First Priority Creditors definition

First Priority Creditors means each “Secured Party” as defined in the First Priority Agreement, or any Persons that are designated under the First Priority Agreement as the “First Priority Creditors” for purposes of this Agreement.

First Priority Creditors shall have the meaning assigned to such term in the preliminary statement of this Agreement.

First Priority Creditors means the “Lenders” as defined in the First Priority Agreement, or any Persons that are designated under the First Priority Agreement as the “First Priority Creditors” for purposes of this Agreement and notice of which designation is given in writing to the Second Priority Representative promptly after such designation.

Examples of First Priority Creditors in a sentence

• If, for any reason other than a default by the First Priority Creditors, the Second Priority Creditors fail to purchase and pay for the First Priority Obligations after the delivery of the Second Priority Purchase Notice, the Second Priority Creditors shall be liable to the First Priority Creditors for any losses or damages, including fees and disbursements to counsel, incurred by them by reason of such failure to purchase and pay.

• The Borrowers acknowledge and agree that the value of any payments or distributions in cash, property or other assets received by the Second Priority Agent or the Second Priority Creditors that are paid over to the First Priority Agent or the First Priority Creditors pursuant to this Agreement shall not reduce any of the Second Priority Obligations.

• None of the First Priority Agent or any First Priority Creditors or the Second Priority Agent or any Second Priority Creditor shall have a duty to advise of information known to it or them regarding such condition or any such circumstances or otherwise.

• The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the First Priority Agent and the First Priority Creditors in the first instance and the Second Priority Agent and the Second Priority Creditors in the second instance.

• This Agreement shall be binding upon, and inure to the benefit of, the First Priority Agent, the First Priority Creditors, the Second Priority Agent, the Second Priority Creditor, and their respective successors and assigns.

More Definitions of First Priority Creditors

First Priority Creditors means, at any relevant time, the holders of First Priority Obligations at that time, including the First Priority Lenders and the agents under the First Priority Loan Documents.

First Priority Creditors has the meaning assigned to that term in the Secondary Intercreditor Agreement.

First Priority Creditors means the “Secured Creditors” as defined in the Existing First Priority Agreement, the “Lenders” as defined in each other First Priority Agreement or any Persons that are designated under the First Priority Agreement as the “First Priority Creditors” for purposes of this Agreement.

First Priority Creditors means the Secured Parties (as defined in the First Priority Debt Agreement).

First Priority Creditors means the holders of First Priority Indebtedness.

First Priority Creditors meanss the First Priority Bank Creditors and the First Priority Note Creditors.

First Priority Creditors means (i) the November 2009 Trustee, the December 2009 Trustee, the First-Priority Collateral Agent, each “Holder” as defined in the November 2009 Indenture and each “Holder” as defined in the December 2009 Indenture and (ii) any Persons that are designated under the First-Priority Documents as creditors entitled to benefit from the Liens on the First-Priority Collateral under the First-Priority Security Documents.