Second Priority Obligations Payment Date definition
Second Priority Obligations Payment Date means, with respect to each Type of Common Collateral, the first date after the First Priority Obligations Payment Date with respect to such Common Collateral on which (i) the Second Priority Obligations (other than those that constitute Unasserted Contingent Obligations) with respect to such Common Collateral have been paid in cash in full (or, if applicable, cash collateralized or defeased in accordance with the terms of the applicable Second Priority Documents or converted or rolled into DIP Financing), (ii) all commitments to extend credit under the applicable Second Priority Documents have been terminated, (iii) there are no outstanding letters of credit or similar instruments issued under the applicable Second Priority Documents (other than such as have been cash collateralized or defeased or otherwise provided for in accordance with the terms of the applicable Second Priority Documents), and (iv) the Second Priority Representative with respect to such Common Collateral has delivered a written notice to the Third Priority Representative with respect to such Common Collateral stating that the events described in clauses (i), (ii) and (iii) have occurred to the satisfaction of the Second Priority Secured Parties with respect to such Common Collateral. For avoidance of doubt, a Refinancing of Second Priority Obligations with respect to any Type of Common Collateral that is permitted hereby (other than with the proceeds of DIP Financing following the Existing Chapter 11 Cases Emergence Date) shall not give rise to the Second Priority Obligations Payment Date with respect to such Common Collateral unless the terms thereof expressly so provide with reference to this Agreement.
Second Priority Obligations Payment Date means the first date on which (i) the Second Priority Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms of the Second Priority Documents and (ii) all commitments to extend credit under the Second Priority Documents have been terminated.
Second Priority Obligations Payment Date means the first date on which (a) the Second Priority Obligations (other than those that constitute Unasserted Contingent Obligations) have been paid in cash in full (or, to the extent applicable, cash collateralized or defeased in accordance with the terms of the Second Priority Documents), (b) all commitments to extend credit under the Second Priority Documents have been terminated, and (c) the Second Priority Representative has delivered a written notice to the Junior Priority Representative stating that the events described in clauses (a) and (b) have occurred to the satisfaction of the Second Priority Secured Parties.
Examples of Second Priority Obligations Payment Date in a sentence
This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Priority Obligations Payment Date and the Second Priority Obligations Payment Date shall have occurred with respect to each Type of Common Collateral.
Thus, the structure map for(t0, t1) c [0, tj) is naturally& ›→ (vin | eit0 H &ei(tj–t1)H| )| )We now describe the dual situation for intervals containing the other endpoint.
With respect to each Type of Common Collateral , after the First Priority Obligations Payment Date and prior to the Second Priority Obligations Payment Date, if any Third Priority Secured Party commences or participates in any action or proceeding against any Loan Party in respect of such Common Collateral contrary to this Agreement, any Second Priority Secured Party may intervene and interpose the making of this Agreement as a defense or dilatory plea, in its name or in the name of such Loan Party.
This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the Second Priority Obligations Payment Date shall have occurred with respect to each Type of Common Collateral.
Upon the occurrence of the Second Priority Obligations Payment Date and without further action by any Person, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Grantors subject to any existing liens, security interests or encumbrances on such Collateral (other than any thereof attributable to actions or inactions of the Collateral Agent or any Second Priority Secured Party).
More Definitions of Second Priority Obligations Payment Date
Second Priority Obligations Payment Date shall have the meaning set forth in the Intercreditor Agreement.
Second Priority Obligations Payment Date means, with respect to (a) the ABL/LC Priority Collateral, the first date after the First Priority Obligations Payment Date with respect to such Common Collateral that is the date of the Payment in Full of Term Loan Secured Obligations and (b) the Term Loan Priority Collateral, the first date after the First Priority Obligations Payment Date with respect to such Common Collateral that is the date of the Payment in Full of ABL/LC Secured Obligations.
Second Priority Obligations Payment Date shall have the meaning set forth in the Intercreditor Agreement. “Second Priority Secured Parties” shall have the meaning set forth in the Intercreditor Agreement. “Shifting Control Agreement” shall mean any Shifting Control Deposit Account Agreement or any Shifting Control Securities Account Agreement. “Shifting Control Deposit Account Agreement” shall mean an agreement in writing in form and substance reasonably satisfactory to the Collateral Agent, by and among the Borrower or any Guarantor, as the case may be, the First Lien Collateral Agent or the Collateral Agent, and the relevant bank at which the relevant deposit account of the Borrower or any Guarantor, as the case may be, is at any time maintained. “Shifting Control Securities Account Agreement” shall mean an agreement in writing in form and substance reasonably satisfactory to the Collateral Agent, by and among the Borrower or any Guarantor, as the case may be, the First Lien Collateral Agent or the Collateral Agent and any securities intermediary in respect of the relevant securities account. “Single Employer Plan” shall mean a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or an ERISA Affiliate or (b) was so maintained and in respect of which the Borrower could reasonably be
Second Priority Obligations Payment Date means the first date on which (a) the Second Priority Obligations (including any obligations replacing, renewing or refinancing any previously existing Second Priority Obligations, but other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms of the Second Priority Documents), (b) all commitments to extend credit under the Second Priority Documents (including any documents replacing, renewing or refinancing any previously existing Second Priority Documents) have been terminated and (c) the Second Priority Representative has delivered a written notice to the Junior Priority Representative stating that the events described in clauses (a) and (b) have occurred, such notice not to be unreasonably withheld.
Second Priority Obligations Payment Date means (i) with respect to the ABL Priority Collateral, the MDL Term Loan Termination Date, (ii) with respect to the Term Priority Collateral, the 21C Term Loan Termination Date and (iii) with respect to the MDL Priority Collateral, the first day by which each of the 21C Term Loan Termination Date and the PIK Toggle Notes Termination Date has occurred; provided that prior to the 21C Term Loan Termination Date, solely for purposes of the MDL Priority Collateral Enforcement Provisions, “Second Priority Obligations Payment Date” shall mean the 21C Term Loan Termination Date.
Second Priority Obligations Payment Date means the first date on which the Second Priority Obligations (other than those that constitute Unasserted Contingent Obligations) have been paid in full in cash (or cash collateralized or defeased in accordance with the terms of the Second Priority Documents). Table of Contents
Second Priority Obligations Payment Date means the first date on which a Discharge of Second Priority Obligations has occurred.