Third Priority definition

Third Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Exchange Note Collateral Document, that such Lien is perfected and has priority over any other Lien on such Collateral apart from the First Priority Liens for so long as the First Priority Liens shall exist, and the Second Priority Liens for so long as the Second Priority Liens shall exist.

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Third Priority. Graduate courses taken beyond the first master’s degree toward additional certification or other advanced degrees. If items (a) and (b) under First Priority have been fully funded, any remaining funds will be prorated to fund Second Priority with remaining funds thereafter to fund Third Priority per graduate hour to reimburse full-time teachers at a rate not to exceed actual cost per hour or the rate charged by the University of Missouri-Columbia for up to 3.0 graduate hours. For eligible courses completed between January 1 and December 31 of a calendar year, employees must submit the specified Tuition Reimbursement form for a request for reimbursement. Transcripts and paid tuition receipts must accompany the application for reimbursement. Application must be received by January 31 in the calendar year following completion of the course(s) in order to be considered for reimbursement. Reimbursement shall be the actual catalog cost of an eligible course, not to exceed the maximum credit hour cost at the University of Missouri-Columbia. If all documentation is submitted by this deadline, payment/reimbursement for these classes taken between January and December of the previous year will be issued in February. To be eligible for reimbursement, the employee must be a member of the District faculty prior to enrollment and at the time of reimbursement. When making application for reimbursement, eligible staff members will present (1) a transcript and grade report showing the grade earned, and (2) a receipt indicating the amount paid to the college or university. Pass/Fail courses will not be reimbursed. A minimum grade of B must be earned for reimbursement.

Third Priority means, with respect to any Lien purported to be created on any Collateral pursuant to the Notes Security Documents, that such Lien is prior in right to any other Lien thereon other than Liens securing the ABL Obligations, Liens securing the Term Obligations and Liens securing obligations permitted to be secured prior to the ABL Obligations and the Term Obligations pursuant to the definitions of First Priority and Second Priority contained herein.

Examples of Third Priority in a sentence

• Except as otherwise provided herein, in the event of any conflict between the provisions of this Agreement and the provisions of any First Priority Document, any Second Priority Document or any Third Priority Document, the provisions of this Agreement shall govern.

• This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and each of the First Priority Secured Parties, the Second Priority Secured Parties and the Third Priority Secured Parties and their respective successors and assigns, and nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Common Collateral or any Type thereof.

• This is a continuing agreement and the First Priority Secured Parties, the Second Priority Secured Parties and the Third Priority Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, any Grantor on the faith hereof.

• With respect to each Type of Common Collateral, the Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, and the Third Priority Representative, on behalf of itself and the other Third Priority Secured Parties, expressly waives all notice of the acceptance of and reliance on this Agreement by the other Secured Parties.

• No right or benefit of any party hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of such party or any other party hereto or by any noncompliance by any Grantor with the terms and conditions of any of the First Priority Documents, any of the Second Priority Documents or any of the Third Priority Documents.

More Definitions of Third Priority

Third Priority. The Grantee shall use available stand-in costs to resolve the disallowed costs or other liability to TWC.

Third Priority means, if any Additional Second Lien Obligations have been issued:

Third Priority. Liens shall mean all Liens on the Third Lien Collateral to secure the Third Lien Obligations, whether created under the Third Lien Collateral Documents or acquired by possession, statute, operation of law, subrogation or otherwise. Uniform Commercial Code or UCC shall mean the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction.

Third Priority. Any source of recovery applicable to the owner of the rental private passenger automobile.

Third Priority has the meaning set forth in the Intercreditor Agreement.

Third Priority. If all preferential applicants for places can be enrolled, the College is able to enrol a limited number of non-preference students (up to 10% of the maximum number of students in any one year). For non-preference students, allocation of places will be made in the same order as for First Priority students except the last step will change to become: Other non-preference students. Note: For each step, within each priority group, if the number of applicants exceed the number of places available, a ballot will be used. The selection process described for students in priority groups l, 2, and 3 above will operate at each year level, depending on the number of places deemed by the Board of Trustees to be available at each year level.

Third Priority means, with respect to any Lien purported to be created on any Collateral, that such Lien (or any distribution priority thereof) has priority over any other Liens (or distribution priority) on such Collateral, other than Liens permitted under subsection 7.2A(i), (iii), (v), (vi) and (ix) and Second Priority Liens.