Maximum Priority Debt Amount definition

Maximum Priority Debt Amount means, as of any date of determination, (a) the principal amount (including the undrawn amount of Letters of Credit) of Loan Agreement Secured Obligations as of such date up to, but not in excess of, $15,000,000, plus (b) any premium, interest, fees, attorneys’ fees, costs, charges, expenses and indemnities, owed under the Loan Agreement or the other Lender Loan Documents or in respect of the Loan Agreement Secured Obligations and including, for each amount specified in clauses (a) and (b), all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Borrower or any other Person irrespective of whether a claim for all or any portion of such amount is allowable or allowed in any Insolvency Proceeding.

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Maximum Priority Debt Amount means, as of any date of determination, the principal amount (including the undrawn amount of all letters of credit) of Credit Agreement Secured Obligations as of such date up to, but not in excess of, $30,000,000, (a) minus the amount of all permanent commitment reductions made from and after the date hereof under the effective Credit Agreement, but to be reinstated at the time of entering into any New Credit Facility, and (b) plus any interest, fees, Lender Group Expenses and indemnities payable under the Senior Loan Documents or in respect thereof (including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Borrower, any Guarantor or any other Person irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in any such Insolvency Proceeding).

Maximum Priority Debt Amount means $55,000,000.

Examples of Maximum Priority Debt Amount in a sentence

The subordination of Liens (up to the Maximum Priority Debt Amount) by the Collateral Agent, on behalf of itself, the Trustee, and the Noteholders in favor of the Lender herein shall not be deemed to subordinate the Collateral Agent's Liens to the Liens of any other Person.
The subordination of Liens (in excess of the Maximum Priority Debt Amount) in favor of the Collateral Agent, for the benefit of itself, the Trustee and the Noteholders herein shall not be deemed to subordinate such Lender's Liens to the Liens of any other Person.
The subordination of Liens (up to the Maximum Priority Debt Amount) by the Collateral Agent, on behalf of itself, the Trustee, and the Noteholders in favor of the Senior Agent and the Senior Lenders herein shall not be deemed to subordinate the Collateral Agent’s Liens to the Liens of any other Person.
The subordination of Liens (in excess of the Maximum Priority Debt Amount) in favor of the Collateral Agent, for the benefit of itself, the Trustee and the Noteholders herein shall not be deemed to subordinate the Senior Agent’s Liens to the Liens of any other Person.
The subordination of Liens (in excess of the Maximum Priority Debt Amount) in favor of the Trustee, for the benefit of itself and the Noteholders, herein shall not be deemed to subordinate the Agent’s Liens to the Liens of any other Person.
The subordination of Liens (up to the Maximum Priority Debt Amount) by the Trustee, on behalf of itself and the Noteholders, in favor of the Agent herein shall not be deemed to subordinate the Trustee’s Liens to the Liens of any other Person.
The subordination of Liens (up to the Maximum Priority Debt Amount) by the Collateral Agent, on behalf of itself, the Trustee, and the Noteholders in favor of the Senior Agent and the Senior Lenders herein shall not be deemed to subordinate the Collateral Agent's Liens to the Liens of any other Person.
The subordination of Liens (in excess of the Maximum Priority Debt Amount) and otherwise in the Indenture Priority Collateral in favor of the Collateral Agent, for the benefit of itself, the Trustee and the Noteholders herein shall not be deemed to subordinate such Agent’s Liens to the Liens of any other Person.
The subordination of Liens (in excess of the Maximum Priority Debt Amount) in favor of Subordinated Lienholder herein shall not be deemed to subordinate Agent’s Liens to the Liens of any other Person.
The subordination of Liens (up to the Maximum Priority Debt Amount) by Subordinated Lienholder in favor of Agent herein shall not be deemed to subordinate Subordinated Lienholder’s Liens to the Liens of any other Person.

