Priority Collateral. Subject to Section 3.4(a), until the Senior Obligations Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Obligor, the Senior Secured Parties shall have the exclusive right to take and continue any Enforcement Action (including the right to credit bid their debt) with respect to the Senior Collateral, without any consultation with or consent of any Junior Secured Party. Upon the occurrence and during the continuance of an event of default under the Senior Documents, the applicable Senior Representative and the applicable other Senior Secured Parties may take and continue any Enforcement Action with respect to its Senior Obligations and the applicable Senior Collateral in such order and manner as they may determine in their sole discretion in accordance with the terms and conditions of the Senior Documents.
Priority Collateral. In the event that the Revolving Lender or any other Revolving Claimholders are granted adequate protection of any interest in any Collateral in the form of a super-priority administrative expense claim, such super-priority administrative expense claim shall be deemed to be subject to the terms and priorities hereunder, meaning for example that the super-priority administrative expense claims for adequate protection of the interests of the Revolving Claimholders in the Term Loan Priority Collateral shall be junior and not senior to the Term Loan Claimholders’ claims in respect of the Term Loan Priority Collateral.
Priority Collateral. All of the Debtors’ obligations under the DIP Loan Documents (as defined below) shall, at all times:
Priority Collateral. The North America ABL Agent, for itself and on behalf of the other North America ABL Claimholders, agrees that, so long as the Discharge of Notes Pari Passu Lien Obligations has not occurred, no North America ABL Claimholder shall, without the prior written consent of the Notes Collateral Trustee, credit bid under Section 363(k) of the Bankruptcy Code or any similar Bankruptcy Law with respect to the Notes Priority Collateral.
Priority Collateral. All of the following property and interests in property of the Loan Parties, whether now owned or existing, or hereafter created, acquired or arising and wherever located:
Priority Collateral. The Tranche C Priority Collateral shall be free and clear of all Liens and encumbrances, including, without limitation, any Liens on such collateral which may have been granted in connection with the EETC Facility. The Tranche C Agent shall have received an Appraisal for the Tranche C Priority Collateral that is reasonably satisfactory to it. Order. The Bankruptcy Court shall have entered the Thirteenth Amendment Order which order shall be in full force and effect, and shall not have been vacated, stayed, reversed, modified or amended in any respect that the Agents or the Tranche C Agent reasonably determine to be adverse to the interests of the Lenders; and, if such order is the subject of a pending appeal in any respect, the continued performance by the Borrower or any of the Guarantors of any of their respective obligations under the Credit Agreement or under the Loan Documents or under any other instrument or agreement referred to therein shall not be the subject of a presently effective stay pending appeal.
Priority Collateral. The Junior Lender hereby acknowledges and agrees that all security interests, liens, encumbrances, guaranties and claims, whether now existing or hereafter arising, of the Senior Lender over the Senior Lender’s Collateral other than the Senior Lender’s security interest, lien, encumbrance and claim over the Junior Lender’s Priority Collateral, which shall be subordinated pursuant to the terms of this Section 1.2 to the Junior Lender’s interest therein, shall at all times be senior in priority to the Junior Lender’s security interests, liens, encumbrances, guaranties and claims, whether now existing or hereafter arising, which in any way secured the payment of the Junior Debt.
Priority Collateral. (c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of the Receivables and payments in respect of General Intangibles that constitute First Priority Collateral to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. The US Administrative Agent shall not have any obligation or liability under any Receivable or General Intangible that constitutes First Priority Collateral (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the US Administrative Agent of any payment relating thereto, nor shall the US Administrative Agent be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable or General Intangible that constitutes First Priority Collateral (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.
Priority Collateral. 2 All obligations of the Obligors to the DIP Lenders and the DIP Agent under the DIP Loan Documents, including all loans made under the DIP Facility, shall, subject to the Carve-Out (as defined below), at all times:
Priority Collateral. AR Lender shall execute such release documents as FHA Lender may reasonably request to effectuate the terms of this Section 2.5(a). Deleted: all AR Lender Loans and other obligations and liabilities of Lessee to AR Lender under Deleted: Lender Deleted: Documents, Deleted: Mortgagee pursuant to the HUD (b) Notwithstanding the foregoing, to the extent that the proceeds of any sale of AR Lender Priority Collateral exceed the amount necessary to pay and satisfy in full the AR Loan Obligations (or, after the Cut-Off Time, the Priority Obligations), such excess shall be delivered to FHA Lender (to the extent that FHA Lender is otherwise entitled thereto in accordance with the HUD Loan Documents and/or applicable law) for application by FHA Lender pursuant to the HUD Loan Documents. To the extent that the proceeds of any sale of FHA Lender Priority Collateral exceed the amount necessary to pay and satisfy the HUD Obligations in full, such excess shall be delivered to AR Lender (to the extent that AR Lender has a security interest in the FHA Lender Priority Collateral and is otherwise entitled thereto in accordance with the AR Loan Documents and/or applicable law) for application by AR Lender pursuant to the AR Loan Documents. Deleted: Mortgagee Deleted: such Deleted: FHA Mortgagee
