First Priority Debt definition

First Priority Debt means Consolidated Debt that is secured by a first-priority Lien on any Collateral.

First Priority Debt has the meaning set forth in the Intercreditor Agreement as in effect on the date of this Indenture.

First Priority Debt means ABL Debt to the extent it constitutes Maximum Priority ABL Debt.

Examples of First Priority Debt in a sentence

• So long as the Discharge of First Priority Claims has not occurred, the First Priority Agent and the other First Priority Secured Parties shall have the exclusive right, subject to the rights of the Grantors under the First Priority Debt Documents, to settle and adjust claims in respect of Collateral under policies of insurance covering Collateral and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation, in respect of the Collateral.

• Capitalized terms used in this Agreement and not otherwise defined herein shall, except to the extent the context otherwise requires, have the meanings set forth in the First Priority Debt Agreement (as in effect on the date hereof) or the First Priority Security Agreement (as in effect on the date hereof), as applicable.

• Each Collateral Agent represents and warrants to the other parties hereto that it has been authorized by the Secured Parties under and as defined in the First Priority Debt Agreement or the Second Priority Security Agreement, as applicable, to enter into this Agreement.

• This Clause is subject to the prior payment of First Priority Debt in accordance with the terms of the Intercreditor Agreement and claims having priority over this Security under mandatory provisions of applicable law.

• Within 365 days after the receipt of any Net Proceeds from an Asset Sale that constitutes a Sale of Collateral, the Guarantor that owned those assets may apply those Net Proceeds to purchase other long-term assets that would constitute Collateral or to repay First Priority Debt and, if such First Priority Debt is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto.

More Definitions of First Priority Debt

First Priority Debt means all Notes Obligations and all First Priority Lien Obligations.

First Priority Debt means, at any time, the sum of (a) the principal amount of all outstanding Loans and, without duplication, all other Indebtedness of each Foreign Subsidiary that would be reflected on a consolidated balance sheet of the Holdco Group prepared in accordance with GAAP at such time (other than any Indebtedness of a Foreign Subsidiary of the type described in clause (vi) of the definition of “Indebtedness”) minus (b) the aggregate amount of cash that would be reflected on a consolidated balance sheet of the Holdco Group prepared in accordance with GAAP at such time.

First Priority Debt has the meaning given to that term in the Intercreditor Agreement. “Guarantors” means the Grantor and the other guarantors under the Indenture.

First Priority Debt means, at any time, the sum of (a) the principal amount of all outstanding Loans, First Lien Term Loans and, without duplication, all other Indebtedness of each Foreign Subsidiary that would be reflected on a consolidated balance sheet of the Holdco Group prepared in accordance with GAAP at such time (other than (i) any Indebtedness of a Foreign Subsidiary of the type described in clause (vi) of the definition of “Indebtedness” and (ii) any Indebtedness in respect of the Second Lien Term Loans) minus (b) the aggregate amount of cash that would be reflected on a consolidated balance sheet of the Holdco Group prepared in accordance with GAAP at such time.

First Priority Debt means all obligations to pay when due any principal, interest, and other amounts created by any of the debt instruments listed on Schedule A hereto and all Approved Acquisition Debt, together with (a) any amendments, modifications, renewals or extensions thereof and (b) any interest accruing thereon after the commencement of a Proceeding, without regard to whether or not such interest is an allowed claim.

First Priority Debt means ABL Debt to the extent it does not exceed the Maximum Priority ABL Debt Amount. “Hedging Obligations” shall mean, with respect to any Person, the obligations of such Person under (a) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in interest rates or the value of foreign currencies. “Indenture Loan Parties” shall mean the Issuer and those of its direct and indirect subsidiaries (including the Borrowers) party to the Noteholder Agreement. “Initial Borrowers” shall have the meaning set forth in the preamble hereto. “Insolvency or Liquidation Proceeding” shall mean (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Borrower, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Borrower or with respect to any of their respective assets, (c) any proceeding seeking the appointment of any trustee, receiver, liquidator, custodian or other insolvency official with similar powers with respect to such Person or any or all of its assets or properties, (d) any liquidation,

First Priority Debt means ABL Debt to the extent it does not exceed the Maximum Priority ABL Debt Amount.