First Lien Obligations definition

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

First Lien Obligations means, collectively, (i) the Credit Agreement Obligations and (ii) each Series of Other First Lien Obligations.

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.

Examples of First Lien Obligations in a sentence

• Unless and until the Discharge of First Lien Obligations has occurred, the First Lien Authorized Person shall have the sole and exclusive right to adjust settlement for any insurance policy covering the Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral.

• Until the Discharge of First Lien Obligations has occurred, if the any Second Lien Claimholder shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall pay such proceeds over to the First Lien Authorized Person in accordance with section 4.3, “Payment Turnover,” of this Agreement.

• If a Second Lien Claimholder pays or distributes cash, property, or other assets to a First Lien Claimholder under this Agreement, the Second Lien Claimholder will be subrogated to the rights of the First Lien Claimholder with respect to the value of the payment or distribution; provided that the Second Lien Claimholder waives such right of subrogation until the Discharge of First Lien Obligations.

• Because of, among other things, their differing rights in the Collateral, the Second Lien Obligations, to the extent deemed to be “secured claims” within the meaning of section 506(b) of the Bankruptcy Code, are fundamentally different from the First Lien Obligations and must be separately classified in any plan of reorganization in an Insolvency Proceeding.

• Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, under the First Lien Documents and the Second Lien Documents, including the obligations to pay the First Lien Obligations and the Second Lien Obligations as and when the same shall become due and payable in accordance with their terms.

More Definitions of First Lien Obligations

First Lien Obligations means all First Lien Debt and all other Obligations in respect thereof (including First Lien Hedging Obligations and First Lien Cash Management Obligations).

First Lien Obligations has the meaning assigned to such term in the Intercreditor Agreement.

First Lien Obligations means, collectively, (i) the Credit Agreement Obligations and (ii) each Series of Additional First-Lien Obligations.

First Lien Obligations means the Obligations, Permitted First Priority Refinancing Debt and the Permitted Additional Debt Obligations (other than any Permitted Additional Debt Obligations that are unsecured or are secured by a Lien ranking junior or senior to the Lien securing the Obligations (but without regard to the control of remedies)), collectively.

First Lien Obligations means (a) the unpaid principal of and interest on (including interest accruing after the maturity of the First Lien Loans made to Borrowers or any other Loan Party and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to Borrower or any other Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the First Lien Loans made to or LC Disbursements (as defined in the First Lien Credit Agreement) made pursuant to Letters of Credit (as defined in the First Lien Credit Agreement) issued for the account of Borrower or any other Loan Party and all other obligations and liabilities of Borrower and each other Loan Party to any First Lien Secured Party or the Issuing Bank (as defined in the First Lien Credit Agreement), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of or in connection with the First Lien Credit Agreement, any other First Lien Loan Document or any other document made, delivered or given in connection therewith, whether on account of principal, interest, fees, indemnities, costs or expenses (including, without limitation, all reasonable fees, charges and disbursements of counsel to the extent reimbursable pursuant to the First Lien Loan Documents) or otherwise, (b) the due and punctual payment and performance of all obligations of Borrowers and the other Loan Parties under each Hedging Agreement entered into with a Qualified Counterparty (as defined in the First Lien Credit Agreement) and (c) the due and punctual payment and performance of all obligations in respect of overdrafts and related liabilities owed to any First Lien Lender, any Affiliate of a First Lien Lender, the First Lien Administrative Agent or the First Lien Collateral Agent arising from treasury, depositary and cash management services or in connection with any automated clearinghouse transfer of funds.

First Lien Obligations shall have the meaning set forth in the Intercreditor Agreement.

First Lien Obligations means the Obligations and the Other First Lien Obligations.