Priority Event definition
Priority Event means the occurrence of any one or more of the following: (a) the occurrence and continuance of an Event of Default under Section 10.1(a)(i) hereof with respect to any Borrower’s failure to pay any of the Obligations related to the Revolving Loans (including principal, interest, fees and expenses attributable thereto); (b) the occurrence and continuance of an Event of Default under Sections 10.1(g) or 10.1(h) hereof; or (c) the occurrence of any other Event of Default and the acceleration by Agent of the payment of all or a material portion of the Obligations related to the Revolving Loans.
Priority Event means the occurrence of any one or more of the following: (i) the occurrence and continuance of an Event of Default under Section 10.1(a)(i) of the Loan Agreement with respect to any Borrower’s failure to pay any of the Obligations arising pursuant to the Revolving Loans (including principal, interest, fees and expenses attributable thereto); (ii) the occurrence and continuance of an Event of Default under Sections 10.1(e), 10.1(f) or 10.1(g) of the Loan Agreement; (iii) the occurrence of any other Event of Default and the acceleration by Agent of the payment of all or a material portion of the Obligations; or (iv) Agent shall have received the written notice from Term B Loan Lender of a Term B Loan Action Default as provided in Section 10.2(i) of the Loan Agreement.
Priority Event means the occurrence of any one or more of the following: (i) the occurrence and continuance of an Event of Default under Section 9.1(a) hereof with respect to a US Borrower’s failure to pay any of the Obligations arising pursuant to the Revolving Loans (including principal, interest, fees and expenses attributable thereto); (ii) the occurrence and continuance of an Event of Default under Sections 9.1(f), 9.1(g) or 9.1(h) hereof; (iii) the occurrence of any other Event of Default and the acceleration by Agent of the payment of all or a material portion of the Obligations; (iv) Agent shall have received a Tranche B Loan Action Default Notice; (v) US Borrowers failure to make a repayment of the Tranche B Loan from Excess Cash Flow within thirty (30) days pursuant to Section 2.3(b)(ii) hereof; or (vi) the occurrence and continuance of a Canadian Priority Event.
Examples of Priority Event in a sentence
Upon the occurrence and during the continuance of a Priority Event, Revolving Lender shall have the option at any time upon five (5) Business Days’ prior written notice to Tranche B Agent and Tranche B Lenders to purchase all of the Obligations (other than those already owing to Revolving Lender) from Tranche B Lenders.
The Priority UNLV Team Home Games shall be scheduled on any Saturday on which a Priority Event has not then been scheduled, and such nonconference UNLV Team Home Games will have priority over Major Events that have not then been scheduled (but not over any other Priority Events).
With respect to each Type of Common Collateral, upon the occurrence and during the continuance of a First Priority Event of Default (and subject to the provisions of the First Priority Documents), the First Priority Representative and the other First Priority Secured Parties may take and continue any Enforcement Action with respect to the applicable First Priority Obligations and such Common Collateral in such order and manner as they may determine in their sole discretion.
Provided, that, in each instance set forth above in Section 6.4(a) above so long as no Priority Event has occurred and is continuing, this Section 6.4(a) shall not be deemed to apply to any payment by a Borrower specified by such Borrower to be for the payment of specific Obligations then due and payable (or prepayable) under and in accordance with any provision of this Agreement.
Upon the occurrence and during the continuance of a Priority Event, Tranche B Lenders shall have the option at any time upon five (5) Business Days’ prior written notice to Agent and Revolving Lender to purchase on a pro rata basis all of the Obligations (other than those already owing to Tranche Lenders) from Revolving Lender.
More Definitions of Priority Event
Priority Event means the occurrence of any one or more of the following: (i) the occurrence and continuance of an Event of Default under Section 9.1(a) hereof with respect to a US Borrower’s failure to pay any of the Obligations arising pursuant to the Revolving Loans (including principal, interest, fees and expenses attributable thereto); (ii) the occurrence and continuance of an Event of Default under Sections 9.1(f), 9.1(g) or 9.1(h) hereof; (iii) the occurrence of any other Event of Default and the acceleration by Agent of the payment of all or a material portion of the Obligations; (iv) Agent shall have received a Tranche B Loan Action Default Notice; (v) US Borrowers failure to make a repayment of the Tranche B Loan from Excess Cash Flow within thirty (30) days pursuant to Section 2.3(b)(ii) hereof; or
Priority Event is defined in Section 11.7(a).
