Second Priority definition
Second Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.
Second Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Security Document, that such Lien is second in priority only to the Liens created under the First Lien Loan Documents (subject to (i) in the case of Mortgaged Property, Permitted Encumbrances and (ii) otherwise, Permitted Liens).
Second Priority means, with respect to any Lien purported to be created on any Collateral pursuant to the Security Documents, that such Lien is prior in right to any other Lien thereon, other than (x) Liens permitted pursuant to clause (y) of Section 10.03(iii) and (y) Permitted Liens permitted to be prior to the Liens on the Collateral in accordance with the definition “First Priority” contained herein; provided that in no event shall any such Permitted Lien be permitted (on a consensual basis) to be junior and subordinate to any Permitted Liens as described in clause (x) above and senior in priority to the relevant Liens created pursuant to the Security Documents.
Examples of Second Priority in a sentence
Such Grantor shall, at its own cost and expense, defend title to the Junior Collateral and the Second Priority lien and security interest of the Agent, acting for the Secured Party therein against the claim of any person claiming against or through such Grantor and shall maintain and preserve such perfected Second Priority security interest for so long as this Agreement shall remain in effect.
More Definitions of Second Priority
Second Priority means, (i) with respect to any Lien purported to be created on any TL Priority Collateral pursuant to the ABL Security Documents, that such Lien is prior in right to any other Lien thereon, other than (x) Liens permitted pursuant to clause (y) of Section 10.03(iii) of the ABL Credit Agreement as in effect on the date hereof and (y) TL Permitted Liens permitted to be prior to the Liens on the TL Priority Collateral in accordance with clause (ii) of the definition “First Priority” contained herein; provided that in no event (except as expressly contemplated by Section 6.20(b) hereof) shall any such TL Permitted Lien be permitted (on a consensual basis) to be junior and subordinate to any ABL Permitted Liens as described in clause (x) above and senior in priority to the relevant Liens created pursuant to the ABL Security Documents and (ii) with respect to any Lien purported to be created on any ABL Priority Collateral pursuant to the Term Security Documents, that such Lien is prior in right to any other Lien thereon, other than (x) Liens permitted pursuant to clause (y) of Section 9.03(iii) of the Term Credit Agreement as in effect on the date hereof (and after giving effect to the Restatement Effective Date as defined therein) and (y) ABL Permitted Liens permitted to be prior to the Liens on the ABL Priority Collateral in accordance with clause (i) of the definition “First Priority” contained herein; provided that in no event shall any such ABL Permitted Lien be permitted (on a consensual basis) to be junior and subordinate to any TL Permitted Liens as described in clause (x) above and senior in priority to the relevant Liens created pursuant to the Term Security Documents.
Second Priority shall have the meaning provided in the Initial Intercreditor Agreement.
Second Priority means, with respect to any Lien purported to be created on any Collateral pursuant to the Security Documents, that such Lien is prior in right to any other Lien thereon, other than (x) Liens permitted pursuant to Section 10.01(s) and (y) First Priority Priming Liens; provided that in no event shall any such First Priority Priming Liens be permitted (on a consensual basis) to be junior and subordinate to any Permitted Liens as described in clause (x) above and senior in priority to the relevant Liens created pursuant to the Security Documents.
Second Priority means, with respect to any Lien created in any Fixed Asset Collateral pursuant to any Collateral Document, that such Lien is subordinated solely to the Liens on such Collateral created by the Term Loan Documents and inchoate Liens arising by operation of law for which amounts are not yet due and payable.
Second Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Note Documents that, subject to the terms of the First Lien Intercreditor Agreement, such Lien is second in priority only to the Liens created under the ABL Facility Documentation prior to the Discharge of ABL Obligations.
Second Priority means, with respect to any lien and security interest purported to be created in any Collateral pursuant to this Agreement, such lien and security interest is the most senior lien to which such Collateral is subject (subject to the subordination of Secured Party’s lien and security interest only to Senior Lender’s lien and security interest under the Financing Agreement as provided in the Subordination Agreement (“Senior Lender’s First Priority”)).
Second Priority. Full-time faculty members who have completed 14 years of service at YVC shall be paid at STEP 2 or higher based on initial placement. Third Priority – Full-time faculty members who have completed 12 years of service at YVC shall be paid at STEP 3 or higher based on initial placement. Fourth Priority – Full-time faculty members who have completed 10 years of service at YVC shall be paid at STEP 4 or higher based on initial placement. Fifth Priority – Full-time faculty members who have completed 8 years of service at YVC shall be paid at STEP 5 or higher based on initial placement. Sixth Priority - Full-time faculty members who have completed 6 years of service at YVC shall be paid at STEP 6 or higher based on initial placement.