Priority Liabilities definition

Priority Liabilities means the Senior Liabilities and the Hedging Liabilities.

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Priority Liabilities means any Liabilities of Clarocity (other than Liabilities arising under or pursuant to the Receivership Order, the Debentures or the Promissory Note), including any Liabilities to any employees of Clarocity or to a Government Authority which are in existence and due and owing as of the Closing Date which are secured by an Encumbrance over the Purchased Assets ranking in Law in priority to the Encumbrances securing the Promissory Note Debt or the Debenture Debt, as determined by a final order of the Court made on notice to Buyer or as agreed to in writing by Buyer.

Priority Liabilities any Liability of either or both of the Companies if and to the extent that it is a Liability of either or both of the Companies referred to in: (a) clause 58 of the Original Scheme; or (b) paragraph 51 of the Amending Scheme; or (c) paragraph 20 of the Final Scheme. “Relevant Parties” the Companies, the Creditors’ Committee, the Scheme Administrators, any existing or former liquidators or provisional liquidators of the Companies, the Delegate, any members of the Creditors’ Committee, NNOFIC, ▇▇▇-▇▇▇, 1845 and the ILU and (as applicable) any of their firms, fellow members, agents, representatives, delegates, partners, officers or employees and any person who may be held liable in law for the actions or omissions of any such persons, in each case in their capacity as such;

Examples of Priority Liabilities in a sentence

Not permit the Employee Priority Liabilities at any time to exceed seventy percent (70%) of the fair market value of the Loan Parties’ Inventory at that time.
Rights of Trustee as Creditor of Senior Higher Priority Liabilities; Preservation of Trustee’s Rights 84 Section 12.08.
The provisions of this Article 12 are and are intended solely for the purpose of defining the relative rights of the Holders of the Senior Non Preferred Debt Securities of each series on the one hand and the creditors of the Senior Higher Priority Liabilities on the other hand.
Trustee Not Fiduciary for Creditors of Senior Higher Priority Liabilities 83 Section 12.07.
The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any claims of creditors of Senior Higher Priority Liabilities which may at any time be held by it, to the same extent as any other creditors of Senior Higher Priority Liabilities, and nothing in this Senior Non Preferred Debt Securities Indenture or the Trust Indenture Act shall deprive the Trustee of any of its rights as such holder.
With respect to the creditors of Senior Higher Priority Liabilities, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Senior Non Preferred Debt Indenture, and no implied covenants or obligations with respect to the creditors of Senior Higher Priority Liabilities shall be read into this Senior Non Preferred Debt Indenture against the Trustee.
If the Security Trustee receives any amount under this Deed for any of the Liabilities in a currency other than the currency of the Priority Liabilities, the Security Trustee may convert such amount into the currency of the Priority Liabilities at its spot rate of exchange for the purchase of the relevant currency of the Priority Liabilities with the currency of the amount received in the London foreign exchange market.
The Trustee shall not be deemed to owe any fiduciary duty to the creditors of Senior Higher Priority Liabilities and shall not be liable to any such holders if it shall mistakenly pay over or distribute to Holders of Second Ranking Senior Debt Securities of the series or to the Company or to any other Person cash, property or securities to which any creditors of Senior Higher Priority Liabilities shall be entitled by virtue of this Article or otherwise.
With respect to the creditors of Senior Higher Priority Liabilities, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Second Ranking Senior Debt Indenture, and no implied covenants or obligations with respect to the creditors of Senior Higher Priority Liabilities shall be read into this Second Ranking Senior Debt Indenture against the Trustee.
The Trustee shall not be deemed to owe any fiduciary duty to the creditors of Senior Higher Priority Liabilities and shall not be liable to any such holders if it shall mistakenly pay over or distribute to Holders of Senior Non Preferred Debt Securities of the series or to the Company or to any other Person cash, property or securities to which any creditors of Senior Higher Priority Liabilities shall be entitled by virtue of this Article or otherwise.

More Definitions of Priority Liabilities

Priority Liabilities means the Priority Notes, the Director Liabilities, the WSIB Liabilities, and legal fees associated with the proposed transaction with ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the amount of $275,000.