First Lien Priority Indebtedness definition

First Lien Priority Indebtedness means the Senior Secured Credit Facility, the Term Loan A Facility and any Indebtedness of the Issuers, Intermediate Holdings or any Note Guarantor that ranks pari passu in right of payment with the Obligations under the Senior Secured Credit Facility and the Term Loan A Facility and is secured by a Lien on the Common Collateral that is senior in priority to the Liens securing the Notes, the Intermediate Holdings Guarantee, the Note Guarantees and any other Second Lien Priority Indebtedness.
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First Lien Priority Indebtedness means Indebtedness of the Company and/or the Guarantors that is secured by Liens on the Collateral ranking pari passu in priority with the Liens securing the Notes Obligations; provided that an authorized representative of the holders of such Indebtedness shall have executed a joinder to the applicable Security Documents.
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Examples of First Lien Priority Indebtedness in a sentence

  • The Notes shall be secured by ▇▇▇▇▇ and security interests, subject to Permitted Liens, in the Collateral, which Liens are junior in priority to the Liens securing the First Lien Priority Indebtedness, on the terms and conditions set forth in the Indenture, the Collateral Documents and the Intercreditor Agreements.

  • In addition, a Note Guarantee will be automatically released upon the Guaranteeing Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing First Lien Priority Indebtedness, the Notes, the Intermediate Holdings Guarantee and the Note Guarantees or other exercise of remedies in respect thereof.

  • For the avoidance of doubt, the Collateral securing the Notes will not be released due to repayment or termination of First Lien Priority Indebtedness.