps taken to perfect the First Priority Liens and the Second Priority Liens thereon and to perfect the First Priority Liens and the Second Priority Liens on any “Springing Lien Collateral” described in the Second Priority Debt Agreement, and the identity of the respective parties obligated under the First Priority Debt Documents and the Second Priority Debt Documents in respect of the First Priority Claims and the Second Priority Claims, respectively.
Similar Collateral. If any Company grants a Lien on any property to secure any Term Loan, grant (or offer to grant with a reasonable opportunity for the Lien to be accepted) to the WC Collateral Agent a similar Lien on such property to secure the Obligations on similar terms and conditions (subject to any applicable Intercreditor Agreement).