First Lien Priority Obligations definition

First Lien Priority Obligations means all First Lien Obligations exclusive of the Excess First Lien Obligations, which Excess First Lien Obligations shall be excluded from (and shall not constitute) First Lien Priority Obligations.
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First Lien Priority Obligations means all First Lien Obligations exclusive of the Excess First Lien Obligations, which Excess First Lien Obligations will be excluded from (and will not constitute) First Lien Priority Obligations.
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First Lien Priority Obligations means (i) with respect to each of the Existing Credit Agreements, all “Loan Obligations” (as defined in the First Lien Priority Collateral Agreement) of each Loan Party that are secured by a First Priority Lien and (ii) with respect to each other First Lien Priority Agreement, (a) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all loans made or other indebtedness issued or incurred pursuant to such First Lien Priority Agreement, (b) all reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to such First Lien Priority Agreement, (c) all Hedging Obligations, (d) all Cash Management Obligations, (e) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the First Lien Priority Documents and (f) any obligations of any Loan Party under or in respect of any Replacement First Lien Priority Agreement. To the extent any payment with respect to any First Lien Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Second Lien Priority Secured Party, any receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Lien Priority Secured Parties and the Second Lien Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred.
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Examples of First Lien Priority Obligations in a sentence

  • Neither Second Lien Agent nor any Second Lien Claimholder shall be permitted to retain any proceeds of Collateral in connection with any Exercise of Secured Creditor Remedies in any other circumstance unless and until the Discharge of First Lien Priority Obligations has occurred, and any such proceeds received or retained in any other circumstance will be subject to Section 4.2.

  • Until the Discharge of First Lien Priority Obligations has occurred, whether or not any Insolvency Proceeding has been commenced by or against any Grantor, but subject to the first proviso to Section 3.1(a), First Lien Agent and First Lien Claimholders shall have the exclusive right to Exercise any Secured Creditor Remedies with respect to the Collateral without any consultation with or the consent of Second Lien Agent or any Second Lien Claimholder.

  • This is a continuing agreement of lien subordination and First Lien Claimholders may continue, at any time and without notice to Second Lien Agent or any Second Lien Claimholder, to extend credit and other financial accommodations to or for the benefit of any Grantor constituting First Lien Priority Obligations in reliance hereof.

  • This authorization is coupled with an interest and is irrevocable until the Discharge of ABL Priority Obligations, Discharge of Senior Lien Priority Obligations, Discharge of First Lien Priority Obligations and Discharge of Junior Lien Priority Obligations have occurred.

  • If First Lien Claimholders offer to provide DIP Financing that meets the requirements set forth in clauses (a) through (c) above, Second Lien Agent agrees that it shall not, directly or indirectly, provide, offer to provide, or support any DIP Financing secured by a Lien senior to or pari passu with the Liens securing the First Lien Priority Obligations.


More Definitions of First Lien Priority Obligations

First Lien Priority Obligations means, collectively, (i) the Superpriority Credit Agreement Obligations and (ii) each Series of Additional First Lien Priority Obligations.
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First Lien Priority Obligations means all First-Lien Obligations exclusive of the Excess First-Lien Obligations, which Excess First-Lien Obligations shall be excluded from (and shall not constitute) First-Lien Priority Obligations.
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First Lien Priority Obligations. An amount equal to all First Lien Obligations to the extent not incurred by the Loan Parties, excluding obligations under any Specified Swap Contract and any Specified Cash Management Agreement, in excess of the greater of: (i) $250 million; (ii) 115% of the Borrowing Base as defined in, and as in effect from time to time under, the First Lien Credit Agreement; and (iii) $100 million plus 35% of Modified ACNTA (such amount, the “First Lien Priority Cap”). “Excess First Lien Obligations” means any First Lien Obligations in excess of the First Lien Priority Cap. The parties agree that the Intercreditor Agreement will provide that, upon Discharge of the First Lien Priority Obligations and to the extent applicable, the relative priority of the liens securing the Second Lien Obligations over those securing the Excess First Lien Obligations will be substantially similar to the relative priority of the liens securing the First Lien Priority Obligations over those securing the Second Lien Obligations prior to such Discharge of the First Lien Priority Obligations.
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First Lien Priority Obligations means, collectively, the Initial Notes First Lien Priority Obligations and each Series of Additional First Lien Priority Obligations (including the Initial Additional First Lien Priority Obligations).
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First Lien Priority Obligations means the First Lien Indebtedness and all other Obligations in respect thereof.
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Related to First Lien Priority Obligations

  • Junior Lien Priority means Indebtedness that is secured by a Lien on the Collateral that is junior in priority to the Liens on the Collateral securing the First Lien Note Obligations and is subject to a Junior Lien Intercreditor Agreement (it being understood that junior Liens are not required to rank equally and ratably with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are senior in priority to, or rank equally and ratably with, or junior in priority to, other Liens constituting junior Liens).

  • Additional First Lien Obligations means, with respect to any Series of Additional First Lien Obligations, (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 Additional First Lien Obligations, (b) all other amounts payable to the related Additional First Lien Secured Parties under the related Additional First Lien Documents and (c) any renewals of extensions of the foregoing.

  • Term Loan Priority Collateral as defined in the Intercreditor Agreement.

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

  • First Lien Collateral Documents means the Collateral Documents (as defined in the First Lien Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted securing any First Lien Obligations or under which rights or remedies with respect to such Liens are governed.

  • First Lien Term Loans means the “Term Loans” (or any comparable term) as defined in the First Lien Credit Agreement.

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

  • Equal Priority Intercreditor Agreement means the Equal Priority Intercreditor Agreement substantially in the form of Exhibit G-1 among (x) the Collateral Agent and (y) one or more representatives of the holders of one or more classes of Permitted Additional Debt and/or Permitted Equal Priority Refinancing Debt, with any immaterial changes and material changes thereto in light of the prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent’s and/or Collateral Agent’s entry into such intercreditor agreement (with such changes) is reasonable and to have consented to such intercreditor agreement (with such changes) and to the Administrative Agent’s and/or Collateral Agent’s execution thereof.

  • Second Lien Collateral Documents means the “Security Documents” or “Collateral Documents” (as defined in the applicable Second Lien Documents) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Second Lien Obligations or pursuant to which any such Lien is perfected.

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