First Lien Obligation Period definition

First Lien Obligation Period means any period during which (a) any First Lien Obligations are outstanding (and, for purposes hereof, 2010 Notes that have been defeased pursuant to the 2010 Notes Indenture shall be deemed not to be outstanding), (b) any commitments pursuant to which First Lien Obligations may be Incurred are in effect or (c) any letters of credit issued under any First Lien Documents are outstanding but have not been discharged or fully cash collateralized in accordance with the terms of the applicable First Lien Document.
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First Lien Obligation Period means any period during which (i) any First Lien Obligations are outstanding (and, for purposes hereof, 2010 Notes that have been defeased pursuant to Article XII of the 2010 Notes Indenture shall be deemed not to be outstanding), (ii) any commitments pursuant to which First Lien Obligations may be Incurred are in effect or (iii) any letters of credit issued under any First Lien Documents are outstanding but have not been discharged or fully cash collateralized in accordance with the terms of the applicable First Lien Document. Subject to Section 6.05, the First Lien Obligation Period shall be deemed to have terminated upon the delivery by the Company to the Collateral Agent and each Secured Party Representative of an Officers’ Certificate to the effect that the conditions set forth in this definition have been satisfied.
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First Lien Obligation Period has the meaning assigned to such term in the Indenture.
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Examples of First Lien Obligation Period in a sentence

  • Subject to the proviso in Section 3.1(a)(ii) above, any Trustee, on behalf of itself and the Noteholders, agrees that, during any First Lien Obligation Period, it will not commence, or join with any Person (other than the Senior Lenders and the Senior Agent upon the request thereof) in commencing any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by such Trustee or any Noteholder under any of the Noteholder Documents or otherwise.

  • During any First Lien Obligation Period, as between the First Lien Secured Parties and the Second Lien Secured Parties, the First Lien Secured Parties will have the sole and exclusive right (i) to adjust or settle any insurance policy or claim covering the Collateral in the event of any loss thereunder and (ii) to approve any award granted in any condemnation or similar proceeding affecting the Collateral.

  • Further, the extremely conservative high end deterministic risk estimate for the farmer ingesting dioxins was only 2 x 10-5, which is only slightly above the significance level.

  • During any First Lien Obligation Period, the cash proceeds of Common Collateral received in connection with the sale of, or collection on, such Common Collateral upon the exercise of remedies, shall be applied by the Senior Agent to the Senior Lender Claims in such order as specified in the Senior Lender Documents.

  • Without limiting the generality of the foregoing, during any First Lien Obligation Period, except as expressly provided in the proviso in Section 3.1(a)(ii) above, the sole right of each Trustee and the Noteholders with respect to the Common Collateral is to hold a Lien on the Common Collateral pursuant to the Noteholder Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, at the end of such First Lien Obligation Period.

  • During any First Lien Obligation Period, the Collateral Trustee hereby directs each Pledgor to deliver, endorse or pay over any stock certificate, option or right in respect of any Capital Stock required to be delivered, endorsed or paid over to the Collateral Trustee pursuant to this clause (a) to the Administrative Agent as Collateral Trustee's agent and bailee pursuant to the Intercreditor Agreement.

  • Provided that no First Lien Obligation Period then exists, each Pledgor further agrees, at the Collateral Trustee's request, to assemble the Collateral and make it available to the Collateral Trustee at places which the Collateral Trustee shall reasonably select, whether at such Pledgor's premises or elsewhere.

  • During the First Lien Obligation Period, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party, the Requisite First Lien Secured Parties shall have the exclusive right to take and continue (and to instruct the Collateral Agent to take and continue) any Enforcement Action with respect to the Collateral, without any consultation with or consent of any Second Lien Secured Party, but subject to the proviso set forth in Section 6.01.

  • At the end of any First Lien Obligation Period, the Senior Agent shall deliver to the Collateral Trustee (or if no single Collateral Trustee then exists, to the representative of the Noteholders holding a majority in principal amount of the Noteholder Claims then outstanding) any proceeds of Common Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct.

  • Notwithstanding the foregoing, during any First Lien Obligation Period, neither the Trustee nor the Holders of the Securities shall have any rights to approve any amendment, waiver or consent (other than the release of Collateral that would have the effect of removing assets subject to the Second Priority Lien without concurrently releasing the First Priority Lien on such assets, in each case subject to certain exceptions) that is agreed to by the 2010 Notes Trustee or the holders of the 2010 Notes.


More Definitions of First Lien Obligation Period

First Lien Obligation Period means any period during which (i) any Senior Lender Claims are outstanding (other than unmatured indemnity obligations), (ii) any commitments pursuant to which Senior Lender Claims may be Incurred are in effect or (iii) any letters of credit issued under any Senior Lender Documents are outstanding but have not been discharged or fully cash collateralized in accordance with the terms of the applicable Senior Lender Documents.
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Related to First Lien Obligation Period

  • First Lien Obligations means the Obligations and the Permitted Other Indebtedness Obligations that are secured by Liens on the Collateral that rank on an equal priority basis (but without regard to the control of remedies) with Liens on the Collateral securing the Obligations.

