First Purchaser Liability definition
First Purchaser Liability means, on any day, an amount equal to (A) $0 or (B) after the occurrence and during the continuance of a Level 2 Ratings Event, upon the election of the Administrative Agent in its sole discretion, the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool that are subject to a First Purchaser Lien.
First Purchaser Liability means, on any day, an amount equal to (a) so long as no Level 2 Ratings Event is continuing, then zero ($0.00) or (b) if a Level 2 Ratings Event has occurred and is continuing, upon the election of the Administrative Agent in its sole discretion, then the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool that are subject to First Purchaser Liens.
First Purchaser Liability any payment obligations arising from any Borrower’s purchase of Product that are subject, as reasonably determined by the Administrative Agent, to a so-called “First Purchaser Lien” as defined in Texas Business and Commerce Code Section 9.343, or comparable laws of the states of Oklahoma, Kansas, Mississippi, Wyoming or New Mexico, or any other comparable law of any other jurisdiction, but only to the extent that payment of such obligations is not supported by a Supporting Letter of Credit issued for the account of the applicable Borrower securing payment of all amounts subject to such First Purchaser Lien.
More Definitions of First Purchaser Liability
First Purchaser Liability means any payment obligations (including any obligation to pay or withhold taxes) arising from the Borrower’s or any of its Restricted Subsidiary’s purchase of inventory that are subject to a First Purchaser Lien.