Junior Priority Lien definition

Junior Priority Lien means a Lien granted or purported to be granted [(a) pursuant to a [ ]i Second Lien Collateral Document to the [ ]i Second Lien Agent or (b)]vii pursuant to an Additional Collateral Document to any Additional Agent for the purpose of securing Junior Priority Obligations.

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Junior Priority Lien means the Liens on the Junior Priority Collateral in favor of Junior Priority Debt Parties under Junior Priority Collateral Documents.

Junior Priority Lien means any Lien created by the Junior Priority Security Documents.

Examples of Junior Priority Lien in a sentence

Until the Discharge of Senior Priority Obligations, to the extent that the Senior Priority Secured Parties (i) have released any Lien on Collateral and any such Lien is later reinstated or (ii) obtain any new Senior Priority Liens, then the Junior Priority Secured Parties shall at the time of such reinstatement or new Senior Priority Liens be granted a Junior Priority Lien on any such Collateral.
Each Junior Priority Representative, for itself and on behalf of each Junior Priority Debt Party under its Junior Priority Debt Facility, shall not object to, oppose, support any objection, or take any other action to impede, the right of any Senior Secured Party to make an election under Section 1111(b)(2) of the Bankruptcy Code with respect to any Shared Collateral on which such Junior Priority Representative holds a Junior Priority Lien.
If the new Senior Priority Obligations under the new Senior Priority Documents are secured by assets of the Grantors of the type constituting Senior Priority Collateral that do not also secure the Junior Priority Obligations, then the Junior Priority Obligations shall be secured at such time by a Junior Priority Lien on such assets to the same extent provided in the Junior Priority Security Documents with respect to the other Senior Priority Collateral.
Subject to Sections 6.04 and 6.07, the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) may waive compliance in a particular instance by the Issuers with any provision of this Indenture, the Notes, the Security Documents or, the Pari Passu Intercreditor Agreement or the Junior Priority Lien Intercreditor Agreement.
The Borrower shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Lender or holder of any Junior Priority Lien Debt for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of any Junior Priority Lien Document unless (a) in the case of any consent, waiver or amendment of any 128 EXCO Resources, Inc.

More Definitions of Junior Priority Lien

Junior Priority Lien means a Lien junior in priority to the Senior Priority Liens and the Priority Liens and equal in priority to the Junior Liens, but which is senior in right of the payment waterfall (as provided in the collateral trust agreement governing the Junior Priority Lien Debt), in each case, as provided in the Intercreditor Agreement, granted by the Issuer or any Guarantor in favor of holders of Junior Priority Lien Debt (or any collateral trustee or representative in connection therewith) at any time, upon any Property of the Issuer or any Guarantor to secure Junior Priority Lien Obligations (provided that, in all events, such Property shall also be subject to Liens securing such aforementioned Senior Priority Liens and Priority Liens).

Junior Priority Lien means any Lien on an asset securing principal obligations in respect of Funded Debt that ranks junior in priority, pursuant to an intercreditor agreement establishing such priority, to one or more other Liens on such asset securing principal obligations in respect of other Funded Debt.

Junior Priority Lien means, to the extent securing the Securities, a Lien granted by a Junior Priority Security Document as security for the Securities, which is junior in priority to the Senior Priority Liens.

Junior Priority Lien means (i) with respect to any ABL Priority Collateral, the Liens on such ABL Priority Collateral in favor of the Term Priority Debt Parties under the Term Collateral Documents and (ii) with respect to any Term Priority Collateral, the Liens on such Term Priority Collateral in favor of the ABL Secured Parties under the ABL Collateral Documents.

Junior Priority Lien means (x) with respect to the First Priority Secured Parties, the Second Priority Lien, the Third Priority Lien and the Other Junior Liens, (y) with respect to the Second Priority Secured Parties, the Third Priority Lien and the Other Junior Liens and (z) with respect to the Third Priority Secured Parties, the Other Junior Liens.

Junior Priority Lien means any Lien on any assets of the Company or any other Grantor securing any Junior Priority Obligations.

Junior Priority Lien means any Lien created by (i) the Federal Capex Facility Security Documents, (ii) the Ontario Capex Facility Security Documents or (iii) any Additional Junior Priority Obligations Agreement that is a Junior Priority Security Document.