Common Collateral definition

Common Collateral means all assets that are both First Priority Collateral and Second Priority Collateral.

Common Collateral means all of the assets of any Grantor, whether real, personal or mixed, constituting both Senior Lender Collateral and Second-Priority Collateral.

Common Collateral means, at any time, Collateral in which the holders of two or more Series of First Priority Lien Obligations (or their respective Authorized Representatives) hold a valid and perfected security interest at such time. If more than two Series of First Priority Lien Obligations are outstanding at any time and the holders of less than all Series of First Priority Lien Obligations hold a valid and perfected security interest in any Collateral at such time then such Collateral shall constitute Common Collateral for those Series of First Priority Lien Obligations that hold a valid security interest in such Collateral at such time and shall not constitute Common Collateral for any Series which does not have a valid and perfected security interest in such Collateral at such time.

Examples of Common Collateral in a sentence

• No Non-Controlling Authorized Representative or Non-Controlling Secured Party will contest, protest or object to any foreclosure proceeding or action brought by the Au- thorized Collateral Agent or the Controlling Secured Party or any other exercise by the Author- ized Collateral Agent or the Controlling Secured Party of any rights and remedies relating to the Common Collateral, or to cause the Collateral Agent to do so.

• The foregoing shall not be con- strued to limit the rights and priorities of any First Lien Secured Party, Senior Term Loan Collat- eral Agent, the Notes Collateral Agent or any Authorized Representative with respect to any Col- lateral not constituting Common Collateral.

• As between the First Lien Secured Parties, the Authorized Collateral Agent shall have the right to adjust or settle any insurance policy or claim covering or constituting Common Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral.

• Notwithstanding any other provision of this Agreement, no Collateral Agent (including the Authorized Collateral Agent) shall accept any Common Collateral in full or partial satisfaction of any First Lien Obligations pursuant to Section 9-620 of the Uniform Com- mercial Code of any jurisdiction, without the consent of each of the Collateral Agents represent- ing holders of First Lien Obligations for whom such Collateral constitutes Common Collateral.

• Notwithstanding the equal priority of the Liens securing each Series of First Lien Obligations, the Authorized Collateral Agent may deal with the Common Collateral as if such Authorized Collateral Agent had a senior Lien on such Com- mon Collateral.

More Definitions of Common Collateral

Common Collateral means all of the assets of any Grantor, whether real, personal or mixed, constituting both Senior Lender Collateral and Second Priority Collateral, including without limitation any assets in which the First Lien Agents are automatically deemed to have a Lien pursuant to the provisions of Section 2.3.

Common Collateral means all Collateral in which both [A/R Lender] and CRG Agent have a security interest.

Common Collateral means all of the assets of any Grantor, whether real, personal or mixed, constituting both New First Lien Collateral and Junior Lien Collateral including without limitation (a) any assets in which the First Lien Collateral Agent is automatically deemed to have a Lien pursuant to the provisions of Section 2.3 of the Intercreditor Agreement (as incorporated into this Agreement pursuant to Section 2.1 hereof) and (b) Shared Receivables Collateral.

Common Collateral means, at any time, Collateral in which the holders of two or more Series of First-Priority Obligations (or their respective Authorized Representatives) hold a valid and perfected security interest at such time. If more than two Series of First-Priority Obligations are outstanding at any time and the holders of less than all Series of First-Priority Obligations hold a valid and perfected security interest in any Collateral at such time, then such Collateral shall constitute Common Collateral for those Series of First-Priority Obligations that hold a valid security interest in such Collateral at such time and shall not constitute Common Collateral for any Series which does not have a valid and perfected security interest in such Collateral at such time.

Common Collateral means all Collateral that constitutes both ABL Collateral and Term Loan Collateral.

Common Collateral means Receivables Collateral other than Separate Receivables Collateral.

Common Collateral means the portion of the Collateral granted to secure one or more Series of the First-Priority Lien Obligations and one or more Series of the Second-Priority Lien Obligations.