Designated Second Priority Representative definition
Designated Second Priority Representative means (i) the Initial Second Priority Representative, until such time as the Second Priority Debt Facility under the Initial Second Priority Debt Documents ceases to be the only Second Priority Debt Facility under this Agreement and (ii) thereafter, the Second Priority Representative designated from time to time by the Second Priority Instructing Group, in a notice to the Designated Senior Representative and the Company hereunder, as the “Designated Second Priority Representative” for purposes hereof.
Designated Second Priority Representative means (i) the Second Lien Collateral Agent, so long as the Second Priority Debt Facility under the Second Lien Initial Agreement is the only Second Priority Debt Facility under this Agreement and (ii) at any time when clause (i) does not apply, the “Applicable Authorized Representative” (as defined in the Second Lien Equal Priority Intercreditor Agreement) at such time.
Designated Second Priority Representative means (i) the Initial Second Priority Representative, until such time as the Second Priority Debt Facility under the Initial Second Priority Debt Documents ceases to be the only Second Priority Debt Facility under this Agreement and (ii) thereafter, the Second Priority Representative designated from time to time by the Second Priority Instructing Group, in a notice to the Designated Senior Representative and the U.S. Borrower hereunder, as the “Designated Second Priority Representative” for purposes hereof.
Examples of Designated Second Priority Representative in a sentence
NAME OF SUBSIDIARY] By: Name: Title: Acknowledged by:1 By: Name: Title: By: Name: Title: 1 Failure by the Designated Senior Representative or the Designated Second Priority Representative of the Supplement shall not affect the effectiveness hereof.
Upon the Discharge of Senior Obligations, each applicable Senior Representative shall deliver promptly to the Designated Second Priority Representative any Shared Collateral or Proceeds thereof held by it in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to be applied by the Designated Second Priority Representative to the Second Priority Debt Obligations in such order as specified in the relevant Second Priority Debt Documents.
The execution and delivery of such instrument shall not require the consent of any other party hereunder (provided that the Designated Senior Representative and the Designated Second Priority Representative shall each execute and deliver to the Company an acknowledgment of the effectiveness of such joinder, which such acknowledgments shall not, for the avoidance of doubt, constitute a condition to the effectiveness of such joinder).
More Definitions of Designated Second Priority Representative
Designated Second Priority Representative means (i) the Initial Second Priority Representative, until such time as the Second Priority Debt Facility under the Initial Second Priority Debt Documents ceases to be the only Second Priority Debt Facility under this Agreement and (ii) thereafter, the Second Priority Representative designated from time to time by the Second Priority Majority Representatives, in a written notice to the Designated Senior Representative and the Borrowers hereunder, as the “Designated Second Priority Representative” for purposes hereof. The Second Priority Representative may treat the Administrative Agent as Designated Senior Representative until such time as it receives a notice that it was replaced as Designated Senior Representative.
Designated Second Priority Representative means (i) the Second Lien Administrative Agent, so long as the Second Priority Debt Facility under the Second Lien Credit Agreement is the only Second Priority Debt Facility under this Agreement, (ii) the “Administrative Agent” (or like term) under any Second Priority Debt Facility that Refinances in full the Indebtedness outstanding under the Second Lien Credit Agreement, so long as the Second Priority Debt Facility under such Second Priority Debt Facility is the only Second Priority Debt Facility under this Agreement, and (iii) at any time when clause (i) or (ii) does not apply, the “Applicable Authorized Representative” (or like term as defined in the Second Lien Intercreditor Agreement) at such time.
Designated Second Priority Representative means (i) the Initial Second Priority Representative, until such time as the Second Priority Debt Facility under the Initial Second Priority Debt Documents ceases to be the only Second Priority Debt Facility under this Agreement and (ii) at any time when clause (i) does not apply, the Applicable Collateral Agent (as defined in the Second Lien Pari Passu Intercreditor Agreement) at such time and set forth in a written notice to the Designated Senior Representative and the Company.
Designated Second Priority Representative means (i) if at any time there is only one Second Priority Representative for a Second Priority Debt Facility with respect to which the Discharge of Second Priority Debt Obligations has not occurred, such Second Priority Representative and (ii) at any time when clause (i) does not apply, the Second Priority Representative designated from time to time by the Second Priority Majority Representatives, in a written notice to the Designated Senior Representative and the Borrower hereunder, as the “Designated Second Priority Representative” for purposes hereof. The Second Priority Representative may treat the Administrative Agent as Designated Senior Representative until such time as it receives a notice that it was replaced as Designated Senior Representative.
Designated Second Priority Representative means (i) the Second Lien Administrative Agent, until such time as the Second Priority Debt Facility under the Second Lien Credit Agreement ceases to be the only Second Priority Debt Facility under this Agreement, and (ii) thereafter, the Second Priority Representative with respect to the Second Priority Debt Parties holding the largest outstanding principal amount of any then-outstanding Second Priority Debt; provided, however, that, if there are two or more outstanding Series of Second Priority Debt that have an equal outstanding principal amount, the Series of Second Priority Debt with the earlier maturity date shall be considered to have the larger outstanding principal amount for purposes of this definition (and, if all of such Series have the same final maturity date, the holders of such Second Priority Debt shall determine the Designated Second Priority Representative by vote of the holders of a majority of such Second Priority Debt, and, in each case, such Designated Second Priority Representative shall be designated in a notice to the Designated Senior Representative and the Borrower hereunder, as the “Designated Second Priority Representative” for purposes hereof.
Designated Second Priority Representative means (i) the Initial Second Priority Representative, until such time as the Second Priority Debt Facility under the Initial Second Priority Debt Documents ceases to be the only Second Priority Debt Facility under this Agreement, (ii) if at any time there is only one Second Priority Representative for a Second Priority Debt Facility, until such time as the Discharge of the Second Priority Debt Obligations has occurred, such Second Priority Representative and (iii) at any time when clause (i) does not apply, the Controlling Collateral Agent (or other similarly defined term) (as defined in the Junior Lien Intercreditor Agreement) at such time.
Designated Second Priority Representative means (a) with respect to ABL Priority Collateral, the Designated Term Representative and (b) with respect to Term Priority Collateral, the ABL Agent.