Common use of Super-Priority Claims Clause in Contracts

Super-Priority Claims. The Advances, the Term Loans and the other Obligations shall constitute, in accordance with Section 364(c)(1) of the Bankruptcy Code, claims against each Borrower in each of their respective Chapter 11 Cases which are administrative expenses having priority over any and all administrative expenses of the kind specified in Section 503(b) or 507(b) of the Bankruptcy Code (“Super-Priority Claims”), subject, as to priority, only to the Carve-Out Expenses. The Lender Group’s Liens and the Lenders’ Post-Petition Super-Priority shall be senior to, and no Advances, Term Loans, Collateral or any proceeds of any of the foregoing may be used to pay, any claims for services rendered by any professional or other person, whether employed under Bankruptcy Code Section 327, as compensation under Bankruptcy Code Section 330 or 331, claimed under Bankruptcy Code Section 503(b) or 506(c), or otherwise), in connection with the investigation of, assertion of or joinder in any cause of action or affirmative claim pursuant to an adversary proceeding or the commencement of a contested matter against the holders of the 6.50% Secured Notes or the Lenders, save and except for an amount of up to $150,000 may be utilized to pay for or reimburse Allowed Committee Expenses and Allowed Retained Professionals’ Compensation for the professionals employed by the Committee in connection with the investigation of any such claims as specified in the Final Financing Order, as applicable.

Super-Priority Claims. The Advances, the Term Loans Loan and the other Obligations shall constitute, in accordance with Section section 364(c)(1) of the Bankruptcy Code, claims against each Borrower in each of their respective Chapter 11 Cases which are administrative expenses having priority over any and all administrative expenses of the kind specified in Section section 503(b) or 507(b) of the Bankruptcy Code (“Super-Priority Claims”), subject, as to priority, only to the Carve-Out Expenses. The Lender Group’s Liens and the Lenders’ Post-Petition Out; provided, however, that such Super-Priority Claims shall also be subject to the super-priority administrative expenses claims granted by the Bankruptcy Court in connection with the provision of adequate protection granted to the Pre-Petition Senior Lenders. The post-petition liens and security interests and the administrative priority claims of the DIP Lenders shall be senior to, and no Advances, Term Loans, Collateral or any proceeds of the Term Loan nor any of the foregoing collateral granted hereunder (nor proceeds thereof) may be used to pay, any and all claims for services rendered by any professional of the professionals retained by the Borrowers or other person, whether employed under Bankruptcy Code Section 327, as compensation under Bankruptcy Code Section 330 or 331, claimed under Bankruptcy Code Section 503(b) or 506(c), or otherwise), any official committee in connection with the investigation ofof (other than by the Committee, subject to a limitation of $35,000), assertion of or joinder in any cause of action claim, counterclaim, action, proceeding, application, motion, objection, defense or affirmative claim pursuant to an adversary proceeding or the commencement of a other contested matter against the holders of the 6.50% Secured Notes or the DIP Lenders, save and except for an amount of up to $150,000 may be utilized to pay for or reimburse Allowed Committee Expenses and Allowed Retained Professionals’ Compensation for the professionals employed by the Committee in connection with the investigation of any such claims as specified in the Final Financing Order, as applicable.