More Definitions of Maximum Priority Debt Amount

Maximum Priority Debt Amount means, as of any date of determination, (a) the GREATER of (i) the principal amount (including the undrawn amount of Letters of Credit) of Loan Agreement Secured Obligations as of such date up to, but not in excess of, $15,000,000, and (ii) 7.5% of Total Assets (as defined in the Indenture) (including, for each of (i) and (ii), without duplication, all guaranties in respect thereof), PLUS (b) the excess of (i) $7,500,000 over (ii) the aggregate outstanding principal amount of Indebtedness represented by Capitalized Lease Obligations and Purchase Money Indebtedness of Borrower and its Subsidiaries incurred in the ordinary course of business as of such date (including, without duplication, all guaranties in respect thereof), PLUS (c) the excess of (i) $2,000,000 over (ii) the aggregate principal amount of Indebtedness of Foreign Subsidiaries of Borrower as of such date (including, without duplication, all guaranties in respect thereof), PLUS (d) $5,000,000, PLUS (e) any premium, interest, fees, attorneys' fees, costs, charges, expenses, indemnities, and all other amounts payable under the Loan Agreement or the other Lender Loan Documents or in respect of the Loan Agreement Secured Obligations (other than Bank Product Obligations that exceed $3,600,000) or clauses (a), (b), (c), or (d) (including, without duplication, all guaranties in respect thereof); and including, for each amount specified in clauses (a) through (e), all amounts accruing on or after the commencement of any Insolvency Proceeding relating to Borrower, any Guarantor or any other Person irrespective of whether a claim for all or any portion of such amount is allowable or allowed in any Insolvency Proceeding.

Maximum Priority Debt Amount means, as of any date of determination, (a) the greater of (i) $65,000,000 minus the amount of all permanent reductions in revolving facility commitments made from and after the date hereof, all permanent repayments of term loans and any permanent cash collateralization of any Letters of Credit made from and after the date hereof under the effective Credit Agreement (but to be reinstated to the full $65,000,000 amount at the time of entering into any New Credit Facility) and (ii) the Gross Borrowing Base, plus (b) the aggregate amount of all Banking Services Obligations incurred by Parent, the Borrowers or the Guarantors in the ordinary course of business and owing to any Senior Lender, plus (c) all Swap Obligations incurred by Parent, the Borrowers or the Guarantors in the ordinary course of business and owing to any Senior Lender, plus (d) all interest, fees, disbursements, costs, expenses and indemnities payable under the Senior Credit Documents or in respect thereof (including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to Parent, any Borrower, any Guarantor or any other Person irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in any such Insolvency Proceeding.

Maximum Priority Debt Amount shall in all respects be junior and subordinate to all Liens granted to the Trustee (or any Noteholder) in the Collateral to secure all or any portion of the Indenture Secured Obligations, and

Maximum Priority Debt Amount means, as of any date of determination, (a) the principal amount of Loan Agreement Secured Obligations as of such date up to, but not in excess of, $10,000,000, PLUS (b) any premium, interest, fees, attorneys' fees, costs, charges, expenses, indemnities, and all other amounts payable under the Loan Agreement or the other Lender Loan Documents or in respect of the Loan Agreement Secured Obligations or clauses (a) (including, without duplication, all guaranties in respect thereof), and including, for each amount specified in clause (a) and (b), all amounts accruing on or after the commencement of any Insolvency Proceeding relating to Borrower, any Guarantor or any other Person irrespective of whether a claim for all or any portion of such amount is allowable or allowed in any Insolvency Proceeding.

Maximum Priority Debt Amount means, as of any date of determination, the outstanding principal amount (including the undrawn amount of all letters of credit) of Senior Indebtedness as of such date up to, but not in excess of, an aggregate principal amount equal to the amount permitted to be incurred pursuant to clause (2) of the definition of “Permitted Indebtedness” contained in the Indenture, plus all costs, interest fees and expenses payable by Credit Parties to Lenders and Agent, minus the amount of all permanent commitment reductions made or required to be made pursuant to the Indenture from and after the date hereof.

Maximum Priority Debt Amount means $23,000,000.