Existing Primed Secured Facilities definition

Existing Primed Secured Facilities means, collectively, the Senior First Lien Debt, the Senior Second/Third Lien Debt, the 10 1/4% Debentures due 2010 of Lyondell, the 9.8% Debentures due 2020 of Lyondell and the 7.55% Debentures due 2026 of Equistar.
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Existing Primed Secured Facilities the lenders, holders and agents under the Existing Primed Secured Facilities, the “Existing Primed Secured Parties”), to the extent that such DIP Collateral is subject to valid, perfected and non-avoidable liens in favor of third parties as of the commencement of the Bankruptcy Case; which Priming Liens (as defined below) shall be senior to the Adequate Protection Liens and senior and priming to (A) the Existing RBL Liens and (B) any Liens that are junior to the Existing RBL Liens or the Existing RBL Adequate Protection Liens, after giving effect to any intercreditor or subordination agreements (the Liens referenced in clauses (A) and (B), collectively, the “Priming Liens”).
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Existing Primed Secured Facilities shall have the meaning set forth in Section 10.05(b).
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Examples of Existing Primed Secured Facilities in a sentence

  • The Loan Parties are in material compliance with each contract entered into by any Loan Party after the Petition Date or entered into prior to the Petition Date and, in the case of the Debtors only, assumed, in each case that is material to the Company and its Subsidiaries (taken as a whole), except in respect of the Existing Primed Secured Facilities and the Existing Notes.

  • It is understood and agreed that the priming liens described herein shall prime the liens securing each Prepetition Facility and other secured obligations thereunder (collectively, the “Existing Primed Secured Facilities”), but that the liens so created as described in clauses (b), (c), and (d) above shall be subject to “Permitted Encumbrances” (as such term is defined below) as of the Petition Date, except those securing the Existing Primed Secured Facilities.


More Definitions of Existing Primed Secured Facilities

Existing Primed Secured Facilities means the Prepetition First Lien Obligations and the Prepetition Second Lien Obligations.
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