Junior Priority Secured Obligations definition

Junior Priority Secured Obligations in the Junior Lien Pari Passu Intercreditor Agreement.

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Junior Priority Secured Obligations means, without duplication, all Junior Priority Debt Obligations and all Permitted Junior Priority Non-Loan Exposure.

Junior Priority Secured Obligations means the Obligations with respect to Indebtedness which is by its terms intended to be secured by the Collateral with a Junior Lien Priority relative to the Second Priority Secured Obligations; provided that the collateral agent for such Indebtedness shall become party to (i) an intercreditor agreement establishing the Junior Lien Priority of such Obligations relative to the Second Priority Secured Obligations, which may take the form of an amendment to or amendment and restatement of the First/Second Priority Intercreditor Agreement, (ii) unless the ABL Secured Obligations Payment Date has occurred, the ABL Intercreditor Agreement and (iii) unless the Discharge of Term Loan/Notes Secured Obligations has occurred, the First/Second Priority Intercreditor Agreement, and the indenture, loan agreement and other agreements relating to such Indebtedness (including the security documents relating thereto) authorize the collateral agent for such Indebtedness to bind the holders of such Obligations to the terms of the agreements set forth in clauses (i), (ii) and (iii) above, as applicable.

Examples of Junior Priority Secured Obligations in a sentence

Each Secured Party hereby assumes responsibility for keeping itself informed of the financial condition of the Company, Parent and each of the other Grantors and all other circumstances bearing upon the risk of nonpayment of the First Priority Secured Obligations or the Junior Priority Secured Obligations.
Tenant shall have the option (each a “Renewal Option”) to renew this Lease and extend the Lease Term and the Expiration Date for two (2) successive five (5) year renewal periods (each a “Renewal Period”).
In the event that there is an amendment, modification or waiver to the First Priority Security Documents in accordance with this subsection 6.3, then such amendment, modification or waiver shall apply automatically to any comparable provision of the comparable Junior Priority Security Documents without the consent of any Junior Priority Secured Parties and without any action by any Holder Representative in respect of Junior Priority Secured Obligations or any other Grantor.
Each Grantor hereby grants (i) a security interest in the Collateral Account to the Collateral Trustee for the benefit of the First Priority Secured Parties, as collateral security for such Grantor’s First Priority Secured Obligations, and (ii) a security interest in the Collateral Account to the Collateral Trustee for the benefit of the Junior Priority Secured Parties, as collateral security for such Grantor’s Junior Priority Secured Obligations.
Further, nothing in this Agreement shall impose a duty on the Term/Loan Notes Representative to keep itself informed of the financial condition of the Grantors or of other circumstances bearing upon the risk of nonpayment of the First Priority Obligations, Second Priority Obligations or any Junior Priority Secured Obligations beyond what is required pursuant to the Second Priority Documents.

More Definitions of Junior Priority Secured Obligations

Junior Priority Secured Obligations as defined in the Collateral Trust Agreement.

Junior Priority Secured Obligations means, without duplication, all Junior Priority Debt Obligations and all Permitted Junior Priority Non-Loan Exposure; provided, however, that to the extent any payment with respect to Junior Priority Secured Obligations (whether by or on behalf of any Grantor, as proceeds of Collateral, enforcement of any right of set off or otherwise) is declared to be fraudulent or preferential in any respect, set aside or required to be paid to a debtor in possession, trustee, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred.

Junior Priority Secured Obligations has the meaning set forth in the Junior Priority Pari Passu Intercreditor Agreement.