Permitted First Lien Intercreditor Agreement definition

Permitted First Lien Intercreditor Agreement means, with respect to any Liens on Collateral that are intended to be equal and ratable with the Liens securing the Secured Obligations, one or more intercreditor agreements, each of which shall be on terms which are consistent with market terms governing security arrangements for the sharing of liens on a pari passu basis at the time such intercreditor agreement is proposed to be established, as determined by the Borrower and the Collateral Agent in the exercise of reasonable judgment.

Permitted First Lien Intercreditor Agreement means a First Lien Intercreditor Agreement, in substantially the form of Exhibit I, by and between the Collateral Agent and any “Additional Collateral Agent” referred to therein, Xxxxx 0, the Borrower and the other Loan Parties.

Permitted First Lien Intercreditor Agreement means, with respect to any Liens on Collateral that are intended to be equal and ratable with the Liens securing the Initial Term A Loans (and other Secured Obligations that are secured by Liens on the Collateral ranking equally and ratably with the Liens securing the Initial Term A Loans), one or more intercreditor agreements, each of which shall be in form and substance reasonably satisfactory to the Administrative Agent and the Collateral Agent.

Examples of Permitted First Lien Intercreditor Agreement in a sentence

• At the request of the Borrower, the Collateral Agent shall enter into a Permitted First Lien Intercreditor Agreement establishing the relative rights of the Secured Parties and of the secured parties under the Permitted First Lien Indebtedness or Permitted First Lien Refinancing Indebtedness, as the case may be, with respect to the Collateral.

• Level 3 shall not, and shall not permit any Restricted Subsidiary to, amend, supplement or otherwise modify (pursuant to waiver or otherwise) the terms and conditions of any documentation governing any Permitted First Lien Indebtedness or Permitted First Lien Refinancing Indebtedness in violation of the terms of the applicable Permitted First Lien Intercreditor Agreement.

• The Administrative Agent and the Collateral Agent shall have the benefit of the provisions of Article VIII with respect to all actions taken by it pursuant to this Section 9.17 or in accordance with the terms of any such Permitted First Lien Intercreditor Agreement to the full extent thereof.

• At the request of the Borrower, the Collateral Agent shall enter into a Permitted First Lien Intercreditor Agreement establishing the relative rights of the Secured Parties and of the secured parties under the Permitted First Lien Refinancing Indebtedness with respect to the Collateral.

• In the event of a sale, transfer or any other disposition of any Collateral in a transaction permitted under this Agreement or subject to the terms of the Intercreditor Agreement or any Permitted First Lien Intercreditor Agreement or Permitted Pari Passu Intercreditor Agreement, the security interests in such Collateral created by any Transaction Document shall automatically be released.

More Definitions of Permitted First Lien Intercreditor Agreement

Permitted First Lien Intercreditor Agreement means, with respect to any Liens on Collateral that are intended to be equal and ratable with the Liens securing the 2017 Term B Loans and the 2018 Incremental Term Loans (and other Loan Obligations that are secured by Liens on the Collateral ranking equally and ratably with the Liens securing the 2017 Term B Loans and the 2018 Incremental Term Loans), one or more intercreditor agreements, each of which shall be in in form and substance reasonably satisfactory to the Administrative Agent.

Permitted First Lien Intercreditor Agreement means one or more intercreditor agreements, each of which shall be substantially in the form of Exhibit K or otherwise in form and substance reasonably satisfactory to the Administrative Agent.

Permitted First Lien Intercreditor Agreement shall have the meaning set forth in Section 7.18.

Permitted First Lien Intercreditor Agreement means, with respect to any Liens on Collateral that are intended to be equal and ratable with the Liens securing the Term A-1 Loans, Term B-12 Loans and Term B-23 Loans (and other Loan Obligations that are secured by Liens on the Collateral ranking equally and ratably with the Liens securing the Term A-1 Loans, Term B-12 Loans and Term B-23 Loans), one or more intercreditor agreements, each of which shall be substantially in the form of Exhibit K or otherwise in form and substance reasonably satisfactory to the Administrative Agent.

Permitted First Lien Intercreditor Agreement means, with respect to any Liens on Collateral that are intended to be equal and ratable with the Liens securing the Initial Term A-1 Loans, Term B-1 Loans and Term B-2 Loans (and other Loan Obligations that are secured by Liens on the Collateral ranking equally and ratably with the Liens securing the Initial Term A-1 Loans, Term B-1 Loans and Term B-2 Loans), one or more intercreditor agreements, each of which shall be substantially in the form of Exhibit K or otherwise in form and substance reasonably satisfactory to the Administrative Agent.

Permitted First Lien Intercreditor Agreement means, with respect to any Liens on First Lien Collateral that are intended to be equal and ratable with the Liens securing the Notes (and other First Priority Notes Obligations that are secured by Liens on the First Lien Collateral ranking equally and ratably with the Liens securing the Notes), one or more intercreditor agreements, each of which shall be in form and substance reasonably satisfactory to the First Lien Trustee and the First Lien Collateral Agent. The Issue Date Intercreditor Agreement shall constitute a Permitted First Lien Intercreditor Agreement.

Permitted First Lien Intercreditor Agreement means, with respect to any Liens on Collateral that are intended to be equal and ratable with the Liens securing the Initial Term A Loans (and other Secured Obligations that are secured by Liens on the Collateral ranking equally and ratably with the Liens securing the Initial Term A Loans), one or more intercreditor agreements, each of which shall be on terms which are consistent with market terms governing security arrangements for the sharing of liens on a pari passu basis at the time such intercreditor agreement is proposed to be established, as determined by the Borrower and the Collateral Agent in the exercise of reasonable judgment.