Common use of Term Priority Collateral Clause in Contracts

Term Priority Collateral. The Administrative Agent shall be satisfied with the valid perfected Second Priority security interest in favor of Collateral Agent, for the benefit of Secured Parties, in the Term Priority Collateral of each Credit Party.

Term Priority Collateral. The Administrative Agent shall be satisfied with the valid perfected Second First Priority security interest in favor of Collateral Agent, for the benefit of Secured Parties, in the Term Priority Collateral of each Credit PartyCollateral.