Senior Priority Collateral definition

Senior Priority Collateral means any “Collateral” (or equivalent term) as defined in any Senior Secured Credit Agreement Credit Document or any other Senior Priority Debt Document or any other assets of Holdings, a Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Priority Collateral Document as security for any Senior Priority Obligations.

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

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

Examples of Senior 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.

• Nothing in this Agreement shall impair or otherwise adversely affect any rights or remedies the Senior Priority Representatives or the Senior Priority Secured Parties may have with respect to the Senior Priority Collateral.

• In exercising rights and remedies with respect to the Senior Priority Collateral, the Senior Priority Representatives and the Senior Priority Secured Parties may enforce the provisions of the Senior Priority Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion.

• The Senior Priority Representative may Exercise Any Secured Creditor Remedies under the Senior Priority Collateral Documents or applicable law as to any Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the Senior Priority Representative is at all times subject to the provisions of this Agreement, including Section 4.1 hereof and of the Base Intercreditor Agreement.

• The Junior Priority Collateral Agent, on behalf of itself and each Junior Priority Claimholder, acknowledges and agrees that no Senior Priority Collateral Agent or other Senior Priority Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Senior Priority Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.

More Definitions of Senior Priority Collateral

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

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

Senior Priority Collateral means, (a) with respect to the Working Capital Lender, the Working Capital Lender Priority Collateral, (b) with respect to the Term Loan Lenders, the Term Loan Lender Priority Collateral and, after the payment in full of the Pioneer Lender Debt, the Pioneer Lender Priority Collateral, and (c) with respect to the Pioneer Lender, the Pioneer Lender Priority Collateral and, after the payment in full of the Term Loan Debt, the Term Loan Lender Priority Collateral.

Senior Priority Collateral is defined in the Subordinated Intercreditor Agreement.

Senior Priority Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Senior Priority Obligations. “Senior Priority Collateral Agent” has the meaning assigned to that term in the Preamble of this Agreement. 8 “Senior Priority Collateral Documents” means the Security Documents and any other agreement, document or instrument pursuant to which a Lien is granted by any Grantor securing any Senior Priority Obligations or under which rights or remedies with respect to such Liens are governed. “Senior Priority Credit Party” means each “Loan Party” as defined in the Revolving Credit Agreement. “Senior Priority Default” means an “Event of Default” or equivalent term (as defined in any of the Senior Priority Documents). “Senior Priority Documents” means the Revolving Credit Agreement and the other Loan Documents (as defined in the Revolving Credit Agreement), any agreements governing customary secured bank product or hedging obligations constituting Secured Bank Product Obligations (as defined in the Revolving Credit Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other Senior Priority Obligation, and any other document or instrument executed or delivered at any time in connection with any Senior Priority Obligations, including any intercreditor or joinder agreement among holders of Senior Priority Obligations to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement. “Senior Priority Mortgages” means a collective reference to each mortgage, deed of trust and other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Senior Priority Obligations or (except for this Agreement) under which rights or remedies with respect to any such Liens are governed. “Senior Priority Obligations” means all “Obligations” (as defined in the Revolving Credit Agreement) and other obligations of every nature of each Grantor from time to time owed to any Senior Priority Claimholder or any other respective Affiliates under the Senior Priority Documents, whether for principal, interest, reimbursement of amounts drawn under letters of credit, fees, expenses, indemnification or otherwise. “Senior Priority Obligations” shall include all Post-Petition Interest w...

Senior Priority Collateral means all Collateral, other than the Term Priority Collateral. For purposes of clarification, and notwithstanding anything to the contrary set forth in this Agreement, (i) except as expressly set forth above, Intellectual Property shall not constitute Senior Priority Collateral, but instead shall constitute Term Priority Collateral and (ii) Inventory that is or becomes branded with, or produced, marketed or disposed of, through the use or other application of, any Intellectual Property whether pursuant to the exercise of rights pursuant to Section 4.2 or otherwise, shall constitute Senior Priority Collateral, and no Proceeds arising from any Disposition of any such Inventory shall be, or be deemed to be, attributable to Term Priority Collateral.

Senior Priority Collateral means the Shared Collateral up to a maximum amount equal to 10% of Consolidated Net Tangible Assets (as such term is defined in the 1996 Indenture), such amount being equal to approximately $139.7 million as of June 30, 2002 as such amount may increase from time to time (and not thereafter decrease) as of any date on which any Senior Secured Obligations are incurred.