Common use of Intended Collateral Clause in Contracts

Intended Collateral. First Lien Nexstar Agent, First Lien Mission Agent and Second Lien Agent acknowledge and agree that (a) all of such Intended Collateral are material assets of Grantors, (b) Intended Collateral is or may be subject to laws, regulations or agreements that (i) restrict the right or power of a Grantor to grant, allow the perfection of, or grant rights allowing the exercise of remedies with respect to a Lien in Intended Collateral, (ii) restrict the right of a Person to receive, perfect, or exercise remedies with respect to a Lien in Intended Collateral, or (iii) could result in a default or potential forfeiture of such Intended Collateral related to the grant of, perfection of, or exercise of remedies with respect to a Lien in such Intended Collateral, (c) Intended Collateral and any Lien or purported Lien in or with respect to any of the Intended Collateral might be subject to any of the matters described in Section 1.1(b), (d) First Lien Nexstar Claimholders, First Lien Mission Claimholders and Second Lien Claimholders would intend and require that all Intended Collateral be, but for such restrictions, imperfections or matters described in Section 1.1(b), subject to a perfected Lien granted by the applicable Grantor for the benefit of First Lien Nexstar Claimholders, First Lien Mission Claimholders and Second Lien Claimholders, (e) First Lien Nexstar Claimholders, First Lien Mission Claimholders and Second Lien Claimholders do intend that all Intended Collateral be subject to the Lien priorities applicable to Collateral as provided in this Agreement, notwithstanding any such restrictions or imperfections, any absence or ineffectiveness of the grant of a Lien or purported Lien, the failure to perfect such Lien or purported Lien in any Intended Collateral and/or any other matter described in Section 1.1(b), and (f) notwithstanding any such restrictions or imperfections, any absence or ineffectiveness of the grant of a Lien or purported Lien, the failure to perfect such Lien or purported Lien in any Intended Collateral and/or any other matter described in Section 1.1(b), solely for determining the rights of First Lien Nexstar Claimholders, First Lien Mission Claimholders and Second Lien Claimholders, First Lien Nexstar Agent, First Lien Mission Agent and Second Lien Agent shall be deemed to have a perfected security instrument and Lien in all Intended Collateral and all Intended Collateral shall be deemed Collateral.