Junior Lien Priority definition

Junior Lien Priority means relative to specified Indebtedness, having a junior Lien priority on specified Collateral and either subject to the Intercreditor Agreement on a basis that is no more favorable than the provisions applicable to the holders of ABL Debt (in the case of Term Loan Collateral) or subject to intercreditor agreements providing holders of Indebtedness with Junior Lien Priority at least the same rights and obligations as the holders of ABL Debt (in the case of the Term Loan Collateral) have pursuant to the Intercreditor Agreement as to the specified Collateral.

Junior Lien Priority with respect to specified Indebtedness, secured by a Lien on specified Collateral ranking junior to the Lien on such Collateral securing the Term Loan Facility Obligations or any Guarantee, as applicable, either pursuant to the Junior Lien Intercreditor Agreement or one or more other intercreditor agreements having terms no less favorable to the Lenders with respect to such Collateral than the terms of the Junior Lien Intercreditor Agreement, as determined in good faith by the Borrower.

Junior Lien Priority means that such subject Indebtedness is secured by a Lien on the Collateral that is junior in priority to the Liens on the Collateral securing the First Priority Lien Obligations and is subject to an Acceptable Intercreditor Agreement (it being understood that junior Liens are not required to rank equally and ratably with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are senior in priority to, or rank equally and ratably with, or junior in priority to, other Liens constituting junior Liens).

Examples of Junior Lien Priority in a sentence

• No Guarantor shall, and the Issuer shall not permit any Guarantor to, directly or indirectly, Guarantee any Indebtedness of the Issuer, unless, in the case of any such Guarantee of unsecured Indebtedness of the Issuer or Indebtedness of the Issuer secured by Xxxxx on the Collateral with Junior Lien Priority relative to the Notes, such Guarantee shall be subordinated in right of payment to the Note Guarantee of such Guarantor.

• In the event that the Co-Issuers or any of the Guarantors incur Indebtedness required to be secured on a Junior Lien Priority basis, subject to Section 12.08, the Collateral Agent will enter into a Junior Lien Priority Intercreditor Agreement which shall set forth the relative rights and obligations of the ABL Collateral Agent, the Collateral Agent, on behalf of the Holders, and the holders of such Indebtedness.

• Any such additional party and the ABL Agent, the Trustee and the Notes Collateral Agent shall be entitled to rely upon an Officers’ Certificate certifying that such Debt with Junior Lien Priority was Incurred in compliance with the ABL Facility, this Indenture and the Security Documents.

• This authorization is coupled with an interest and is irrevocable until the Discharge of ABL Priority Obligations, Discharge of Senior Lien Priority Obligations, Discharge of First Lien Priority Obligations and Discharge of Junior Lien Priority Obligations have occurred.

• Junior Indebtedness: Indebtedness that is either (i) unsecured and expressly subordinated to the Obligations or (ii) secured solely by Collateral with a Lien having Junior Lien Priority on the Collateral relative to the Obligations.

More Definitions of Junior Lien Priority

Junior Lien Priority means a Lien on Collateral that ranks junior in priority to the Liens securing the Notes and the Guarantees.

Junior Lien Priority means Indebtedness that is secured by a Lien that is (a) junior in priority to the Liens on the Collateral securing the Notes and the Existing First Lien Notes and (b) subject to the Junior Intercreditor Agreement. For the avoidance of doubt, more than one series or tranche of Junior Lien Obligations may be issued or incurred from time to time, and not all series or tranches of Junior Lien Obligations must necessarily rank pari passu with each other.

Junior Lien Priority means a Lien that ranks junior in priority to the Liens that secure the Term Loan/Notes Secured Obligations on the terms set forth in the Junior Priority Intercreditor Agreement.

Junior Lien Priority means, relative to specified Indebtedness, having a junior Lien priority on specified Collateral and the holders of which are subject to either the ABL-Notes Intercreditor Agreement or, to the extent such Indebtedness is secured by Liens that are junior to the Liens on Collateral securing the Notes Obligations, an intercreditor agreement in a customary market form (as determined by the Company) that neither contravenes nor prohibited by definitive documentation governing other Indebtedness secured by any Collateral and this Indenture.

Junior Lien Priority means, relative to specified Indebtedness or other Obligations secured by a Lien, having a junior Lien priority on specified Collateral and subject to a Junior Lien Intercreditor Agreement and, if the Alabama Revolving Credit Agreement remains outstanding, the Alabama Intercreditor Agreement.

Junior Lien Priority means, relative to specified Indebtedness, having junior Lien priority on specified collateral.

Junior Lien Priority has the meaning assigned to such term in the Intercreditor Agreement.