When Discharge of First Lien Priority Obligations Deemed to Not Have Occurred Sample Clauses

When Discharge of First Lien Priority Obligations Deemed to Not Have Occurred. If Borrowers enter into any Refinancing of the First Lien Priority Obligations, then a Discharge of First Lien Priority Obligations shall be deemed not to have occurred for all purposes of this Agreement, and the obligations under such Refinancing of such First Lien Priority Obligations shall be treated as First Lien Priority Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and First Lien Agent under the First Lien Debt Documents effecting such Refinancing shall be First Lien Agent for all purposes of this Agreement. First Lien Agent under such First Lien Debt Documents shall agree (in a writing addressed to Second Lien Agent for the benefit of itself and the Second Lien Claimholders) to be bound by the terms of this Agreement.
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When Discharge of First Lien Priority Obligations Deemed to Not Have Occurred. If concurrently with the Discharge of ABL Priority Obligations, the Discharge of Senior Lien Priority Obligations, the Discharge of First Lien Priority Obligations or the Discharge of Junior Lien Priority Obligations, any of the Grantors enters into any Refinancing of any ABL Obligation, Senior Lien Obligation, First Lien Obligation or Junior Lien Obligation, as the case may be, which Refinancing is permitted by the ABL Loan Documents, the Senior Lien Loan Documents, the First Lien Loan Documents and the Junior Lien Loan Documents, then such Discharge of ABL Priority Obligations, Discharge of Senior Lien Priority Obligations, Discharge of First Lien Priority Obligations or Discharge of Junior Lien Priority Obligations, as the case may be, shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken as a result of the occurrence of such first Discharge of ABL Priority Obligations or Discharge of Senior Lien Priority Obligations or Discharge of First Lien Priority Obligations or Discharge of Junior Lien Priority Obligations) and, from and after the date on which the New Debt Notice (as defined below) is delivered to the ABL Agent, the Senior Lien Agent, the First Lien Agent or the Junior Lien Agent, as appropriate, in accordance with the next sentence, the obligations under such Refinancing shall automatically be treated as ABL Obligations or Senior Lien Obligations or First Lien Obligations or Junior Lien Obligations, as applicable, for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the ABL Agent, Senior Lien Agent, First Lien Agent or Junior Lien Agent, as the case may be, under such new ABL Loan Documents, Senior Lien Loan Documents, First Lien Loan Documents or Junior Lien Loan Documents shall be the ABL Agent, Senior Lien Agent, First Lien Agent or Junior Lien Agent for all purposes of this Agreement. Upon receipt of a notice (the “New Debt Notice”) stating that any of the Grantors has entered into new ABL Loan Documents, new Senior Lien Loan Documents, new First Lien Loan Documents or new Junior Lien Loan Documents (which notice shall include a complete copy of the relevant new documents and provide the identity of the new agent for such facility, such agent, the “New Agent”), the ABL Agent, the Senior Lien Agent, the First Lien Agent and the Junior Lien Agent shall promptly (a) enter into such ...
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Related to When Discharge of First Lien Priority Obligations Deemed to Not Have Occurred

  • No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc (a) In the event and during the continuation of any default by the Company in the payment of any principal of or any premium or interest on any Senior Debt (following any grace period, if applicable) when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or otherwise, then, upon written notice of such default to the Company by the holders of such Senior Debt or any trustee therefor, unless and until such default shall have been cured or waived or shall have ceased to exist, no direct or indirect payment (in cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account of the principal of or any premium or interest (including any Additional Interest) on any of the Securities, or in respect of any redemption, repayment, retirement, purchase or other acquisition of any of the Securities.

  • Discharge of Liens The Owner Trustee will promptly take, at its own expense, action necessary to discharge a Lien (other than the Lien of the Indenture) on the Trust Property resulting from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Trust Property.

  • Discharge of Indenture Defeasance SECTION 8.01. Discharge of Liability on Securities; Defeasance............................................. 80 SECTION 8.02. Conditions to Defeasance..................................................................... 81 SECTION 8.03. Application of Trust Money................................................................... 82 SECTION 8.04. Repayment to Company......................................................................... 83 SECTION 8.05. Indemnity for Government Obligations......................................................... 83 SECTION 8.06. Reinstatement................................................................................ 83 ARTICLE 9 Amendments

  • Satisfaction and Discharge of Indenture Unclaimed Moneys Section 9.01. Satisfaction and Discharge of Indenture........................42 Section 9.02. Application by Trustee of Funds Deposited for Payment of Securities..................................................46 Section 9.03. Repayment of Moneys Held by Paying Agent.......................46 Section 9.04. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years........................................46

  • Discharge Only Upon Payment In Full Reinstatement In Certain Circumstances. The Guarantor's obligations hereunder shall remain in full force and effect until all Guaranteed Obligations shall have been indefeasibly paid in full, the Commitments under the Credit Agreement shall have terminated or expired and all Rate Management Transactions have terminated or expired. If at any time any payment of the principal of or interest on any Note or any other amount payable by the Principal or any other party under the Credit Agreement, any Rate Management Transaction or any other Loan Document is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Principal or otherwise, the Guarantor's obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time.

  • Discharge of Liability on Notes; Defeasance This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of registration or transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when:

  • Discharge of Liability on Securities; Defeasance (a) When (1) the Company delivers to the Trustee all outstanding Securities (other than Securities replaced pursuant to Section 2.07) for cancellation or (2) all outstanding Securities have become due and payable, whether at maturity or on a redemption date as a result of the mailing of a notice of redemption pursuant to Article 3 hereof and the Company irrevocably deposits with the Trustee funds sufficient to pay at maturity or upon redemption all outstanding Securities, including interest thereon to maturity or such redemption date (other than Securities replaced pursuant to Section 2.07), and if in either case the Company pays all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officers' Certificate and an Opinion of Counsel and at the cost and expense of the Company.

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