Priority Collateral definition

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

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.

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

Examples of Priority Collateral in a sentence

• After delivery of any notice contemplated by Section 7.1 above and until the date designated in such notice, the RCF Representative and the RCF Secured Parties shall, in the absence of exigent circumstances, refrain from enforcing on, or exercising any rights in respect of, any RCF Priority Collateral unless the failure to do so would adversely affect the RCF Representative’s RCF Lien.

• Each Grantor acknowledges and agrees that following the Discharge of Senior Obligations (as defined in the Intercreditor/Agreement Among Lenders) with respect to one or more Secured Parties but not all of the Secured Parties, the remaining Secured Parties will have First Priority Liens in the Priority Collateral of such discharged Secured Party or Secured Parties (subject to the Intercreditor/Agreement Among Lenders).

• Pursuant to an Enforcement Action relating to the corresponding Priority Collateral, the applicable Senior Enforcement Representative may advertise and conduct public auctions or private sales of such Priority Collateral in each case without notice (other than any notice required by law or the applicable Senior Documents) to, the involvement of or interference by any Junior Enforcement Party or liability to any Junior Enforcement Party.

• Immediately upon any sale or other disposition of ABL Priority Collateral not in the ordinary course of business by any Loan Party or its Subsidiaries or not otherwise permitted pursuant to Section 6.4, if a Cash Dominion Period exists, Borrowers shall prepay the outstanding principal of the Revolving Loans in accordance with Section 2.4(f) in an amount equal to one hundred percent (100%) of the net cash proceeds received by such Person in connection with such sale or disposition.

• Notwithstanding anything to the contrary herein and that the SOA shall be considered RCF Priority Collateral hereunder as an Accounts Receivable Contract, the parties hereto acknowledge and agree that this Agreement shall not impair the ability of the Term Loan Representative to enforce its rights under the Vitol Direct Agreement with respect to the SOA (including taking Enforcement Actions in respect of the SOA).

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 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 Borrower and its Material Subsidiaries whether now existing or hereafter arising, created or acquired, upon which a Priority Lien has been granted to the Priority Collateral Agent for the benefit of the Priority Secured Parties 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 (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 Senior Debt Priority Collateral or the Royal Gold Priority Collateral.