Preferred Claims definition

Preferred Claims means any Claims by Preferred Creditors;

Preferred Claims means any liabilities of the Borrower which for whatever reason would have priority over the Lenders for payment in the event of insolvency of the Borrower including, without limitation, purchase money security interests, statutory liens and crown priority claims for unpaid taxes and Liens under the Woodworker Lien Act.

Preferred Claims means that portion of a Claim that is accepted by the Proposal Trustee as entitling the Preferred Creditor to receive payment in priority to other Proven Creditors as provided in section 136 of the Act.

Examples of Preferred Claims in a sentence

• Within thirty (30) Business Days following the granting of the Approval Order, the Preferred Claims, if any, will be paid in full by the Proposal Trustee.

• Preferred Claims, including amounts owing to the Company’s employees and former employees that would be subject to Section 136(1)(d) of the BIA, are to be paid in full, without interest, in priority to Unsecured Creditor Claims immediately following the Court Approval Date6.

• Therefore, in case of bankruptcy proceedings (faliment) and any comparable proceedings (such as resolution proceedings) opened in relation to the Issuer, claims resulting from the Ordinary Senior Notes are junior to (i) the Further Preferred Claims (as applicable) and (ii) the claims listed in points (a) and (b).

• For the purpose of voting, crown claims, employee and former employee claims under Section 136(1)(d) and all other Preferred Claims are within the class of Unsecured Creditors.

• In addition, the insolvency hierarchy in certain jurisdictions may stipulate in the relevant (insolvency) laws further preferred claims that rank senior to claims listed above in point (c) ("Further Preferred Claims").

More Definitions of Preferred Claims

Preferred Claims means the aggregate amount of all claims admitted in the winding up or dissolution of the Issuer which are claims of creditors in respect of Secondary Non-Preferential Debts of the Issuer;

Preferred Claims means, at any time, all Liens or claims created by, or arising under any statute or regulation or arising under common law without the consent of the Borrowers (in contrast with Liens voluntarily granted) which rank, or are capable of ranking, prior to or pari passu with the Liens created by the Security Documents against all or any part of the Borrowers’ assets, whether then existing or, in the Administrative Agent’s judgment acting reasonably, likely to arise, including claims for unremitted rents, Taxes, wages, vacation pay, employee deductions, workers’ compensation obligations, government royalties or pension fund obligations. (176) “Prime Loan” means a Loan denominated in Canadian Dollars in respect of which the Borrowers are obligated to pay interest in accordance with Section 4.1. (177) “Prime Rate” means, with respect to a Prime Loan, on any day the greater of: (a) the annual rate of interest announced from time to time by the Administrative Agent as being its reference rate then in effect on such day for determining interest rates on Canadian Dollar denominated commercial loans made by it in Canada; and (b) the CDOR Rate for 1 month bankers’ acceptances in effect from time to time plus 100 basis points per annum. Any change in the Prime Rate shall be effective on the date the change becomes effective generally.

Preferred Claims means, at the time of determination, the total amount accrued to such time of any statutory rights, claims and preferences, which have or may have priority over the Security, including any right, claim or preference under the following federal statutes:

Preferred Claims means, at any time, in respect of any assets of any Credit Party, all claims secured by a Lien created by, or arising under, any Applicable Law without the consent of the applicable Credit Party (in contrast with Liens voluntarily granted) which rank, or are capable of ranking, prior to or pari passu with the Liens created by the Security Documents against or over such assets, whether then existing or, in the Administrative Agent’s judgment, acting reasonably, likely to arise, including claims for unremitted rents, Taxes, wages, employee deductions, workers’ compensation obligations, government royalties or pension fund obligations.

Preferred Claims means the aggregate amount of claims ranking prior to the Lien of the Collateral Documents on Eligible Receivables such as, but not limited to:

Preferred Claims has the meaning set forth in Section 3.1(a).

Preferred Claims means any claims that are entitled to be paid in priority to other Claims as provided under Section 136 of the BIA;