Priority Lien Debt Default definition

Priority Lien Debt Default means (a) in the case of the First-Out Obligations, a First-Out Default and (b) in the case of any First Lien Debt, any “Event of Default” under any Priority Lien Document or any similar event or condition (with or without the giving of notice and whether or not notice has been given) which, under the terms of any Priority Lien Document governing any Series of Priority Lien Debt, in each case after giving effect to any applicable grace periods, (i) causes (or permits holders of Priority Lien Debt outstanding thereunder to cause) the Priority Lien Debt outstanding thereunder to become immediately due and payable, or (ii) in the case of any Hedging Obligation secured by a Priority Lien, permits the counterparty thereto to close out or terminate such Hedging Obligation.
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Priority Lien Debt Default means any event or condition (with or without the giving of notice or lapse of time, or both, and whether or not notice has been given or time has elapsed) which, under the terms of any Priority Lien Document governing any Series of Priority Lien Debt, in each case after giving effect to any applicable grace periods, causes, or permits holders of Priority Lien Debt outstanding thereunder to cause, the Priority Lien Debt outstanding thereunder to become immediately due and payable.
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Priority Lien Debt Default. “Priority Lien Documents”, “Priority Lien Obligations”, “Priority Lien Representative”, “Priority Lien Secured Party”, “Required First-Out Debtholders,” any other definition containing the words “First-Out” or “Hedging” therein or any other defined terms to the extent referenced or implicated therein;
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Examples of Priority Lien Debt Default in a sentence

  • The presentation uses information from the World Values Survey Waves 1-6, 1994-2014.

  • If any Priority Lien Debt Default has occurred and is continuing, Collateral Agent may, from time to time, apply the collected balances in said cash collateral account to the payment of the Secured Obligations whether or not the Secured Obligations shall then be due.

  • Upon the occurrence and during the continuation of a Priority Lien Debt Default, Collateral Agent may at any time in its sole discretion, by giving any Debtor written notice, elect to require that the Receivables be paid directly to a Controlled Account.

  • If a Priority Lien Debt Default has occurred and is continuing, Collateral Agent shall be entitled to occupy and use any premises owned or leased by any Debtor where any of the Collateral or any records relating to the Collateral are located until the Secured Obligations are paid or the Collateral is removed therefrom, whichever first occurs, without any obligation to pay such Debtor for such use and occupancy.

  • After the occurrence and during the continuation of a Priority Lien Debt Default, the proceeds of the Collateral shall be applied by Collateral Agent to payment of the Secured Obligations as provided in the Collateral Agency Agreement.

  • Personnel Non-Certificated Type Action Recommended ActionBE IT RESOLVED THAT, upon the recommendation of the Interim Superintendent of Schools, the Board of Education hereby approves the following personnel agenda items.Non-Certificated Employee Appointment(s)1.

  • The Collateral Agent may, upon the occurrence and during the continuation of a Priority Lien Debt Default, in its own name or in the name of others communicate with the Account Debtors to verify with them to its satisfaction the existence, amount and terms of any Accounts, Chattel Paper or Payment Intangibles.

  • Collateral Agent may, in its sole discretion, at any time or times after a Priority Lien Debt Default has occurred and is continuing, and without prior notice to such Debtor, notify any or all Account Debtors that the Accounts have been assigned to Collateral Agent and that Collateral Agent has a security interest therein.

  • If no Priority Lien Debt Default has occurred or is continuing, Collateral Agent shall from time to time deposit the collected balances in said cash collateral account into such Debtor’s general operating account or another account designated by the applicable Debtor.

  • Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Required Priority Lien Debtholders; provided that, so long as no Priority Lien Debt Default has occurred and is continuing, such successor Collateral Trustee shall be reasonably acceptable to the Issuers.


