Discharge of Second Lien Obligations definition

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

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

Discharge of Second Lien Obligations means the date on which the Discharge of Second Lien Obligations has occurred; provided, that the Discharge of Second Lien Obligations shall not be deemed to have occurred if such payments are made with the proceeds of other Second Lien Obligations that constitute an exchange or replacement for or a Refinancing of such Second Lien Obligations.

Examples of Discharge of Second Lien Obligations in a sentence

• Secured Parties, the Discharge of Priority Lien Obligations, and in the lobby of terms Third Lien Collateral Trustee or the one Third Lien Secured Parties, the Discharge of Priority Lien Obligations and Discharge of Second Lien Obligations shall she have occurred.

• Upon the Discharge of Second Lien Obligations, the Second Lien Collateral Agent shall deliver to the Company any Collateral and proceeds of Collateral held by it in the same form as received, with any necessary endorsements.

• Any Common Collateral or proceeds thereof remaining after the Discharge of Second Lien Obligations shall be promptly delivered to the Pledgors or as a court of competent jurisdiction may otherwise direct to be applied.

• Discharge of Priority Lien Obligations and pave the Discharge of Second Lien Obligations, the Second Lien Collateral Trustee will mourn the exclusive right from deal will the Accounts, including exercising rights under control agreements with respect to such Accounts.

• This Agreement is a continuing agreement and shall (a) remain in full force and effect until the earlier of the Discharge of ABL Obligations (subject to Section 4.1(d)) or the Discharge of Second Lien Obligations, (b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns.

More Definitions of Discharge of Second Lien Obligations

Discharge of Second Lien Obligations means, except to the extent otherwise provided in Section 5.6, the Discharge of Initial Second Lien Obligations and the Discharge of each additional Series of Second Lien Obligations has occurred; provided, that the Discharge of Second Lien Obligations shall be deemed not to have occurred if any Second Lien Loan Document is Refinanced in accordance with Section 5.3 and such Refinanced Indebtedness is then in effect and has not itself been Discharged or Refinanced in accordance with Section 5.3.

Discharge of Second Lien Obligations means the Discharge of the Initial Second Lien Document Obligations and the Discharge of each Series of Additional Second Lien Obligations.

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

Discharge of Second Lien Obligations means the payment in full in cash of the principal of and interest and premium, if any, on all Loans outstanding under the Second-Lien Facilities, (b) payment in full in cash of all other Second-Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid and (c) termination of all other Commitments of the Second-Lien Lenders.

Discharge of Second Lien Obligations means (a) the payment in full in cash of all outstanding Second Lien Obligations (other than (i) contingent indemnity obligations with respect to then unasserted claims, (ii) any Second Lien Obligations relating to Bank Products (including Swap Contracts) that, at such time, are allowed by the applicable Bank Product provider to remain outstanding without being required to be repaid or cash collateralized, and (iii) any Second Lien Obligations relating to Cash Management Services that, at such time, are allowed by the applicable provider of such Cash Management Services to remain outstanding without being required to be repaid); and (b) the termination of all commitments to make Loans or otherwise extend credit under the Second Lien Loan Documents. If, at any time prior to or simultaneously with the occurrence of the Discharge of Second Lien Obligations, the Loan Parties enter into (x) any refinancing of the Second Lien Obligations, which refinancing is permitted under the terms of this Agreement, or (y) DIP Financing provided by one or more of the Second Lien Lenders and/or the Second Lien Agent to one or more Loan Parties and such DIP Financing is entered into in accordance with Section 6.1, then the Discharge of Second Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement.

Discharge of Second Lien Obligations means, except to the extent otherwise expressly provided in Section 5.6, each of the following has occurred:

Discharge of Second Lien Obligations means, except to the extent otherwise provided in the Multi-Lien Intercreditor Agreement and Permitted Parity Intercreditor Agreement with respect to the reinstatement or continuation of any Second Lien Obligation under certain circumstances, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of all Second Lien Obligations and, with respect to any letters of credit or letter of credit guaranties outstanding under a document evidencing a Second Lien Obligation, delivery of cash collateral or backstop letters of credit in respect thereof in a manner consistent with such document, in each case after or concurrently with the termination of all commitments to extend credit thereunder, and the termination of all commitments of the Secured Parties under such document evidencing such obligation; provided that the Discharge of Second Lien Obligations shall not be deemed to have occurred if such payments are made with the proceeds of other Second Lien Obligations that constitute an exchange or replacement for or a refinancing of such Second Lien Obligations. In the event the Second Lien Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the Second Lien Obligations shall be deemed to be discharged when the final payment is made, in cash, in respect of such indebtedness and any obligations pursuant to such modified indebtedness shall have been satisfied.