  • Second Lien Obligations means the “Obligations” as defined in the Second Lien Credit Agreement.

  • Other First Lien Obligations means (a) the due and punctual payment by any Loan Party of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding) on Indebtedness under any Other First Lien Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of such Loan Party to any Secured Party under any Other First Lien Agreement, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding), (b) the due and punctual performance of all other obligations of such Loan Party under or pursuant to any Other First Lien Agreement and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to any Other First Lien Agreement.

  • Additional First Lien Obligations means all amounts owing to any Additional First-Lien Secured Party (including the Initial Additional First-Lien Secured Parties) pursuant to the terms of any Additional First-Lien Document (including the Initial Additional First-Lien Documents), including, without limitation, all amounts in respect of any principal, premium, interest (including any interest accruing subsequent to the commencement of a Bankruptcy Case at the rate provided for in the respective Additional First-Lien Document, whether or not such interest is an allowed claim under any such proceeding or under applicable state, federal or foreign law), penalties, fees, expenses, indemnifications, reimbursements, damages and other liabilities, and guarantees of the foregoing amounts.

  • Senior Lien Obligations means all revenue bonds and other obligations of the RECIPIENT outstanding on the date of execution of this loan agreement (or subsequently issued on a parity therewith, including refunding obligations) or issued after the date of execution of this loan agreement having a claim or lien on the Gross Revenue of the Utility prior and superior to the claim or lien of the loan, subject only to Maintenance and Operation Expense.

  • Priority Lien Obligations means the Priority Lien Debt and all other Obligations in respect of Priority Lien Debt.

  • Additional Second Lien Obligations means, with respect to any Grantor, any obligations of such Grantor owed to any Additional Second Lien Secured Party (or any of its Affiliates) in respect of the Additional Second Lien Documents.

  • Junior Lien Obligations means Junior Lien Debt and all other Obligations in respect thereof.

  • Parity Lien Obligations means Parity Lien Debt and all other Obligations in respect thereof.

  • Initial Additional First Lien Obligations means the [Obligations] as such term is defined in the Initial Additional First-Lien Security Agreement.

  • Pari Passu Lien Obligations means any Financial Indebtedness that has equal or substantially equal Security Interest priority to the Facilities on the Security (taking into account any intercreditor arrangements).

  • Other Pari Passu Lien Obligations means any Indebtedness or other Obligations (including Hedging Obligations) having Pari Passu Lien Priority relative to the Notes with respect to the Collateral; provided that an authorized representative of the holders of such Indebtedness shall have executed a joinder to the ABL-Notes Intercreditor Agreement and a joinder to the Pari Passu Intercreditor Agreement or the Pari Passu Intercreditor Agreement.

  • Discharge of First Lien Obligations shall have the meaning assigned to such term in the Intercreditor Agreement.

  • Discharge of Second Lien Obligations means the occurrence of all of the following:

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate or Representative of such holder at the time of entry into such Hedging Obligations;

  • First Lien Debt means the Initial First Lien Debt and any Additional First Lien Debt.

  • Junior Obligation means the Shares, and any other class of the Issuer’s share capital and any instrument or other obligation (including without limitation any preference shares) issued or guaranteed by the Issuer that ranks or is expressed to rank junior to the Capital Securities by operation of law or contract.

  • First Lien Indebtedness means Consolidated Total Indebtedness that is secured by a Lien on the Collateral, except by a Lien that is junior to the Liens on the Collateral securing the First Lien Obligations.

  • Note Obligations means the Notes, the Guarantees and all other obligations of any obligor under this Indenture, the Notes, the Guarantees and the Security Documents.

  • Discharge of Priority Lien Obligations means the occurrence of all of the following:

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • Priority Debt means the sum, without duplication, of (i) Indebtedness of the Borrower or any Guarantor secured by a Lien (other than the Liens entered into under the Loan Documents, including the Security Documents) and (ii) all Indebtedness of any Subsidiary that is not a Guarantor.

  • Priority Lien Debt means Indebtedness of the Company and the Subsidiary Guarantors under the Priority Lien Credit Agreement (including reimbursement obligations with respect to letters of credit).

  • Junior Priority Obligations means the Initial Junior Priority Obligations and any Additional Obligations constituting Junior Priority Debt.

  • Term Obligations shall have the meaning assigned that term in the Intercreditor Agreement.

  • Junior Lien Indebtedness means any Indebtedness of any Credit Party that is secured by Liens on Collateral that rank junior in priority to the Liens that secure the Obligations.