Junior Priority Secured Parties definition

Junior Priority Secured Parties means, at any time, all of the Junior Priority Agents and all of the Junior Priority Creditors.

Junior Priority Secured Parties means the holders from time to time of any Junior Priority Obligations, the Junior Priority Collateral Agent and each other Junior Priority Representative.

Junior Priority Secured Parties means (a) the holders of the Obligations in respect of any or all of the Existing Junior-Priority Secured Notes, (b) the respective Representative(s) with respect thereto and (c) the successor and assigns of each of the foregoing.

Examples of Junior Priority Secured Parties in a sentence

• The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Senior Priority Secured Parties and the Junior Priority Secured Parties, respectively.

• Nothing in this Agreement shall be deemed to subordinate the right of any Junior Priority Secured Party to receive payment to the right of any Senior Priority Secured Party (whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens as between the Senior Priority Secured Parties, on the one hand, and the Junior Priority Secured Parties, on the other hand, but not a subordination of Indebtedness.

• The Senior Priority Secured Parties and the Junior Priority Secured Parties may continue, at any time and without notice to the other Parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Credit Party on the faith hereof.

• Notwithstanding any failure by any Junior Priority Secured Party to perfect its security interests in the Collateral or any avoidance, invalidation, priming or subordination by any third party or court of competent jurisdiction of the security interests in the Collateral granted to any of the Junior Priority Secured Parties, the priority and rights as between the respective classes of Junior Priority Secured Parties with respect to the Collateral shall be as set forth herein.

• The Senior Priority Secured Parties and the Junior Priority Secured Parties may continue, at any time and without notice to the other Parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, any Credit Party on the faith hereof.

More Definitions of Junior Priority Secured Parties

Junior Priority Secured Parties means the Secured Parties (as defined in the Junior Priority Security Agreement).

Junior Priority Secured Parties means (a) the Notes Secured Parties and (b) the Pari Passu Secured Parties.

Junior Priority Secured Parties means, (a) with respect to the ABL Priority Collateral, prior to the Discharge of ABL Priority Obligations, the Note Secured Parties, and (b) with respect to the Note Priority Collateral, prior to the Discharge of Note Priority Obligations, the ABL Secured Parties.

Junior Priority Secured Parties means at any time the Collateral Trustee (in its capacity as the holder of the Lien on the Collateral securing the Junior Priority Additional Debt Obligations), any Junior Priority Additional Debt Representatives and any other holder of Junior Priority Additional Debt Obligations outstanding at such time.

Junior Priority Secured Parties as defined in the Base Intercreditor Agreement.

Junior Priority Secured Parties means the Second Lien Secured Parties and the Third Lien Secured Parties.

Junior Priority Secured Parties means the Junior Priority Representative and any holders of the Junior Priority Obligations. “Junior Priority Security Documents” means the documents pursuant to which the Liens on the Junior Priority Collateral for the benefit of the Junior Priority Secured Parties shall have been granted or purported to be granted. “Lien” means (a) any mortgage, deed of trust, pledge, deed to secure debt, hypothecation, security interest, easement (including, without limitation, reciprocal easement agreements and utility agreements), rights-of-way, reservations, encroachments, zoning, and other land use restrictions, claim or any other title defect, lease, encumbrance, restriction, lien or charge of any kind whatsoever and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing). “Loan Party” means the Borrower and each direct or indirect domestic subsidiary of the Borrower that is now or hereafter becomes a party to any First Priority Document or Second Priority Document. All references in this Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding. “Person” means any person, individual, sole proprietorship, partnership, joint venture, corporation, limited liability company, unincorporated organization, association, institution, entity, party, including any government and any political subdivision, agency or instrumentality thereof.