Second Lien Priority definition
Examples of Second Lien Priority in a sentence
Until Discharge of the Second Lien Obligations, the Second Lien Agent shall have the sole and exclusive right, as against the ABL Agents, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of Second Lien Priority Collateral and take other such actions with respect to insurance covering the Second Lien Priority Collateral as set forth in the Second Lien Credit Agreement.
This Joinder shall become effective when each First Lien Priority Representative and Second Lien Priority Representative shall have received a counterpart of this Joinder that bears the signature of each New Loan Party.
Without limiting the generality of the foregoing, the ABL Secured Parties shall not be obligated to see to the application of any Proceeds of the Second Lien Priority Collateral deposited into any Deposit Account or be answerable in any way for the misapplication thereof.
Until the Discharge of Second Lien Obligations has occurred, the ABL Agents, on behalf of themselves and the ABL Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Second Lien Priority Collateral without the Second Lien Agent’s express written consent.
Nothing contained herein shall prohibit or in any way limit the First Lien Priority Representatives or any other First Lien Priority Secured Party from objecting in any Insolvency Proceeding or otherwise to any action taken by any Second Lien Priority Secured Party not expressly permitted hereunder, including the seeking by any Second Lien Priority Secured Party of adequate protection (except as provided in Section 5.4).
Each First Lien Priority Representative expressly waives all notices of the acceptance of and reliance by the Second Lien Priority Representative and the Second Lien Priority Secured Parties.
Except as otherwise provided in this Agreement, the Second Lien Priority Representatives and the First Lien Priority Representatives will be entitled to manage and supervise their respective extensions of credit to any Loan Party in accordance with law and their usual practices, modified from time to time as they deem appropriate.
To the extent that the aggregate amount of Notes (and such Second Lien Priority Indebtedness or Senior Pari Passu Indebtedness, as applicable) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining Excess Proceeds for general corporate purposes or any purpose not otherwise prohibited by this Indenture.
In the event of any conflict between the provisions of this Agreement and the provisions of any First Lien Priority Document or any Second Lien Priority Document with respect to the priority of any Liens or the exercise of any rights or remedies, the provisions of this Agreement shall govern.
To the extent that the aggregate amount of Notes (and such Second Lien Priority Indebtedness or Senior Pari Passu Indebtedness, as applicable) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining Excess Proceeds for general corporate purposes or any purpose not otherwise prohibited by the Indenture.