Parity Lien Debt Default definition

Parity Lien Debt Default means any “Event of Default” as defined in the Indenture, or any similar event or condition set forth in any other Parity Lien Document that causes, or permits holders of the applicable Series of Parity Lien Debt outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not notice has been given or time has lapsed) to cause, the Parity Lien Debt outstanding thereunder to become immediately due and payable.
Parity Lien Debt Default means the occurrence of any of the following:
Parity Lien Debt Default has the meaning assigned to such term in the Collateral Trust Agreement.

Examples of Parity Lien Debt Default in a sentence

  • The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Parity Lien Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Parity Lien Debt Default unless and until it is directed by an Act of Parity Lien Debtholders.


More Definitions of Parity Lien Debt Default

Parity Lien Debt Default means (a) the failure to pay any Parity Lien Debt when due or (b) the occurrence of any event or existence of any condition which, under the terms of any credit agreement, indenture or other agreement governing any Series of Parity Lien Debt (as defined in the Indenture) causes, or permits holders of Parity Lien Debt outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not notice has been given or time has lapsed) to cause, the Parity Lien Debt outstanding thereunder to become immediately due and payable.

Related to Parity Lien Debt Default

  • Parity Lien Obligations means Parity Lien Debt and all other Obligations in respect thereof.

  • Series of Parity Lien Debt means, severally, the Notes and each other issue or series of Parity Lien Debt for which a single transfer register is maintained.

  • Priority Lien Obligations means the Priority Lien Debt and all other Obligations in respect of Priority Lien Debt.

  • Parity Lien means a Lien granted by a Security Document to the Collateral Trustee upon any property of the Company or any other Obligor to secure Parity Lien Obligations.

  • Junior Lien Indebtedness means any Indebtedness of any Credit Party that is secured by Liens on Collateral that rank junior in priority to the Liens that secure the Obligations.

  • Second Lien Obligations means the “Obligations” as defined in the Second Lien Credit Agreement.

  • Parity Lien Documents means, collectively, the Note Documents and any additional indenture, supplemental indenture, credit agreement or other agreement governing each other Series of Parity Lien Debt and the Security Documents (other than any Security Documents that do not secure Parity Lien Obligations).

  • First Lien Obligations means (a) all the Credit Agreement Obligations, (b) all the Initial Additional First Lien Obligations and (c) all the Additional First Lien Obligations.

  • Junior Lien Obligations means Junior Lien Debt and all other Obligations in respect thereof.