Priority Secured Creditor definition

Priority Secured Creditor means at any applicable time, the Counterparty and/or the Noteholders (as the case may be) ranking the most closely behind the Trustee in respect of fees, costs, charges, expenses and Liabilities in the Priority of Payments provided that if no sums are at the applicable time owing to such Counterparty and/or the Noteholders (as applicable), it shall mean the next highest ranking Counterparty and/or Noteholders as set out in the relevant Priority of Payments;

Priority Secured Creditor means, as to the Term Loan Priority Collateral, the Term Loan Agent, and as to the Revolving Credit Priority Collateral, the Revolving Agent. The Existing Notes Creditors shall not constitute Priority Secured Creditors for any purpose of this Agreement at any time prior to the Payment in Full of all Term Loan Obligations and all Revolving Credit Obligations, and the Term Loan Agent and the Revolving Agent shall both constitute Priority Security Creditors as they relate to the Existing Notes Obligations or the Existing Notes Creditors, or any Liens in favor of the Existing Notes Creditors, for all purposes of this Agreement. Priority Secured Creditor also means, as to Term Loan Priority Collateral, to the extent securing Excess Term Obligations, the Revolving Agent, and as to Revolving Credit Priority Collateral, to the extent securing Excess Revolving Credit Obligations, the Term Loan Agent. A Person’s rights as a Priority Secured Creditor described in the second sentence of this definition shall be limited as set forth in the definition of Secondary Priority Secured Creditor and the other applicable provisions hereof.

Priority Secured Creditor means, in relation to a Series and unless otherwise specified in the relevant Final Terms and the Supplemental Trust Deed, at any applicable time, the Local Brokers and/or the Noteholders in respect of such Series (as the case may be) ranking the most closely behind the Trustee in respect of fees, costs, charges, expenses and Liabilities in the Priority of Payments applicable to such Series provided that if no sums are at the applicable time owing to such Local Brokers and/or the Noteholders in respect of such Series (as applicable), it shall mean the next highest ranking Local Brokers and/or Noteholders as set out in the relevant Priority of Payments;

Examples of Priority Secured Creditor in a sentence

• In conducting any public or private sale under the UCC of its Priority Collateral, the Priority Secured Creditor shall give the Junior Secured Creditor such notice (a “UCC Notice”) of such sale as may be required by the applicable UCC; provided, however, that 10 days’ notice shall be deemed to be commercially reasonable notice.

• Each Junior Secured Creditor shall give the Priority Secured Creditor at least 10 Business Days’ written notice prior to taking any Enforcement Action as to any Collateral that, as to such Junior Secured Creditor, is Non-Priority Collateral, which notice may be given during the pendency of any Standstill Period.

• Following the Payment in Full of the associated Priority Obligations, or in the case of the Existing Notes Creditors as Junior Secured Creditor, all Priority Obligations, the Junior Secured Creditor may, subject to any other agreements binding on such Junior Secured Creditor, assert their rights under the New York UCC or otherwise to any Proceeds remaining following a sale, disposition or other liquidation of Collateral by, or on behalf of, the Priority Secured Creditor or the Junior Secured Creditor.

• The Revolving Agent as a Secondary Priority Secured Creditor shall exercise no rights, powers or remedies as a Priority Secured Creditor so long as the Term Loan Obligations have not been Paid in Full (without prejudice to its rights as a Junior Secured Creditor under Section 3).

• If at any time no Revolving Credit Agreement shall be in effect, the Term Loan Agent shall be entitled to act a Primary Priority Secured Creditor in respect of the Term Loan Priority Collateral and the Revolving Credit Priority Collateral for all purposes of this Agreement.

More Definitions of Priority Secured Creditor

Priority Secured Creditor. ’ means the Swap Providers.

Priority Secured Creditor has the meaning in respect of each Series of Loan Notes specified in the relevant Loan Note Supplement.

Priority Secured Creditor means, as to the Term Loan Priority Collateral, BFI (it being understood that the Revolving Lender has and will acquire no Lien on Term Loan Priority Collateral), and as to the Revolving Credit Priority Collateral, the Revolving Lender.

Priority Secured Creditor means at any applicable time, the Noteholders, provided that if no sums are at the applicable time owing to the Noteholders, it shall mean the next highest ranking Secured Creditor(s) as set out in the Priority of Payments;

Priority Secured Creditor means, in relation to a Series at any applicable time, the Noteholders in respect of such Series ranking the most closely behind the Trustee in respect of fees, costs, charges, expenses and Liabilities in the Priority of Payments applicable to such Series or such other creditor as specified in the relevant Final Terms.

Priority Secured Creditor has the meaning specified in the relevant Supplemental Trust Deed;

Priority Secured Creditor shall be the Originator VFN Loan Note Holder."