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.

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

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.

Examples of First Priority Creditors in a sentence

• Except as expressly provided in this Agreement, nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the First Priority Agent or the First Priority Creditors may have with respect to the First Priority Collateral.

• To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to the First Priority Agent and/or the First Priority Creditors, the Second Priority Agent, on behalf of the Second Priority Creditors, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.3.

• 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.

• In the Exercise of Secured Creditor Remedies, the First Priority Agent and the First Priority Creditors may enforce the provisions of the First Priority Loan Documents and Exercise Any Secured Creditor Remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion, subject to the terms of this Agreement.

• 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.

More Definitions of First Priority Creditors

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.

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 Indebtedness under the Credit Agreement and any other secured Indebtedness which was incurred in accordance with this Indenture and secured by a first priority Lien on the Collateral in accordance with Section 4.16.

First Priority Creditors means, collectively, the “Bank Products Providers”, the “Banks”, and the “Secured Hedge Providers”, as each such term is defined in the PEL Credit Agreement.

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