Discharge of Senior Priority Obligations definition

Discharge of Senior Priority Obligations means the occurrence of all of the Discharge of Original First Lien Obligations and the Discharge of Additional Obligations in respect of Senior Priority Debt.

Discharge of Senior Priority Obligations means the occurrence of all of Discharge of Original First Lien Obligations [the Discharge of [ ]i First Lien Obligations] and the Discharge of Additional Obligations in respect of Senior Priority Debt.

Discharge of Senior Priority Obligations as defined in the Base Intercreditor Agreement.

Examples of Discharge of Senior Priority Obligations in a sentence

• Each Junior Priority Agent, for and on behalf of itself and the Junior Priority Creditors represented thereby, agrees that no payment by such Junior Priority Agent or any such Junior Priority Creditor to any Senior Priority Agent or Senior Priority Creditor pursuant to the provisions of this Agreement shall entitle such Junior Priority Agent or Junior Priority Creditor to exercise any rights of subrogation in respect thereof until the Discharge of Senior Priority Obligations shall have occurred.

• Until the Discharge of Senior Priority Obligations, each Junior Priority Agent, for and on behalf of itself and the Junior Priority Creditors represented thereby, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Collateral without each Senior Priority Agent’s express written consent.

• All proceeds of such insurance shall be remitted to (x) until the Discharge of Senior Priority Obligations, the Senior Priority Representative and (y) thereafter, the Junior Priority Representative, and each other Agent shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1.

• Each Credit Party shall deliver all Control Collateral when required to be delivered pursuant to the Credit Documents to (x) until the Discharge of Senior Priority Obligations, the Senior Priority Representative and (y) thereafter, the Junior Priority Representative.

• Until the Discharge of Senior Priority Obligations has occurred, each Junior Priority Agent, for and on behalf of itself and the Junior Priority Creditors represented thereby, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Collateral without each Senior Priority Agent’s express written consent.

More Definitions of Discharge of Senior Priority Obligations

Discharge of Senior Priority Obligations means the date on which the Discharge of First Lien Credit Agreement Obligations and the Discharge of each Additional Senior Priority Debt Facility has occurred.

Discharge of Senior Priority Obligations the “Discharge of Senior Priority Obligations” as defined in the Intercreditor Agreement or the equivalent term in any Other Intercreditor Agreement.

Discharge of Senior Priority Obligations means, except to the extent otherwise provided in Section 2.4(f) and subject to Section 6.17, (a) with respect to the Senior Note Obligations or the Junior Note Obligations secured by ABL Priority Collateral, the Discharge of ABL Priority Obligations, and (b) with respect to ABL Obligations secured by the Note Priority Collateral, the Discharge of Note Priority Obligations.

Discharge of Senior Priority Obligations shall have the meaning assigned to such term in the Cash Flow Intercreditor Agreement.

Discharge of Senior Priority Obligations means, subject to the terms of Section 9.3 hereof, the termination of the commitments of the Senior-Priority Lenders and the financing arrangements provided by the Senior-Priority Lenders and the other applicable Senior-Priority Secured Parties to the Grantors under the Senior-Priority Non-ABL Loan Agreement, (b) the payment in full in cash of the Senior-Priority Obligations (other than the Senior-Priority Obligations described in clause (c) of this definition and any Senior-Priority Obligations consisting of unasserted contingent obligations) and (c) payment in full in cash, cash collateralization or at the option of the applicable Issuing Bank or Senior-Priority Secured Party to whom any Term Loan Hedging/Cash Management Obligations are owed, the delivery to such Issuing Bank or other Senior-Priority Secured Party of a letter of credit payable to such Issuing Bank or other Senior-Priority Secured Party in either case to the extent required under the terms of the Senior-Priority Non-ABL Loan Agreement, in respect of letters of credit issued under the Senior-Priority Non-ABL Loan Agreement and Term Loan Hedging/Cash Management Obligations, respectively. If, after receipt of any payment of, or proceeds of Collateral applied to the payment of, the Senior-Priority Obligations, any Senior-Priority Agent or any other Senior-Priority Secured Party is required to surrender or return such payment or proceeds to any person for any reason, then the Senior-Priority Obligations intended to be satisfied by such payment or proceeds shall be reinstated and continue and this Agreement shall continue in full force and effect as if such payment or proceeds had not been received by such Senior-Priority Agent or other Senior-Priority Secured Party, as the case may be, and no Discharge of Senior-Priority Obligations shall be deemed to have occurred.

Discharge of Senior Priority Obligations means the date on which the Discharge of each series of Senior Priority Obligations has occurred; provided that the Discharge of Senior Priority Obligations shall be deemed not to have occurred if such Senior Priority Obligations are being Refinanced in accordance with Section 5.06.

Discharge of Senior Priority Obligations has the meaning given to such term in the Intercreditor Agreement (or any comparable term in any Other Intercreditor Agreement, as applicable), it being understood that notwithstanding any prior occurrence of a Discharge of Senior Priority Obligations, if on any subsequent date any Senior Priority Debt shall be in effect or outstanding (or any such Senior Priority Debt shall be reinstated), from and after such date, no Discharge of Senior Priority Obligations shall be deemed to have occurred for purposes of this Agreement.