Junior Priority Collateral definition

Junior Priority Collateral means any “Collateral” as defined in any Junior Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Junior Priority Collateral Document as security for any Junior Priority Debt Obligation.

Junior Priority Collateral means (a) with respect to the ABL Agent and any other ABL Secured Party, Term Priority Collateral and (b) with respect to any Term Debt Agent and any other Term Secured Party, ABL Priority Collateral.

Junior Priority Collateral means any and all Collateral that secures or purports to secure any Junior Priority Obligations.

Examples of Junior Priority Collateral in a sentence

• Each Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the Senior Priority Collateral Documents and the Junior Priority Collateral Documents constitute separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Senior Priority Obligations are fundamentally different from the Junior Priority Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding.

• The applicable Senior Priority Agent shall give written notice of such amendment, waiver or consent to the Junior Priority Agents; provided that the failure to give such notice shall not affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any Junior Priority Collateral Document as set forth in this Section 7.4(b).

• Nothing in this Section 5.01(a) will be deemed to affect any agreement of a Junior Priority Representative, for itself and on behalf of the Junior Priority Debt Parties under its Junior Priority Debt Facility, to release the Liens on the Junior Priority Collateral as set forth in the relevant Junior Priority Debt Documents.

• No Junior Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Junior Priority Collateral Document, would be prohibited by or inconsistent with any of the terms of this Agreement.

• The Junior Priority Collateral Agent shall have no liability with respect to any action taken by any other Collateral Agent or any officer or agent of the other Collateral Agent pursuant to such appointment.

More Definitions of Junior Priority Collateral

Junior Priority Collateral means (a) with respect to the ABL Agent and any other ABL Secured Party, Term Priority Collateral and (b) with respect to the Term Agent and any other Term Secured Party, ABL Priority Collateral.

Junior Priority Collateral means the Collateral as granted by each Loan Party that is not a Debtor.

Junior Priority Collateral means, (a) with respect to the ABL Priority Obligations, all Collateral other than ABL Priority Collateral, and (b) with respect to the Note Priority Obligations, all Collateral other than Note Priority Collateral.

Junior Priority Collateral means any “Collateral” as defined in any Junior Priority Debt Document or any other assets of the Borrowers or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Junior Priority Collateral Document as security for any Junior Priority Debt Obligation.

Junior Priority Collateral means any “Collateral” (or similar term) as defined in any Junior Priority Collateral Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted pursuant to a Junior Priority Collateral Document as security for any Junior Priority Obligation, and, at any time of determination, is a valid and perfected Lien that has not been avoided, disallowed, set aside, invalidated, or subordinated pursuant to Chapter 5 of the Bankruptcy Code, including, to the extent provided in the Junior Priority Collateral Documents, the “Account Collateral” as defined in the GenOn Depositary Agreement or the REMA Depositary Agreement, each as in effect on the date hereof.

Junior Priority Collateral means all Common Collateral, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any Junior Priority Secured Party as security for any Junior Priority Obligation. “Junior Priority Documents” means the Junior Priority Agreement, each Junior Priority Security Document and each Junior Priority Guarantee. “Junior Priority Guarantee” means any guarantee by any Loan Party of any or all of the Junior Priority Obligations. “Junior Priority Lien” means any Lien created by the Junior Priority Security Documents.

Junior Priority Collateral means the Second Priority Collateral and the Third Priority Collateral, collectively.