Examples of Priority Lien Obligations in a sentence
Such security interests are to be equal in priority to security interests granted for the benefit of holders of Second Priority Lien Obligations and junior in priority to security interests granted for the benefit of holders of Indebtedness that constitutes First Priority Lien Obligations.
If the Company or any Guarantor forms or acquires any Subsidiary and such subsidiary grants Liens to secure any First Priority Lien Obligations under the Credit Agreement, such Subsidiary will become party to the Security Documents and grant Liens on such assets to secure the Securities and take appropriate steps to perfect such Liens.
Notwithstanding anything in this Section 5 to the contrary, the time period for any delivery, filing, perfection or other action in respect of the Collateral or insurance (including any notice in respect thereof) may, prior to the Discharge of Priority Lien Obligations, be extended by the Administrative Agent in its sole discretion and acting in good faith.
For the avoidance of doubt, a Replacement as contemplated by Section 4.04(a) shall not be deemed to cause a Discharge of Priority Lien Obligations.
This Agreement secures, and the Collateral is collateral security for, the Priority Lien Obligations.