Priority Obligations definition

Priority Obligations means, as to the Term Loan Priority Collateral, the Term Loan Obligations and as to the Revolving Credit Priority Collateral, the Revolving Credit Obligations. The Existing Notes Obligations shall not constitute Priority Obligations for any purpose of this Agreement at any time prior to the Payment in Full of all Term Loan Obligations and all Revolving Credit Obligations, and all Revolving Credit Obligations and Term Loan Obligations shall both constitute Priority Obligations as they relate to the Existing Notes Obligations or the Existing Notes Creditors, or any Liens in favor of the Existing Notes Creditors, for all purposes of this Agreement.

Priority Obligations means the First-Out Obligations and the Second-Out Obligations.

Priority Obligations means, collectively, the First Lien Credit Agreement Obligations and the Additional First Lien Debt Obligations.

Examples of Priority Obligations in a sentence

• The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of either the First Priority Obligations or the Second Priority Obligations, or any portion thereof.

• If any Senior Priority Agent or Senior Priority Creditor is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Credit Party or any other Person any payment made in satisfaction of all or any portion of the Senior Priority Obligations (a “Senior Priority Recovery”), then the Senior Priority Obligations shall be reinstated to the extent of such Senior Priority Recovery.

• Each Junior Priority Agent, for and on behalf of itself and the Junior Priority Creditors represented thereby, agrees that no payment by such Junior Priority Agent or any such Junior Priority Creditor to any Senior Priority Agent or Senior Priority Creditor pursuant to the provisions of this Agreement shall entitle such Junior Priority Agent or Junior Priority Creditor to exercise any rights of subrogation in respect thereof until the Discharge of Senior Priority Obligations shall have occurred.

• Until the Discharge of Senior Priority Obligations, each Junior Priority Agent, for and on behalf of itself and the Junior Priority Creditors represented thereby, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Collateral without each Senior Priority Agent’s express written consent.

• Each Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the Senior Priority Collateral Documents and the Junior Priority Collateral Documents constitute separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Senior Priority Obligations are fundamentally different from the Junior Priority Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding.

More Definitions of Priority Obligations

Priority Obligations means, as to the Term Loan Priority Collateral, the Term Loan Obligations and as to the Revolving Credit Priority Collateral, the Revolving Credit Obligations.

Priority Obligations means all moneys owing, obligations and other liabilities of the Borrowers to the Banks and the Agent pursuant to the facilities Agreement;

Priority Obligations defined in the Security Agreement.

Priority Obligations means the Priority Debt and all other Obligations in respect thereof.

Priority Obligations means the Revolver Obligations and the Term Loan Obligations.

Priority Obligations means and include (a) the principal amount outstanding under the AR Loans at the Cut-Off Time, including amounts of any letters of credit contemplated by the AR Loan Documents, up to the Maximum Commitment Amount, (b) Protective Advances, (c) out-of-pocket fees and expenses incurred by AR Lender in connection with the administration and/or enforcement of the AR Loan Documents, (d) any advances made after the Cut-Off Time with the written approval of FHA Lender, and (e) interest accruing on any of the foregoing (except to the extent any default interest exceeds limits provided, if any, in Program Obligations;). Notwithstanding anything else in this Agreement, “Priority Obligations” shall exclude Indemnity Obligations, any default interest in excess of amounts permitted by Program Obligations or otherwise approved by HUD, and any Excluded Fees.

Priority Obligations means all obligations secured by liens against the Collateral permitted by Section 3.9(a) through (j) of this Indenture.