Priority Collateral definition

Priority Collateral means the ABL Priority Collateral or the Term Priority Collateral, as applicable.

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Priority Collateral with respect to the Revolving Credit Claimholders, all ABL Collateral, and with respect to the Fixed Asset Claimholders, all Fixed Asset Collateral.

Priority Collateral means, as to the Term Loan Creditors, the Term Loan Priority Collateral, and, as to the Revolving Creditors, the Revolving Credit Priority Collateral, and, as to the Existing Notes Creditors, none of the Collateral. Priority Collateral also means, as to any Revolving Creditors, the Term Loan Priority Collateral to the extent securing Excess Term Obligations and as to any Term Loan Creditors, the Revolving Credit Priority Collateral to the extent securing Excess Revolving Credit Obligations; provided that the right of the Term Loan Creditors to take any Enforcement Action with respect to their Non-Priority Collateral, and the right of the Revolving Creditors to take any Enforcement Action with respect to their Non-Priority Collateral, and the right of the Existing Notes Creditors to take any Enforcement Action with respect to their Non-Priority Collateral shall in each case be subject to the provisions of Section 3.

Examples of Priority Collateral in a sentence

Notwithstanding the foregoing, to the extent any funds credited to the Asset Sale Reserve Account constitute Net Proceeds of a Fixed Debt Priority Collateral Prepayment Event, the application of such proceeds shall be subject to Section 5.6(c).
Any Common Collateral or Senior Priority Collateral or proceeds thereof received by any Second Priority Secured Party prior to the time of such Recovery shall be deemed to have been received prior to the Discharge of Senior Priority Obligations and subject to the provisions of Section 4.2.
The Borrowing Base Certificate shall also be delivered prior to or upon the consummation of any agreement for the sale or disposition of ABL Priority Collateral outside the ordinary course of business which would result in the receipt of any cash or Cash Equivalents by the Parent or any of its Restricted Subsidiaries in an amount in excess of $25,000,000, and such Borrowing Base Certificate shall give effect to such transaction.
Without limiting the foregoing, the applicable Obligor shall execute and deliver, and cause the relevant depository institution to execute and deliver, to the Agent a Control Agreement for the Fixed Asset Collateral Account promptly following any Asset Sale or Recovery Event with respect to Term Priority Collateral, the proceeds of which are intended to be used to replace, repair or restore properties or assets pursuant to Section 5.2.3(e).
As between L▇▇▇▇▇, on the one hand, and the Term Loan Agent, on the other hand, the relative priority, attachment, perfection and enforcement of their respective Liens upon the ABL Priority Collateral and the Term Loan Priority Collateral shall be governed solely by, and be subject in all respects to, the Intercreditor Agreement.

More Definitions of Priority Collateral

Priority Collateral means, with respect to the ABL Debt, all ABL Priority Collateral, and with respect to the Term Loan Debt, all Term Loan Priority Collateral.

Priority Collateral means (a) with respect to the ABL Secured Parties, the ABL Priority Collateral, or (b) with respect to the Term Loan Collateral Secured Parties, the Term Loan Priority Collateral.

Priority Collateral means the Working Capital Priority Collateral or the Term Loan Priority Collateral.

Priority Collateral as defined in any Second Priority Collateral Documents and shall also include the Mortgaged Properties and the proceeds thereof, but shall not in any event include the PCS/Drugstore Pledged Collateral or the Exchange Debt First Priority Collateral.

Priority Collateral means the certain personal and real property, assets and fixtures of the Grantors, whether now existing or hereafter arising, created or acquired, upon which a Priority Lien has been granted to, or hereafter is granted to or for the benefit of, the Priority Securityholders pursuant to the Priority Security Instruments.

Priority Collateral with respect to the Revolving Claimholders, all Revolving Priority Collateral, and with respect to the Notes Claimholders, all Notes Priority Collateral.

Priority Collateral means the Senior Debt Priority Collateral or the Royal Gold Priority Collateral.