First Priority Lien definition

First Priority Lien means any Lien created by the First Priority Security Documents.

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First Priority Lien means any Lien on any Type of Common Collateral securing any First Priority Obligation.

First Priority Lien means with respect to any Lien purported to be created in any Collateral pursuant to any Security Document, that such Lien is senior in priority to any other Lien to which such Collateral is subject, other than any Permitted Lien that is, pursuant to Applicable Law, senior to the Lien created pursuant to any Security Document.

Examples of First Priority Lien in a sentence

• All notices to the Second Priority Secured Parties and the Senior Lenders permitted or required under this Agreement may be sent to the Trustee, the First Lien Agents or any Second Priority Agent as provided in the Second Priority Senior Secured Notes Indenture, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the other relevant Senior Lender Documents or the other relevant Second Priority Documents, as applicable.

• For all purposes hereof and the Intercreditor Agreement, the Issuer hereby designates the Obligations pursuant to the Credit Agreement as in effect on the Issue Date as First Priority Lien Obligations.

• For all purposes hereof and the Intercreditor Agreements, the Issuer hereby designates the Obligations pursuant to the Credit Agreements as in effect on the Issue Date as First Priority Lien Obligations and designates the Note Obligations as First Priority Lien Obligations (as defined in each Existing Second Priority Notes Indenture).

• It will maintain a First Priority Lien in the Collateral for the benefit of the Secured Parties, their successors, transferees and assigns.

• The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the Administrative Agent, for the benefit of L/C Issuer, and agree to maintain, a First Priority Lien in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letters of Credit, to be applied pursuant to clause (ii) below.

More Definitions of First Priority Lien

First Priority Lien means a Lien granted by the Borrower or any Guarantor under a Security Document to the Collateral Agent upon any assets or property of the Borrower or any Guarantor to secure First Priority Lien Obligations.

First Priority Lien means a first-priority Lien granted to the Collateral Trustee upon any Property of the Issuer or any Guarantor to secure First-Lien Indebtedness.

First Priority Lien means all Liens that secure the First Priority Notes Obligations.

First Priority Lien means any Lien on some or all of the Collateral that ranks or is intended to rank pari passu with the Liens on the Obligations and the Guaranty, including any Lien that ranks pari passu therewith by virtue of any Intercreditor Agreement or any other agreement or instrument; provided, further, that Liens that rank pari passu with the Liens on the Collateral securing the Obligations and the Guaranty but secure Indebtedness that is junior to the Obligations and/or the Guaranty with respect to the distributions of proceeds of enforcement of Collateral shall not be First-Priority Liens.

First Priority Lien means any Lien created by the First Priority Documents.

First Priority Lien means any Lien on any asset of any U.S. Loan Party that is granted under the Senior Secured Notes Security Documents and that, pursuant and subject to the provisions of the Intercreditor Agreement, is senior in priority to the Liens of the Agent on the U.S. Collateral.

First Priority Lien means the first priority Liens on the Collateral (subject to any Permitted Liens) granted to the Trustee for the benefit of the holders of the Notes pursuant to the Security Documents.