Examples of Priority Secured Creditor in a sentence
In conducting any public or private sale under the UCC of its Priority Collateral, the Priority Secured Creditor shall give the Junior Secured Creditor such notice (a “UCC Notice”) of such sale as may be required by the applicable UCC; provided, however, that 10 days’ notice shall be deemed to be commercially reasonable notice.
Each Junior Secured Creditor shall give the Priority Secured Creditor at least 10 Business Days’ written notice prior to taking any Enforcement Action as to any Collateral that, as to such Junior Secured Creditor, is Non-Priority Collateral, which notice may be given during the pendency of any Standstill Period.
Following the Payment in Full of the associated Priority Obligations, or in the case of the Existing Notes Creditors as Junior Secured Creditor, all Priority Obligations, the Junior Secured Creditor may, subject to any other agreements binding on such Junior Secured Creditor, assert their rights under the New York UCC or otherwise to any Proceeds remaining following a sale, disposition or other liquidation of Collateral by, or on behalf of, the Priority Secured Creditor or the Junior Secured Creditor.
The Priority Secured Creditor for a Series may be or include the Noteholders and, if so, the Noteholders of such Series will be deemed to be a single Secured Creditor.
Priority Secured CreditorThe Priority Secured Creditor may be the Noteholders (subject to the Priority of Payments set out above) and, if so, the Noteholders will be deemed to be a single Secured Creditor.Where the Priority Secured Creditor is the Noteholders, the Noteholders may direct the Trustee to exercise any powers conferred upon the Trustee pursuant to the Transaction Documents by means of a request in writing of the Holders of at least 25 per cent.