Examples of First Priority Lien in a sentence
Such security interests are to be equal in priority to security interests granted for the benefit of holders of Second Priority Lien Obligations and junior in priority to security interests granted for the benefit of holders of Indebtedness that constitutes First Priority Lien Obligations.
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.
To the extent that collections from such assigned accounts exceed the outstanding principal amount together with any accrued interest due on the Notes and all First Priority Lien Indebtedness, such excess amount shall not accrue interest in favor of such Issuer, but shall be available to such Issuer upon such Issuer’s written request.
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.
Preliminary diagnosis is based on the gross observations and circumstantial evidence.