Agreed Priority definition

Agreed Priority means, with respect to a Security Document and a Lien made in favour of the Lender, a senior first priority Lien in favour of the Lender, meaning that such Security Document and Lien are prior in right to any other Lien in, on or to the Collateral which is purported to be covered thereby, subject only, in each case, to Permitted Liens. For the avoidance of doubt, the Loan and the Obligations shall be secured by a first ranking perfected encumbrance over (i) all real property and personal property of the Borrower; and (ii) 100% of the shares or Equity Interests of Borrower, as owned by the Original Guarantor.

Agreed Priority means with respect to this Agreement and each Lien made in favor of the Secured Party, a senior, perfected, first priority Lien in favor of the Secured Party, meaning that such Agreement and Lien are prior in right to any other Lien (other than Permitted Liens) in, on, or to the Collateral which is purported to be covered thereby.

Agreed Priority means, with respect to a Security Document and a Lien made in favour of the Lender, a senior, first priority Lien in favour of the Lender, meaning that such Security Document and Lien are prior in right to any other Lien in, on, or to the Collateral which is purported to be covered thereby.

Examples of Agreed Priority in a sentence

• Each Credit Party shall defend, and will cause the other Credit Parties to defend, the Liens in favor of the Lender under the Security Documents, and the Credit Parties shall maintain and preserve such Liens as perfected Liens with their Agreed Priority.

• The Security Documents constitute a fully perfected security interest or fixed charge on all right, title and interest of each Credit Party in the assets and/or property described therein as security for the obligations specified therein in each case prior and superior in right to any other Person, with the Agreed Priority, other than Permitted Liens.

• Any Security Document after delivery thereof shall for any reason, except to the extent permitted by the terms thereof or the terms hereof, cease to create a valid and perfected Lien having the Agreed Priority with respect to any of the Collateral purported to be covered thereby, or a Credit Party shall so state or claim in writing.

• The Security Documents create valid security interests in, and Liens on, the Collateral purported to be covered thereby, which security interests and Liens are currently perfected security interests and Liens, or will be perfected security interests and Liens in accordance with the requirements specified in such Security Documents or elsewhere in this Agreement, each with the Agreed Priority.

• The Security Documents are effective to create in favour of the Lender, a legal, valid and perfected Lien in the Collateral with the Agreed Priority and the proceeds thereof enforceable against third parties and any trustee in bankruptcy and/or any other similar official.

More Definitions of Agreed Priority

Agreed Priority means, with respect to a Security Document and a Lien made in favour of the Lender, a senior, first priority Lien in favour of the Lender, meaning that such Security Document and Lien are prior in right to any other Lien in, on, or to the Collateral which is purported to be covered thereby, subject only, in each case, to Permitted Liens.

Agreed Priority means, with respect to a Security Document, a first ranking, perfected Lien made in favor of the Lender, meaning that such Security Document and Lien are prior in right to any other Lien in, on or to the Collateral which is purported to be covered thereby, subject only, in each case, to Permitted Liens. For the avoidance of doubt, the Obligations shall be secured by a first ranking perfected encumbrance over all real property and personal property of the Borrower, including all property, rights, and interests at, on or associated with the Projects, subject, in each case, to Permitted Liens.

Agreed Priority means, at any time when the DK Loan Obligations or the Permitted Refinancing Indebtedness remains outstanding, a second priority security interest (second only to the Liens of Collateral Agent on behalf of the DK Lenders or any successor collateral agent on behalf of the lenders holding the Permitted Refinancing Indebtedness), and at any time when no DK Loan Obligation or any Permitted Refinancing Indebtedness remains outstanding, a first priority security interest.

Agreed Priority means, with respect to a Security Document and a Lien made in favour of the Lender, except as otherwise expressly provided herein, a senior first priority Lien in favour of the Lender, meaning that such Security Document and Lien are prior in right to any other Lien in, on or to the Collateral which is purported to be covered thereby, subject only, in each case, to Permitted Liens. For the avoidance of doubt, the Obligations shall be secured by a first ranking perfected encumbrance over all personal property of the Borrower and the other Credit Parties, including all personal property at, on or associated with the Projects, subject, in each case, to Permitted Liens.

Agreed Priority means, with respect to a Security Document and a Lien made in favour of the Lender, a senior first priority Lien in favour of the Lender, meaning that such Security Document and Lien are prior in right to any other Lien in, on or to the Collateral which is purported to be covered thereby, subject only, in each case, to Permitted Liens. For the avoidance of doubt, the Loan and the Obligations shall be secured by a first ranking perfected encumbrance over (i) all real property and personal property of the Borrower; (ii) 100% of the shares or Equity Interests of Mineral Ridge LLC owned by the Borrower; and (iii) all of Borrower’s right, title and interest in and to the Santa Rxxx Subsidiary and the Santa Rxxx Project, as hereafter acquired.

Agreed Priority has the meaning set forth in Section 4.1.

Agreed Priority means, with respect to a Security Document and a Lien made in favour of the Lender, except as otherwise expressly provided herein, a Lien in favour of the Lender, meaning that such Security Document and Lien are prior in right to any other Lien in, on or to the Collateral which is purported to be covered thereby, subject only, in each case, to Permitted Liens. For the avoidance of doubt, the Obligations shall be secured by a perfected encumbrance over all Mineral Properties and personal property of the Borrower and the other Credit Parties, including all property, rights, and interests at, on or associated with the Project, subject, in each case, to Permitted Liens (other than, until March 1, 2016 or such date agreed by the Borrower and Security Agent, the Cosala Operations).