Priority Event means (i) prior to the occurrence of an Insolvency Proceeding by or against Borrowers or an Obligor, the occurrence of an Event of Default, all amounts of Revolver Debt becoming immediately due and payable and the taking of any Lien Enforcement Action by Foothill or the Collateral Agent (as the case may be), provided that any Priority Event occurring prior to an Insolvency Proceeding by or against Borrowers or an Obligor shall cease to constitute a Priority Event as of the occurrence of such Insolvency Proceeding if Foothill continues making loans or providing letter of credit accommodations or other financial accommodations (whether pursuant to the Revolver Loan Documents or otherwise) or consents to the use of cash collateral after the occurrence of such Insolvency Proceeding or (ii) after the occurrence of an Insolvency Proceeding by or against Borrowers or an Obligor, the occurrence of any of the following: (A) the entry of an order of the Bankruptcy Court pursuant to Section 363 of the Bankruptcy Code authorizing the sale of all or substantially all of any Borrower's or Obligor's assets or (B) the taking of any Lien Enforcement Action described in clauses (i) and (ii) of the definition of such term by Foothill or the entry of an order of the Bankruptcy Court pursuant to Section 362 of the Bankruptcy Code vacating the automatic stay and authorizing Foothill to take any Lien Enforcement Action.
Priority Event means any of the following: (i) an acceleration or demand for payment of all of the Revolver Obligations by the Revolver Agent during the continuance of an Event of Default, (ii) an acceleration or demand for payment of all of the Bank Term Obligations by the Bank Term Agent during the continuance of an Event of Default, (iii) an acceleration or demand for payment of all of the Institutional Investor Obligations by the Required Institutional Investors during the continuance of an Event of Default, (iv) the occurrence of an Event of Default under Section 8.5 or 8.6 of the Bank Loan Agreement in respect of a Material Obligor, (v) the delivery of any Remedies Notice in accordance with this Agreement and, if delivered pursuant to Section 3.3(b)(ii) or (iii), the expiration of the related Standstill Period, or (vi) the initiation of any Lien Enforcement Action by any Agent or Secured Party.
Priority Event means (i) prior to the occurrence of an Insolvency Event, the occurrence of any one or more of the following: (A) an Event of Default and the acceleration by Agent, on behalf of the Lenders, of all of the Obligations by demanding payment therefor or (B) an Event of Default and the taking of any Enforcement Action by Agent, on behalf of the Lenders (provided that any Priority Event occurring prior to an Insolvency Event shall cease constituting a Priority Event as of the occurrence of any Insolvency Event if any or all of Agent or the Lenders continue funding Loans or providing Letter of Credit Accommodations or other financial accommodations (whether pursuant to the Financing Agreements or otherwise) or consent to the use of cash collateral after the occurrence of an Insolvency Event); or (ii) after the occurrence of an Insolvency Event, the occurrence of any one or more of the following: (A) the failure of the Agent and/or the Lenders to provide any Loans, Letter of Credit Accommodations or any other financial accommodations to the Borrower after such Insolvency Event, whether pursuant to the Financing Agreements or otherwise or pursuant to a consensual cash collateral arrangement with the Borrower, (B) the termination or nonrenewal pursuant to a Financing Order of (1) any commitment of the Agent and/or the Lenders to provide Loans, Letter of Credit Accommodations or other financial accommodations (whether pursuant to the Financing Agreements or otherwise) or (2) any consensual cash collateral arrangement between the Borrower and the Lenders, (C) the entry of an order of the Bankruptcy Court pursuant to Section 363 of the Bankruptcy Code authorizing the sale of all or substantially all of Borrower's assets and properties, or (D) the entry of an order of the Bankruptcy Court pursuant to Section 362 of the Bankruptcy Code vacating the automatic stay and authorizing Agent to commence foreclosure or enforcement proceedings against substantially all of Borrower's assets and properties.
Priority Event means one or more of the following events: (a) an Event of Default under Section 10.1(a)(i) hereof; (b) an Event of Default under Section 10.1(g) or 10.1(h) hereof; or
Priority Event. Pro Rata Share" (but only to the extent such proposed change would change clause (a), (d) and (e)(ii) thereof), "Specified Default", "Standstill Period", "Term Loan Availability Condition" and "Trigger Event" (but only to the extent such proposed change would apply to Sections 7.6, 9.5, 9.7(b)(iv) and 9.7(b)(vi)); and