Prior Lien Obligations means (i) as it relates to the ABL Obligations with respect to all matters relating to the Fixed Asset Priority Collateral (but not the ABL Priority Collateral) prior to the Discharge of Fixed Asset Obligations, the Fixed Asset Obligations; and (ii) as it relates to the Fixed Asset Obligations with respect to all matters relating to the ABL Priority Collateral (but not the Fixed Asset Priority Collateral) prior to the Discharge of ABL Obligations, the ABL Obligations.

Prior Lien Obligations means:

Prior Lien Obligations are any bonds or indebtedness and/or evidences of indebtedness secured by a Prior Lien. The term "outstanding," as of any particular time when used with reference to Prior Lien Obligations, shall mean all obligations secured by a Prior Lien, except Obligations for whose payment or redemption sufficient cash shall have been irrevocably deposited in trust with the Trustee hereunder or with the trustee or other holder of such Prior Lien.

Examples of Prior Lien Obligations in a sentence

The Issuer shall not issue any Prior Lien Obligations in violation of Section 8 of the Master Ordinance.
The Notes are issued as Direct Purchase Notes under the Ordinance and, pursuant to the Ordinance and the Master Ordinance, the principal of and interest on the Notes are payable from and secured by a lien on and pledge of the Pledged Revenues, subordinate solely to the lien on and pledge of the Pledged Revenues securing the Prior Lien Obligations and otherwise subject to the terms and conditions of the Master Ordinance and the Ordinance.
Notwithstanding the foregoing, the Issuer will not issue any Debt, other than Prior Lien Obligations, that is senior in priority of payment or security to the System Obligations.
All of such sources and pledges are herein called the “Security.” In accordance with the provisions of the Ordinance and the Master Ordinance and the respective documentation governing the Prior Lien Obligations that are now Outstanding and that will remain Outstanding subsequent hereto, the Notes represent System Obligations.
The Issuer shall give written notice to the Bank as soon as practicable of the increase, decrease, withdrawal or suspension of any rating maintained by the Issuer at Moody’s, Fitch or S&P in respect of the Prior Lien Obligations; and (ii) the Issuer shall cause to be maintained at least two long-term unenhanced ratings on the Prior Lien Obligations by Moody’s, Fitch or S&P.

More Definitions of Prior Lien Obligations

Prior Lien Obligations means the following: [none, or where appropriate for the applicable Borrower, insert: [5], between the and the Borrower.]

Prior Lien Obligations means (i) as it relates to any of the North America ABL Obligations with respect to all matters relating to the Notes Priority Collateral (but not the North America ABL Priority Collateral) prior to the Discharge of Notes Pari Passu Lien Obligations, the Notes Pari Passu Lien Obligations and (ii) as it relates to the Notes Pari Passu Lien Obligations with respect to all matters relating to the North America ABL Priority Collateral (but not the Notes Priority Collateral) prior to the Discharge of North America ABL Obligations, the North America ABL Obligations.

Prior Lien Obligations means the Municipality’s outstanding, to the extent outstanding, Wastewater Facility Revolving Fund Loan Agreement, dated July 7, 1987 among the State of Tennessee, Department of Public Health, the State Funding Board and the Municipality, its outstanding Water/Sewer Equipment Capital Outlay Note, Series 2007, dated September 19, 2007, its outstanding Capital Outlay Note, dated April 23, 2009, its outstanding Water/Sewer Fund Capital Outlay Note, Series 2009, dated August 27, 2009, its Bond Anticipation Notes and Interim Certificates of Indebtedness issued to the United States of America acting through Rural Development authorized by resolution adopted on September 12, 2011 and, if and when issued to refinance such note, its Water and Sewer Revenue Bond, Series 2011.

Prior Lien Obligations means (i) the currently Outstanding and unpaid obligations of the City that are payable from and equally and ratably secured by a prior and first lien on and pledge of the Net Revenues of the System and designated as follows:

Prior Lien Obligations means, to the extent outstanding at the time of issuance of the Bonds, any obligations with a lien on the Basic Education Program Funds, the County Sales Tax Revenues, and the School Board Sales Tax Revenues;

Prior Lien Obligations has the meaning set forth in the Ordinance.