Priority Payable Reserve means reserves for amounts secured by any Liens, xxxxxx or inchoate, which rank or would reasonably be expected to rank pari passu or in priority to the Administrative Agent’s or any other Secured Parties’ Liens, including, without limitation, in the Permitted Discretion of the Administrative Agent, certain amounts deducted or withheld and not paid and remitted when due for source deductions under the ITA or the Employment Insurance Act, amounts past due and not paid for realty, municipal or similar taxes and all unfunded wind-up or solvency deficiency amounts under any Canadian Pension Plan, and all amounts currently or past due and not contributed, remitted or paid to or under any Canadian Pension Plan (governed by the Pension Benefits Act (Ontario)) or under the Canada Pension Plan.
Priority Payable Reserve means reserves established in the Permitted Discretion of the Agent for amounts secured by any Liens, xxxxxx or inchoate, which rank or are capable of ranking in priority to the Agent’s Liens and/or for amounts which may represent costs relating to the enforcement of the Agent’s Liens including, without limitation, in the Permitted Discretion of the Agent, any such amounts due and not paid for wages or vacation pay (including such amounts protected by the Wage Earner Protection Program Act (Canada), amounts due and not paid under any legislation relating to workers’ compensation or to employment insurance, all amounts deducted or withheld and not paid and remitted when due under the ITA, sales tax, goods and services tax, value added tax, harmonized sales tax, excise tax, tax payable pursuant to Part IX of the Excise Tax Act (Canada) or similar provincial legislation, government royalties, amounts currently or past due and not paid for realty, municipal or similar taxes (to the extent impacting personal or movable property), all amounts currently or past due and not contributed, remitted or paid to any Plan or under any Canadian Pension Plan, the PBA or any similar legislation and, with respect to any Canadian Pension Plan that provides benefits on a defined benefit basis, any Unfunded Pension Liability).
Priority Payable Reserve means, in each case other than items reflected in the GST, HST Tax Reserve and the Rent and Charges Reserves, with respect to the Canadian Loan Parties, the total amount of the accrued or past due liabilities at such time of the Canadian Loan Parties which are secured by a Lien, xxxxxx or inchoate, which ranks or is capable of ranking prior to or pari passu with the Administrative Agent’s Liens in respect of Canadian Loan Parties’ Eligible Accounts or Canadian Loan Parties’ Eligible Inventory, including amounts owing for wages (including amounts protected by the Wage Earner Protection Program Act (Canada)), vacation pay, employee deductions, sales tax, excise tax, tax payable pursuant to Part IX of the Excise Tax Act (Canada) (net of GST input credits), income tax, workers’ compensation, government royalties, employee and employer pension plan contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls), Taxes, and other statutory or other claims, in each case to the extent that such claims have or may have priority over, or rank pari passu with, the Administrative Agent’s Liens.
More Definitions of Priority Payable Reserve
Priority Payable Reserve means, in each case other than items reflected in the GST, HST Tax Reserve and the Rent and Charges Reserves, with respect to the North American Loan Parties, the total amount of liabilities at such time of the North American Loan Parties which are secured by a Lien, xxxxxx or inchoate, which ranks or is capable of ranking prior to or pari passu with the Administrative Agent’s Liens in respect of North American Eligible Accounts or North American Eligible Inventory, but only to the extent prescribed pursuant to Canadian law and statute then in force, including amounts owing for wages (including amounts protected by the Wage Earner Protection Program Act (Canada)), vacation pay, employee deductions, sales tax, excise tax, tax payable pursuant to Part IX of the Excise Tax Act (Canada) (net of GST input credits), income tax, workers’ compensation, government royalties, employee and employer pension plan contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls), Taxes, and other statutory or other claims that have or may have priority over, or rank pari passu with, the Administrative Agent’s Liens.
Priority Payable Reserve means, in each case other than items reflected in the GST, HST, VAT Tax Reserve (i) with respect to the European Loan Parties, the total amount of liabilities at such time of the European Loan Parties which, by operation of law or contract rank (or are likely in an insolvency or bankruptcy of any European Loan Party to rank) senior to or pari passu with the liabilities of the European Loan Parties under the Loan Documents and (ii) with respect to the Canadian Loan Parties, the total amount of liabilities at such time of the Canadian Loan Parties which are secured by a Lien which ranks or is capable of ranking prior to or pari passu with the Liens created by the Canadian Security Agreements in respect of Canadian Loan Parties’ Eligible Accounts or Canadian Loan Parties’ Eligible Inventory, including amounts owing for wages, vacation pay, employee deductions, sales tax, excise tax, tax payable pursuant to Part IX of the Excise Tax Act (Canada) (net of GST input credits), income tax, workers compensation, government royalties, overdue employee and employer pension plan contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls), overdue rents or Taxes, and other statutory or other claims that have or may have priority over, or rank pari passu with, such Liens created by the Canadian Security Agreements.
