Existing Collateral definition

Existing Collateral shall have the meaning assigned to such term in the recitals hereto.

Existing Collateral means any and all letters of credit or trust agreements outstanding as of the date hereof provided by or required to be provided by Creole under the terms of any Existing Reinsurance Agreement in order to secure obligations arising thereunder.

Existing Collateral means any and all of the following forms of security held by the Company or any ACE Affiliate under the terms of any Existing Policy or Existing Insurance Agreement in order to secure any Obligations outstanding as of the date hereof: (i) any and all letters of credit outstanding as of the date hereof provided by or required to be provided by a B&W Entity or a MII Entity; (ii) any and all Cash Collateral provided by or required to be provided by a B&W Entity or a MII Entity; (iii) any securities account pledged by a B&W Entity or a MII Entity pursuant to any Existing Insurance Agreement; or (iv) any other collateral or security previously provided by a B&W Entity or a MII Entity under the terms of any Existing Policy or Existing Insurance Agreement in order to secure any Obligations outstanding as of the date hereof.

Examples of Existing Collateral in a sentence

• All Liens and security interests securing the Existing Credit Agreement and the obligations relating thereto under the Existing Collateral Documents, are hereby ratified, confirmed, renewed, extended, amended and restated as security for the DIP Obligations by this Agreement with the same priority as the Existing Collateral Documents.

• Additionally, the substantive rights and obligations of the parties hereto from and after the Roll-Up Funding Date shall be governed by this Agreement and the other Loan Documents, rather than the Existing Collateral Documents.

• None of the Liens and security interests created pursuant to the Existing Collateral Documents are released or impaired hereby.

• The Substituted Collateral required to be provided by Creole and Dampkraft hereunder shall, except to the extent provided otherwise in this Agreement, be subject to all of the terms and conditions applicable to the Existing Collateral pursuant to the Existing Reinsurance Agreements to the same extent that such terms and conditions applied to the Existing Collateral thereunder.

• Additionally:(a) the Existing Collateral Documents executed by the Company, ATIL and MEGPTCL will be replaced with the New Collateral Documents to be executed by the New Issuer, ATIL and MEGPTCL pursuant to which the security interests created under the relevant Existing Collateral Documents by the Company, ATIL and MEGPTCL in respect of each Series of Notes will be provided by the New Issuer, ATIL and MEGPTCL under the New Documents and the New Collateral Documents instead.

More Definitions of Existing Collateral

Existing Collateral means property or assets of the Company or its Subsidiaries (other than any Receivables Subsidiary) that are, or since the date of the original issuance of the 9% Senior Notes of the Company due 2006 have been, subject to one or more Permitted Liens.

Existing Collateral means Existing Personal Property Collateral and Existing Real Property Collateral.

Existing Collateral means the “Collateral,” as defined in the Original Credit Agreement.

Existing Collateral means the “Collateral” under and as defined in (a) the Existing General Security Agreement and (b) the Existing FCC License Subsidiary Pledge Agreement.

Existing Collateral means the investments held on behalf of the Lender as collateral investments for Loans of securities as of the date of this Agreement.

Existing Collateral. As of the Petition Date, (a) the Existing Second Liens (I) are legal, valid, binding, enforceable, and perfected Liens, (II) were granted to, or for the benefit of, the Existing Second Lien Secured Parties for fair consideration and reasonably equivalent value, (III) are not subject to avoidance, recharacterization, or subordination pursuant to the Bankruptcy Code or applicable non-bankruptcy law (except for the priming contemplated herein), and (IV) are subject and subordinate only to (A) the DIP Liens (as defined below), (B) the Carve-Out (as defined below), (C) the Existing Prior Liens, (D) the Existing RBL Liens, and (E) the Adequate Protection Liens, and for the avoidance of doubt, remain at all times subject to the Intercreditor Agreement (as defined below); and (b) (I) the Existing Second Lien Obligations constitute legal, valid, and binding obligations of the applicable Debtors, enforceable in accordance with the terms of the applicable Existing Second Lien Loan Documents (other than in respect of the stay of enforcement arising from section 362 of the Bankruptcy Code), (II) no setoffs, recoupments, offsets, defenses, or counterclaims to any of the Existing Second Lien Obligations exist, (III) no portion of the Existing Second Lien Obligations or any payments made to any or all of the Existing Second Lien Secured Parties are subject to avoidance, disallowance, disgorgement, recharacterization, recovery, subordination, attack, offset, counterclaim, defense, or “claim” (as defined in the Bankruptcy Code) of any kind pursuant to the Bankruptcy Code or applicable non-bankruptcy law, and (IV) the obligations of each Guarantor (as defined in the Existing Second Lien Credit Agreement) under that certain Guaranty Agreement, the Existing Second Lien Collateral Documents, and the other Existing Second Lien Loan Documents shall continue in full force and effect to unconditionally guaranty the Existing Second Lien Obligations notwithstanding any use of Cash Collateral permitted hereunder or any financing and financial accommodations extended by the DIP Secured Parties to the Debtors pursuant to the terms of this Interim Order, the DIP Loan Documents, or the Secured Swap Agreements.

Existing Collateral shall have the meaning set forth in the Recitals.