Highest Priority Obligations definition

Highest Priority Obligations means (a) at any time when Senior Obligations are Outstanding, the Senior Obligations and (b) at any time when no Senior Obligations are Outstanding, the Subordinate Obligations.
Highest Priority Obligations means, as of any date, Senior Lien Obligations, unless and until there are no Senior Lien Obligations Outstanding hereunder, in which case it means Second Lien Obligations, unless and until there are also no Second Lien Obligations Outstanding hereunder, in which case it means Subordinate Obligations.
Highest Priority Obligations means at any time when Class A Obligations are Outstanding, the Class A Obligations, and at any time when no Class A Obligations are Outstanding and Class B Obligations are Outstanding, the Class B Obligations, and at any time when no Class A Obligations or Class B Obligations are Outstanding and Class C Obligations are Outstanding, the Class C Obligations.

Examples of Highest Priority Obligations in a sentence

  • The Registered Owners of a majority of the Highest Priority Obligations, in the case of any Master Servicer default which does not adversely affect the Trustee may, on behalf of all Noteholders, waive any default by the Master Servicer hereunder, except a default in making any required deposits to or payments from any of the funds established under the Indenture.

  • If at any time the Master Servicer defaults by failure or refusal to perform in a material fashion and such default remains unremedied within thirty (30) days after receipt of written notice, then the Trustee or the Registered Owners of not less than 25% of the Highest Priority Obligations may terminate all the rights and obligations of Master Servicer upon thirty (30) days' written notice.

  • If at any time the Servicer defaults by failure or refusal to perform in a material fashion and such default remains unremedied within thirty (30) days after receipt of written notice, then the Trustee or the holders of not less than 25% of the Highest Priority Obligations may terminate all the rights and obligations of Servicer upon thirty (30) days' written notice.

  • The holders of a majority of the Highest Priority Obligations, in the case of any Servicer default which does not adversely affect the Trustee or the holders of a majority of the Highest Priority Obligations may, on behalf of all Noteholders, waive any default by the Servicer hereunder, except a default in making any required deposits to or payments from any of the funds established under the Indenture.

  • The Indenture Trustee shall give such notice if requested to do so in writing by the Registered Owners of at least a majority of the principal amount of the Highest Priority Obligations at the time Outstanding ("Registered Owner Approval").

  • The Indenture Trustee shall take any such action or actions if requested to do so in writing by the Registered Owners of at least a majority of the principal amount of the Highest Priority Obligations at the time Outstanding.

  • If at any time the Master Servicer defaults by failure or refusal to perform in a material fashion and such default remains unremedied within thirty (30) days after receipt of written notice, then the Trustee or the holders of not less than 25% of the Highest Priority Obligations may terminate all the rights and obligations of Master Servicer upon thirty (30) days' written notice.

  • Subject to Section 5.14, the Trust, with the consent of the Indenture Trustee or Noteholders evidencing not less than a majority of the Highest Priority Obligations, may waive in writing any default by the Contractor in the performance of its obligations under this Agreement, and any consequences thereof to the extent provided in such waiver.

  • The holders of a majority of the Highest Priority Obligations, in the case of any Master Servicer default which does not adversely affect the Trustee or the holders of a majority of the Highest Priority Obligations may, on behalf of all Noteholders, waive any default by the Master Servicer hereunder, except a default in making any required deposits to or payments from any of the funds established under the Indenture.

  • The Trustee may give any such notice in its discretion and shall give such notice if requested to do so in writing by the Registered Owners of at least 51% of the collective aggregate principal amount of the Highest Priority Obligations at the time Outstanding.


More Definitions of Highest Priority Obligations

Highest Priority Obligations means, (a) at any time when any of the Class A Notes are Outstanding, the Class A Notes, and (b) at any time when no Class A Notes are Outstanding, the Class B Notes.
Highest Priority Obligations means, as of any date, Senior Bonds unless and until there are no Senior Bonds Outstanding, in which case it means Subordinate Bonds.
Highest Priority Obligations means, as of any date, Senior Lien Obligations, unless and until there are no Senior Lien Obligations Outstanding hereunder, in which case it means Second Lien Obligations, unless and until there are no Second Lien Obligations Outstanding hereunder, in which case it means Subordinate Obligations.
Highest Priority Obligations means, as of any date, any Senior Lien Obligations and/or Second Lien Obligations that are Outstanding, unless and until there are no Senior Lien Obligations or Second Lien Obligations Outstanding hereunder, in which case it means Subordinate Obligations.
Highest Priority Obligations means, as of any date, the Bonds, unless and until there are no Bonds Outstanding hereunder, in which case it means the TIFIA Bonds.

Related to Highest Priority Obligations

  • Parity Obligations means (i) all obligations of the Issuer in respect of Tier 1 Instruments (excluding any such obligations that rank, or are expressed to rank, junior to claims in respect of the Notes), and (ii) any other securities or obligations (including, without limitation, any guarantee, credit support agreement or similar undertaking) of the Issuer that rank, or are expressed to rank, pari passu with claims in respect of the Notes and/or any Parity Obligation.

  • Parity Obligation means any instrument or other obligation issued or entered into by the Issuer that constitutes or qualifies as Additional Tier 1 Capital (or its equivalent) under applicable Capital Regulations or any instrument or other obligation issued, entered into, or guaranteed by the Issuer that ranks or is expressed to rank pari passu with the Capital Securities by operation of law or contract, which for the avoidance of doubt, excludes any Junior Obligations of the Issuer.

  • Subordinate Obligations means, collectively, the Subordinate Notes and any Other Subordinate Obligations.

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