Second Priority Interest definition

Second Priority Interest as defined in Section 3.2.
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Second Priority Interest and “Second Priority Security Interest” as defined in and granted or purported to be granted pursuant to the Bank US Security Agreement and Bank Canadian Security Agreement, respectively.
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Second Priority Interest as defined in and granted or purported to be granted pursuant to the Note Security Agreement.
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Examples of Second Priority Interest in a sentence

  • Subject to Sections 3.4 and 7.4, each Grantor hereby assigns and transfers to the Collateral Agent, and hereby grants to the Collateral Agent, for the benefit of the Secured Parties, a second priority security interest (the "Second Priority Interest") in all right, title and interest of such Grantor in all Collateral, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations.

  • Any mandatory repayments made under the Credit Agreement with Net Available Cash (as defined in the Indenture) from Asset Sales (as defined in the Indenture) shall be deemed applied first to obligations outstanding under the Credit Agreement secured by the Second Priority Interest and second to obligations outstanding under the Credit Agreement secured by the First Priority Interest.

Related to Second Priority Interest

  • Second Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.

  • 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.

  • Second Priority Secured Parties means the Second Priority Representative, the Second Priority Creditors and any other holders of the Second Priority Obligations.

  • Second Priority Lien means the Liens on the Second Priority Collateral in favor of Second Priority Debt Parties under Second Priority Collateral Documents.

  • First Priority Secured Parties means, with respect to each Type of Common Collateral, the First Priority Representative and the holders of the First Priority Obligations.