Pari Passu Second Lien definition

Pari Passu Second Lien means a Lien having equal priority to (i) the Liens securing the obligations under the 2026 Secured Notes (or any Permitted Refinancing Indebtedness in respect thereof) with respect to the ABL Priority Collateral and (ii) the Liens securing the Obligations with respect to the Notes Priority Collateral.

Examples of Pari Passu Second Lien in a sentence

  • Notwithstanding anything to the contrary in the relevant Security Documents, the First Lien/Second Lien Intercreditor Agreement and the Pari Passu Second Lien Intercreditor Agreement, upon receipt by the Collateral Agent of a certificate from the Trustee that complies with Section 11.05, the Collateral Agent is authorized to release the Collateral.

  • The Collateral Agent and the Trustee, as applicable, are hereby directed and authorized to enter into any intercreditor agreement on behalf of, and binding with respect to, the Holders and their interest in designated assets, in connection with the incurrence of any Pari Passu Secured Debt, including to clarify the respective rights of all parties in and to designated assets, including the Pari Passu Second Lien Intercreditor Agreement.

  • Collateral may be released from the Liens and security interests created by the Security Documents at any time or from time to time in accordance with the provisions of the Security Documents, the First Lien/Second Lien Intercreditor Agreement, the Pari Passu Second Lien Intercreditor Agreement and the Indenture.

  • Without the prior written consent of the Second Lien Representative of each Series of Second Lien Obligations, no Security Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Security Document would be prohibited by, or would require any Issuer or any Guarantor to act or refrain from acting in a manner that would violate, any of the terms of the Pari Passu Second Lien Intercreditor Agreement.

  • The Collateral Agent and the Trustee shall enter into the Pari Passu Second Lien Intercreditor Agreement and any other intercreditor agreement at the request of the Issuers, provided that (in the case of such other intercreditor agreement) the Issuers will have delivered to the Collateral Agent and the Trustee an Officers’ Certificate to the effect that such other intercreditor agreement complies with the provisions of this Indenture, the Notes and the Security Documents.

  • Other than indebtedness incurred under the Credit Facilities Basket, Purchase Money/Cap Lease Basket (the assets in respect of which shall not secure the New Second Lien Loans), Acquisition / Acquired Debt Basket, Permitted Pari Passu Second Lien Debt Basket, General Lien Basket and certain other ordinary course exceptions, no other debt shall be permitted to be secured on a senior or pari passu basis.

  • The Collateral will also secure the Issuer’s and the Guarantors’ Obligations under the Newco Credit Agreement, Pari Passu Second Lien Indebtedness and Pari Passu First Lien Indebtedness as provided in the Intercreditor Agreements and any Junior Lien Indebtedness as provided under the Junior Lien Intercreditor Agreement.

  • The Collateral Agent is authorized to receive any funds for the benefit of the Holders of the Notes distributed under the Security Documents, the First Lien/Second Lien Intercreditor Agreement or the Pari Passu Second Lien Intercreditor Agreement, and to make further distributions of such funds to the Holders of the Notes according to the provisions of the Indenture, the First Lien/Second Lien Intercreditor Agreement and the Pari Passu Second Lien Intercreditor Agreement.

  • The Collateral Agent and the Trustee shall enter into the Pari Passu Second Lien Intercreditor Agreement and any other intercreditor agreement at the request of the Issuers, provided that (in the case of such other intercreditor agreement) the Issuers will have delivered to the Collateral Agent and the Trustee an Officer’s Certificate to the effect that such other intercreditor agreement complies with the provisions of this Indenture, the Notes and the Security Documents.

Related to Pari Passu Second Lien

  • Pari Passu Obligations means Unsecured Debt (exclusive of the Notes, this Agreement and any Subsidiary Guarantee) of the Company or any Subsidiary Guarantor owing to a Person that is not the Company or an Affiliate thereof.

  • Pari Passu Indebtedness means any Indebtedness of the Issuers or any Guarantor that ranks pari passu in right of payment with the Notes or such Guarantor’s Subsidiary Guarantees, as applicable.

  • Pari Passu Intercreditor Agreement means an intercreditor agreement among the Administrative Agent and the other parties from time to time party thereto, substantially in the form of Exhibit I.

  • Second Lien Notes has the meaning set forth in the recitals hereto.

  • First Lien Notes means the 8.000% first lien secured notes due April 1, 2027, issued by Frontier pursuant to the First Lien Notes Indenture.

  • Pari Passu Lien Priority means, relative to specified Indebtedness, having equal Lien priority on specified Collateral and subject to the First Lien Intercreditor Agreement.