Examples of Pari Passu Lien in a sentence
Upon and following an Event of Default with respect to which a Carve-Out Trigger Notice (as defined hereinafter) is issued, the DIP Liens, the DIP Superpriority Claims, the Adequate Protection Priority Claims, the Primed Liens and the Pari Passu Lien shall be subject to the payment of the Carve-Out.
On May 7, 2020, RCPC and Citibank purported to execute a series of transactions, including a the 2020 BrandCo IP Sale-Leaseback Transaction, the 2020 Amendment, the issuance of the Sham Revolver, the granting of the Pari Passu Lien, the 2020 Pari Passu Intercreditor Agreement, and the 2020 BrandCo Credit Agreement.
All sums disbursed by the Collateral Agent in connection with this paragraph, including attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon written demand as provided in Section 9.05 of the Credit Agreement or any comparable provision of the Senior Secured Note Indenture or any Other Pari Passu Lien Obligations Agreement, by the Grantors to the Collateral Agent and shall be additional Obligations secured hereby.
And,as the Co-Op Lenders knew, without the consent of the majority of lenders under the 2016 Credit Agreement, RCPC could not transfer BrandCo IP, release the 2016 Term Lenders’ liens thereon, or grant the dilutive Pari Passu Lien.
To the extent that the aggregate amount of Notes and Pari Passu Indebtedness with Pari Passu Lien Priority in respect of the collateral relative to the Notes so validly tendered and not properly withdrawn pursuant to an Asset Disposition Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purpose not prohibited in this Indenture.