Discharge of Priority Lien Obligations definition

Discharge of Priority Lien Obligations means the occurrence of all of the following:

Discharge of Priority Lien Obligations has the meaning set forth in the Intercreditor Agreement.

Discharge of Priority Lien Obligations has the meaning given to the term “Discharge of First Lien Obligations” in the Intercreditor Agreement.

Examples of Discharge of Priority Lien Obligations in a sentence

• 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.

• Promptly following the Discharge of Priority Lien Obligations with respect to one or more Series of Priority Lien Debt, each Priority Lien Representative with respect to each applicable Series of Priority Lien Debt that is so discharged will provide written notice of such discharge to the Collateral Trustee and to each other Secured Debt Representative.

• If the Second Lien Collateral Agent or any Second Lien Secured Party shall, at any time prior to the Discharge of Priority Lien Obligations, receive any proceeds of any such insurance policy or any such award or payment in contravention of the foregoing, it shall pay such proceeds over to the Priority Lien Agent.

• Unless and until the Discharge of Priority Lien Obligations has occurred, and subject to the rights of the Grantors under the Priority Lien Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) in respect to the Collateral shall be paid to the Priority Lien Agent pursuant to the terms of the Priority Lien Documents (including for purposes of cash collateralization of commitments, letters of credit and Hedge Obligations).

• Until the Discharge of Priority Lien Obligations, the Second Lien Collateral Agent will not assert any marshalling, appraisal, valuation, or other similar right that may otherwise be available to a junior secured creditor.

More Definitions of Discharge of Priority Lien Obligations

Discharge of Priority Lien Obligations shall have the meaning set forth in the Collateral Trust Agreement.

Discharge of Priority Lien Obligations means the occurrence of the Discharge of First-Out Obligations and the Discharge of First Lien Obligations.

Discharge of Priority Lien Obligations means the indefeasible payment in full in cash of the Priority Lien Obligations (other than indemnity and other contingent obligations as to which no claim has been asserted) and the termination of all commitments thereunder.

Discharge of Priority Lien Obligations means, except to the extent otherwise expressly provided in Section 5.5:

Discharge of Priority Lien Obligations means, subject to any Priority Claim Avoidance, the occurrence of all of the following:

Discharge of Priority Lien Obligations shall have the meaning assigned to such term in the Indenture.

Discharge of Priority Lien Obligations means termination of all commitments to extend credit that would constitute Priority Lien Debt, payment in full in cash of the principal of and interest and premium (if any) on all Priority Lien Debt (except undrawn letters of credit), discharge or cash collateralization (at 105% of the aggregate undrawn amount) of all letters of credit outstanding under any Priority Lien Debt, and payment in full in cash of all other Priority Lien Obligations (except Unasserted Contingent Obligations) that are outstanding and unpaid at the time the Priority Lien Debt is paid in full in cash.