More Definitions of Priority Lien Debt Default

Priority Lien Debt Default means any “Event of Default” under any Priority Lien Document governing any Series of Priority Lien Debt (other than First Out Cash Management Obligations) or any similar event or condition (with or without the giving of notice and whether or not notice has been given) which, under the terms of any Priority Lien Document governing any Series of Priority Lien Debt, in each case after giving effect to any applicable grace periods, (x) except in the case of any Priority Lien Debt constituting any Hedging Obligation secured by a Priority Lien, causes the Priority Lien Debt outstanding thereunder to become immediately due and payable or (y) in the case of any Priority Lien Debt constituting any Hedging Obligation secured by a Priority Lien, causes the counterparty thereto to close out or terminate such Hedging Obligation at a time when such counterparty is owed in excess of $40.0 million under such Hedging Obligation.
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Priority Lien Debt Default means any of a Pari Passu Lien Debt Default and a First Lien Debt Default.
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Priority Lien Debt Default means, with respect to any Series of Priority Lien Debt, any event or condition which, under the terms of any Priority Lien Document governing such Series of Priority Lien Debt, causes, or permits holders of Priority Lien Debt outstanding thereunder to cause, the Priority Lien Debt outstanding thereunder to become immediately due and payable. For the avoidance of doubt, an “Event of Default” (as defined in the Closing Date Indenture) shall constitute a Priority Lien Debt Default with respect to the Series of Priority Lien Debt evidenced by the Notes.
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Related to Priority Lien Debt Default

  • Priority Lien Debt means Indebtedness of the Company and the Subsidiary Guarantors under the Priority Lien Credit Agreement (including reimbursement obligations with respect to letters of credit).

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

  • First Lien Debt means the Initial First Lien Debt and any Additional First Lien Debt.

  • Second Lien Debt means the indebtedness under the Second Lien Indenture Notes issued on the date hereof and guarantees thereof and all additional indebtedness incurred under any Additional Second Lien Documents and all additional indebtedness in respect of Additional Notes and guarantees thereof, in each case, that was permitted to be incurred and secured in accordance with the Secured Debt Documents and with respect to which the requirements of Section 4.04(b) have been (or are deemed) satisfied, and all Indebtedness incurred under any Second Lien Substitute Facility.

  • Series of Priority Lien Debt means, severally, the Indebtedness (including, without limitation, revolving loans and letters of credit) outstanding under the Credit Agreement and any other Credit Facility that constitutes Priority Lien Debt.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services, in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in respect of cash management services.

  • Discharge of Priority Lien Obligations means the occurrence of all of the following:

  • Junior Lien Debt means Indebtedness incurred by a Covenant Entity that is secured by a Lien that is junior to the Lien on the Collateral securing the Obligations.

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

  • Priority Lien Cap means $1,950.0 million.

  • Senior Lien Obligations means all revenue bonds and other obligations of the RECIPIENT outstanding on the date of execution of this loan agreement (or subsequently issued on a parity therewith, including refunding obligations) or issued after the date of execution of this loan agreement having a claim or lien on the Gross Revenue of the Utility prior and superior to the claim or lien of the loan, subject only to Maintenance and Operation Expense.

  • Second Priority Debt Documents means the Initial Second Priority Debt Documents and, with respect to any series, issue or class of Second Priority Debt, the promissory notes, indentures, Collateral Documents or other operative agreements evidencing or governing such Indebtedness, including the Second Priority Collateral Documents.

  • Additional First Lien Obligations means, with respect to any Series of Additional First Lien Obligations, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Additional First Lien Obligations, (b) all other amounts payable to the related Additional First Lien Secured Parties under the related Additional First Lien Documents and (c) any renewals of extensions of the foregoing.

  • 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.

  • Priority Lien Documents means the Priority Credit Agreement, the Priority Lien Security Documents, the other “Loan Documents” (as defined in the Priority Credit Agreement) and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with, any Priority Substitute Credit Facility.

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

  • First Lien Indebtedness means any Indebtedness for borrowed money (which, for the avoidance of doubt, does not include Purchase Money Indebtedness, and any related Liens thereto) secured by a Lien on any assets of the Issuer or any Restricted Subsidiary ranking pari passu with the Liens securing the Notes Obligations.

  • Junior Priority Obligations means the Original Second Lien Obligations and any Additional Obligations constituting Junior Priority Debt.

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

  • Senior Priority Obligations as defined in the Base Intercreditor Agreement.

  • Other First Lien Obligations means the “Other First Lien Obligations” as defined in the Collateral Agreement, including any interest accruing after commencement of any bankruptcy or insolvency proceeding with respect to any holder of Other First Lien Obligations whether or not allowed in such proceeding.

  • Priority Lien Security Documents means the Priority Credit Agreement (insofar as the same grants a Lien on the Collateral), each agreement listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Borrower or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Priority Substitute Credit Facility).

  • 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.

  • Priority Lien Secured Parties means the holders of Priority Lien Obligations and any Priority Debt Representatives.

  • First Lien/Second Lien Intercreditor Agreement means an intercreditor agreement substantially in the form of Exhibit H hereto, or such other customary form reasonably acceptable to the Administrative Agent and the Borrower, in each case, as such document may be amended, restated, supplemented or otherwise modified from time to time.