Priority Lien Indebtedness definition

Priority Lien Indebtedness means, so long as the agreements governing or securing such Indebtedness grant a Default Purchase Option:

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Priority Lien Indebtedness is defined in Section 2.2 of this Deed of Trust.

Priority Lien Indebtedness means any Permitted Securitization Program, any purchase money Liens or capital lease obligations, any Indebtedness incurred pursuant to Section 8.1(s) [Indebtedness], the Loans and the Letter of Credit Obligations (excluding letters of credit, bank guarantees and similar instruments that would otherwise constitute Priority Lien Indebtedness (X) to the extent fully cash collateralized, letters of credit, bank guarantees and similar instruments (and, to the extent a Letter of Credit hereunder, Cash Collateralized in accordance with the terms hereof) and (Y) if undrawn (a) to the extent the maximum aggregate amount available to be drawn thereunder does not exceed $250,000,000 and (b) any letters of credit issued under the Existing Securitization Facility).

Examples of Priority Lien Indebtedness in a sentence

• All action by the Grantor necessary or desirable to protect and perfect the Lien of the Collateral Agent on each item set forth on Schedule II (including the delivery of all originals thereof to the Collateral Agent and the legending of all Chattel Paper as required by Section 5(b) hereof; PROVIDED that prior to the Discharge of Priority Lien Indebtedness, such items need not be delivered to the Collateral Agent so long as they are held by the Credit Agreement Agent) has been duly taken.

• A Guarantee of a Subsidiary Guarantor also will be automatically released upon the applicable Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing either Senior Credit Agreement, this Indenture or any other Parity Lien Indebtedness or Priority Lien Indebtedness or other exercise of remedies in respect thereof in accordance with the Intercreditor Agreements.

More Definitions of Priority Lien Indebtedness

Priority Lien Indebtedness means any Permitted Securitization Program, any purchase money Liens or capital lease obligations, any Indebtedness incurred pursuant to Section 8.1(s) [Indebtedness], any Indebtedness incurred pursuant to Section 8.1(u) [Indebtedness] that does not have a scheduled maturity (or any scheduled mandatory offers to repurchase or prepay) earlier than the date that is 364 days after the consummation of either Anglo American Acquisition, any Indebtedness incurred pursuant to Section 8.1(v) [Indebtedness], the Loans and the Letter of Credit Obligations (excluding letters of credit, bank guarantees and similar instruments that would otherwise constitute Priority Lien Indebtedness (X) to the extent fully cash collateralized, letters of credit, bank guarantees and similar instruments (and, to the extent a Letter of Credit hereunder, Cash Collateralized in accordance with the terms hereof) and (Y) if undrawn (a) to the extent the maximum aggregate amount available to be drawn thereunder does not exceed $250,000,000 and (b) any letters of credit issued under the Existing Securitization Facility).

Priority Lien Indebtedness means Total Secured Indebtedness that is not subordinated in right of payment to the Initial Term Loans and is secured by a Lien, except by a Lien that is pari passu or junior to the Lien securing the Obligations. For the avoidance of doubt, Priority Lien Indebtedness includes, without limitation, any First Lien Senior Secured Notes (as defined in the First Lien Credit Agreement) and First Lien Loans.

Priority Lien Indebtedness means any bona fide indebtedness, which is the result of an arm's-length negotiation, that is secured by a first lien or encumbrance upon the Property and/or a Unit.

Priority Lien Indebtedness means (i) Indebtedness of the Company and the Guarantors under the First Lien Credit Facility and reimbursement obligations with respect thereto, (ii) the First Lien Notes and (iii) any other Indebtedness of the Company or any Guarantor that is secured by a Priority Lien on the Collateral; provided that the holders of such Indebtedness or their collateral agent shall become party to the Junior Lien Intercreditor Agreement and any other applicable Intercreditor Agreements; provided that the holders of such Indebtedness or their collateral agent shall become party to the Junior Lien Intercreditor Agreement and any other applicable Intercreditor Agreements.