Priority Payable Reserve means reserves for (I) amounts (x) that have a trust, deemed trust or statutory Lien imposed to provide for payment which rank or are capable of ranking in priority to or pari passu with Agent’s Liens, (y) that are secured by any Liens, choate or inchoate, which rank or are capable of ranking in priority to or pari passu with Agent’s Liens and/or (z) which may represent costs relating to the enforcement of Agent’s Liens, including in the Permitted Discretion of Agent, (a) all amounts due and not paid for wages, employee withholdings or deductions (including amounts payable with respect to Statutory Plans), and vacation pay, severance and termination pay, trusts, (b) all amounts due and not paid under any legislation relating to workers' compensation or to employment insurance, (c) 53/Mammoth – Credit Agreement all amounts payable to an insolvency administrator, (d) all government royalties, (e) all amounts deducted or withheld and not paid and remitted when due under the Canadian Tax Act, (f) all amounts currently or past due and not paid for realty, municipal or similar taxes (to the extent impacting personal or movable property), (g) all amounts in respect of claims for unremitted and/or accelerated rents, utilities, taxes (including sales taxes and Goods and services taxes and harmonized sales taxes and withholding taxes), (h) all unfunded or underfunded wind-up or solvency deficiency amounts under, and all amounts currently or past due and not contributed, remitted or paid to or under, any Canadian Pension Plans, (i) all amounts currently or past due and not contributed, remitted or paid under the Canada Pension Plan, (j) any similar statutory or other claims that would have or would reasonably be expected to have priority over or rank pari passu with any Liens granted to Agent now or in the future other than in the case of this clause (I) amounts included in the Wage Earner Protection Act Reserve, (II) the amount equal to the aggregate value of the Inventory which Agent, in its Permitted Discretion, considers is or may be subject to retention of title by a supplier or a right of a supplier to recover possession thereof, where such supplier’s right has priority over the Liens securing the Obligations, including Inventory subject to a right of a supplier to repossess Goods pursuant to Section 81.1 of the BIA or any other applicable laws granting revendication or similar rights to unpaid suppliers or any similar laws of Canada or any other applicable jur...
Priority Payable Reserve means reserves for amounts secured by any Liens, choate or inchoate, which rank or would reasonably be expected to rank pari passu or in priority to the Administrative Agent’s or any other Secured Parties’ Liens, including, without limitation, in the Permitted Discretion of the Administrative Agent, certain amounts deducted or withheld and not paid and remitted when due for source deductions under the ITA or the Employment Insurance Act, amounts past due and not paid for realty, municipal or similar taxes and all unfunded wind-up or solvency deficiency amounts under any Canadian Pension Plan, and all amounts currently or past due and not contributed, remitted or paid to or under any Canadian Pension Plan (governed by the Pension Benefits Act (Ontario)) or under the Canada Pension Plan.
Priority Payable Reserve means reserves established in the reasonable credit judgment of the Administrative Agent for amounts secured by any Liens, xxxxxx or inchoate, which rank or are capable of ranking higher in priority to the Liens of the Collateral Agent and/or for amounts which may represent costs relating to the enforcement of the Liens of the Collateral Agent including, without limitation, in the reasonable credit judgment of the Administrative Agent, any such amounts due and not paid for vacation pay, amounts due and not paid under any legislation relating to workers’ compensation or to employment insurance, all amounts deducted or withheld and not paid and remitted when due under the Income Tax Act (Canada), amounts currently or past due and not paid for realty, municipal, or similar taxes (to the extent impacting personal or moveable property), and all amounts currently or past due and not contributed, remitted, or paid to any Plan or under the Canada Pension Plan, the PBA, or any similar legislation.
Priority Payable Reserve means, with respect to jurisdictions other than the U.S. (or any state thereof) and Canada (or any province or territory thereof), any Reserve established in the Permitted Discretion of the Administrative Agent in accordance with Section 1.10 for amounts which rank or are capable of ranking prior to the Liens granted to the Administrative Agent under the Collateral Documents, including, without limitation, in the Permitted Discretion of the Administrative Agent, any such amounts due and not paid for wages, or vacation pay, severance pay, employee deductions, income tax, insolvency costs (including the expenses and liabilities incurred by any administrator or other insolvency officer) and any remuneration of such administrator or other insolvency officer, amounts due and not paid under any legislation relating to workers’ compensation or to employment insurance amounts currently or past due and not paid for realty, municipal or similar taxes (to the extent impacting personal or movable property), sales tax and pension obligations and, to the extent prescribed pursuant to English law and statute then in force, the “prescribed part” of floating charge realizations held for unsecured creditors.
Priority Payable Reserve means, in each case other than items reflected in the GST, HST Tax Reserve and the Rent and Charges Reserves, with respect to the Canadian Loan Parties, the total amount of liabilities at such time of the Canadian Loan Parties which are secured by a Lien, cxxxxx or inchoate, which ranks or is capable of ranking prior to or pari passu with the Administrative Agent’s Liens in respect of Canadian Loan Parties’ Eligible Accounts or Canadian Loan Parties’ Eligible Inventory, including amounts owing for wages (including amounts protected by the Wage Earner Protection Program Act (Canada)), vacation pay, employee deductions, sales tax, excise tax, tax payable pursuant to Part IX of the Excise Tax Act (Canada) (net of GST input credits), income tax, workers’ compensation, government royalties, employee and employer pension plan contributions (including “normal cost”, “special payments” and any other payments in respect of any funding deficiencies or shortfalls), Taxes, and other statutory or other claims that have or may have priority over, or rank pari passu with, the Administrative Agent’s Liens.