Discharge of Parity Lien Obligations definition

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

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

Discharge of Parity Lien Obligations means the occurrence of all of the following: (1) termination or expiration of all commitments to extend credit that would constitute Parity Lien Debt; (2) payment in full in cash of the principal of and interest and premium (if any) on all Parity Lien Debt (other than any undrawn letters of credit); (3) discharge (or cash collateralization at the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Document) of all outstanding letters of credit constituting Parity Lien Debt; and (4) payment in full in cash of all other Parity Lien Obligations that are outstanding and unpaid at the time the Parity Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time).

Examples of Discharge of Parity Lien Obligations in a sentence

• Neither the parties nor the Subcommittee had an adequate opportunity to review the Programmatic Agreement before the Historic Resources Panel testified.

• Prior to the Discharge of Parity Lien Obligations, holders of Junior Lien Obligations, each Junior Lien Representative and the Collateral Trustee may not assert or enforce any right of marshalling accorded to a junior lienholder, as against the holders of Parity Lien Obligations and the Parity Lien Representatives (in their capacity as senior or priority lienholders) with respect to the Collateral.

• This authorization is coupled with an interest and is irrevocable until the Discharge of Parity Lien Obligations.

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

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

More Definitions of Discharge of Parity Lien Obligations

Discharge of Parity Lien Obligations means, except to the extent otherwise expressly provided in the provisions of the intercreditor agreements regarding when Discharge of Parity Lien Obligations is deemed to not have occurred, with respect to each Series of Parity Lien Debt and all Parity Lien Obligations related thereto:

Discharge of Parity Lien Obligations means the occurrence of all of the following: (1) termination or expiration of all commitments to extend credit that would constitute Parity Lien Debt; (2) payment in full in cash of the principal of and interest and premium, if any, on all Parity Lien Debt (other than any undrawn letters of credit); (3) discharge or cash collateralization (at the lower of (A) 101% of the aggregate undrawn amount and (B) the percentage of the aggregate undrawn amount required for release of liens under the terms of the applicable Parity Lien Document) of all outstanding letters of credit constituting Parity Lien Debt; and (4) payment in full in cash of all other Parity Lien Obligations that are outstanding and unpaid at the time the Parity Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time).

Discharge of Parity Lien Obligations means, except to the extent otherwise provided in Section 3.10, payment in full, in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) constituting Dollars of all Parity Lien Obligations and the concurrently termination of all commitments to extend credit under the Parity Lien Documents relating thereto; provided that the Discharge of Parity Lien Obligations shall not be deemed to have occurred if such payments are made with the proceeds of other Parity Lien Obligations that constitute an exchange or replacement for or a Refinancing of such Parity Lien Obligations.

Discharge of Parity Lien Obligations means, except to the extent otherwise expressly provided in Section 5.6, with respect to each Series of Parity Lien Debt and all Parity Lien Obligations related thereto:

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

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

Discharge of Parity Lien Obligations means the Discharge of U.S. Parity Lien Obligations and the Discharge of Canadian Parity Lien Obligations.