Requisite Priority definition

Requisite Priority means, with respect to any particular type of Collateral, the priority of Agent’s Lien therein (a) being either first-priority or second-priority as set forth in the ABL Intercreditor Agreement and (b) being senior in priority to the Lien of the Third Lien Agent pursuant to the Third Lien Subordination Agreement.
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Requisite Priority means (x) except with respect to the Shared Collateral and except as set forth in the Intercreditor Agreement, first priority and (y) with respect to Shared Collateral second priority, subject only to the liens of CFSC to which Agent and the Lenders are subordinate pursuant to the CFSC Intercreditor Agreement.
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Requisite Priority means, with respect to each Lien in favor of the Lender on the assets of the Debtor, that such Lien has the priority specified therefor in Section 3.04 hereof.
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Examples of Requisite Priority in a sentence

  • Agent now has, and will at all times continue to have, a Requisite Priority perfected and enforceable security interest in all of the Collateral, subject only to the Permitted Liens, and each Loan Party Obligor will at all times defend Agent and the Collateral against all claims of others.

  • Until the Loan (other than the Loan Fee, which shall be paid solely from the Litigation Proceeds) is repaid in full, the priority of the Lender’s liens and security interests contemplated by this Agreement and granted under the Loan Documents shall remain as first-position and first-priority liens, subject to the Requisite Priority.

  • Such Loan Party shall maintain the Security Interests as a Requisite Priority Lien (subject to Permitted Liens) and shall defend such security interests and such priority against the claims and demands of all Persons to the extent materially adverse to such Loan Party’s ownership rights or otherwise inconsistent with this Agreement or the other Loan Documents.

  • Such Loan Party shall maintain the Security Interest as a Requisite Priority Lien (subject to Permitted Liens having priority by operation of Law over the Collateral Agent’s Lien) and shall defend such security interests and such priority against the claims and demands of all Persons to the extent materially adverse to such Loan Party’s ownership rights or otherwise inconsistent with this Agreement or the other Loan Documents.

  • Such Loan Party shall maintain the Security Interests as a Requisite Priority Lien and shall defend such security interests and such priority against the claims and demands of all Persons to the extent adverse to such Loan Party’s ownership rights or otherwise inconsistent with this Agreement or the other Loan Documents.

  • Notwithstanding the foregoing and anything herein to the contrary, all proceeds received by the Pledgee in respect of the Collateral shall be subject to the prior payment of the Carve-Out Expenses having priority of payment over the Obligations to the extent set forth in the Financing Agreement, the Permitted Priority Liens in accordance with the Requisite Priority and as otherwise may be provided in the Financing Orders.

  • If any such sum of money or property so paid or distributed in respect of any Pledged Collateral shall be received by such Grantor and not otherwise be subject to perfected Requisite Priority Liens in favor of the Administrative Agent, such Grantor shall, until such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the Administrative Agent, segregated from other funds of such Grantor, as additional security for the Secured Obligations.

  • If any such sum of money or property so paid or distributed in respect of any Pledged Collateral shall be received by such Grantor and not otherwise be subject to perfected Requisite Priority Liens in favor of the Collateral Agents, such Grantor shall, until such money or property is paid or delivered to the Applicable Collateral Agent, hold such money or property in trust for the Applicable Collateral Agent, segregated from other funds of such Grantor, as additional security for the Secured Obligations.

  • Such Loan Party shall maintain the Security Interest as a Requisite Priority Lien (subject to Permitted Liens (exclusive of those in favor of the Second Lien Collateral Agent) having priority by operation of Law over the Senior Collateral Agent’s Lien) and shall defend such security interests and such priority against the claims and demands of all Persons to the extent adverse to such Loan Party’s ownership rights or otherwise inconsistent with this Agreement or the other Loan Documents.

  • Notwithstanding the foregoing and anything herein to the contrary, all proceeds received by the Secured Party in respect of the Collateral shall be subject to the prior payment of the Carve-Out Expenses having priority of payment over the Obligations to the extent set forth in clause “first” of the definition of Agreed Administrative Expense Priorities as it appears in the Financing Agreement and the Permitted Priority Liens in accordance with the Requisite Priority.


More Definitions of Requisite Priority

Requisite Priority means the following: (a) pursuant to Bankruptcy Code §364(c)(2), a first priority, perfected Lien upon the Borrower’s right, title and interest in, to and under the Collateral; and (b) pursuant to §364(c)(1) a super-priority administrative expense with priority over any or all administrative expenses of the kind specified in §503(b) or §507(b).
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Requisite Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is a valid, legal and enforceable Lien having priority over all other Liens to which such Collateral is subject, other than any Permitted Lien, to the extent any such Permitted Lien would have (and are permitted to have) priority over the Liens in favor of Agent pursuant to any applicable law or agreement.
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Requisite Priority means first priority.
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Requisite Priority means, subject to the Carve-Out Expenses:
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Requisite Priority means the following (a) with respect to the Borrower and each Guarantor filing a Bankruptcy Case, subject to the Carve-Out (provided that such exceptions set forth in the definition of “Carve-Out” shall only apply upon the actual expenditure of such amounts in accordance therewith and, at all times prior to such expenditures, such amounts shall be subject to clauses (i) and (ii) below):
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Requisite Priority shall have the meaning assigned to such term in the Financing Agreement.
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Related to Requisite Priority

  • Equal Priority Intercreditor Agreement means the Equal Priority Intercreditor Agreement substantially in the form of Exhibit G-1 among (x) the Collateral Agent and (y) one or more representatives of the holders of one or more classes of Permitted Additional Debt and/or Permitted Equal Priority Refinancing Debt, with any immaterial changes and material changes thereto in light of the prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent’s and/or Collateral Agent’s entry into such intercreditor agreement (with such changes) is reasonable and to have consented to such intercreditor agreement (with such changes) and to the Administrative Agent’s and/or Collateral Agent’s execution thereof.

  • Permitted Priority Liens means Liens permitted under any of the clauses (b), (c), (d), (e), (f) or (i) of Section 9.02.

  • First Priority Liens means all Liens that secure the First Priority Lien Obligations.

  • Term Loan Priority Collateral as defined in the Intercreditor Agreement.

  • Second Priority Liens means all Liens on the Second Priority Collateral securing the Second Priority Claims, whether created under the Second Priority Security Documents or acquired by possession, statute (including any judgment lien), operation of law, subrogation or otherwise.