SUPERPRIORITY Sample Clauses
The Superpriority clause establishes that certain claims or interests, typically those of a lender or secured party, take precedence over other claims in the event of a debtor's bankruptcy or liquidation. In practice, this means that the party granted superpriority will be paid before other creditors, even those with previously existing security interests or liens. This clause is commonly used in debtor-in-possession financing or restructuring agreements to incentivize new funding by offering enhanced repayment security. Its core function is to allocate risk and encourage investment by ensuring that specific creditors have a superior claim to assets or proceeds, thereby addressing concerns about repayment in distressed situations.
SUPERPRIORITY. In addition to the protections given above, the amounts provided for in this Section 8.01 shall have superpriority administrative expense claim status in the Case pursuant to Section 507(b) of the Bankruptcy Code, senior to all other superpriority administrative expense claims.
SUPERPRIORITY. The entry of an order granting any other claim ------------- superpriority status or a Lien equal or superior to that granted to the Post-Petition Agent for the benefit of the Lenders, other than with respect to the Carve-Out.
SUPERPRIORITY. The entry of an order (other than the Financing Order) granting any other claim superpriority status or a Lien equal or superior to that granted to the Issuing Bank in respect of the Collateral.
SUPERPRIORITY. (a) The Borrower and the Guarantors each hereby agrees that the Obligations shall constitute allowed claims in the Chapter 11 Case having priority over all administrative expense claims and unsecured claims against the Borrower and/or any Guarantor now existing or hereafter arising, of any kind or nature whatsoever, including without limitation all administrative expense claims of the kind specified in Sections 503(b) and 507(b) of the Bankruptcy Code, subject, as to priority, only to the Carve-Out Expenses, the establishment of which "superpriority" shall have been approved and authorized by the Bankruptcy Court.
(b) The administrative expense claim priority granted pursuant to (a) above, this Agreement, the other Loan Documents, the Interim Bankruptcy Court Order and the Final Bankruptcy Court Order supplement each other, and the grants, priorities, rights and remedies of the Lenders and the Agent hereunder and thereunder are cumulative. In the event of a direct conflict between the Interim Bankruptcy Court Order or the Final Bankruptcy Court Order, on the one hand, and any Loan Document, on the other hand, the Interim Bankruptcy Court Order or the Final Bankruptcy Court Order, as the case may be, shall control.