Amendment to Definition of Permitted Liens. The definition of "Permitted Liens" appearing in Section 1.1 of the Credit Agreement is hereby amended as follows:
(a) Clause (iii) of the definition of "Permitted Liens" is hereby deleted in its entirety and replaced with the following:
Amendment to Definition of Permitted Liens. Section 1 of the Note is hereby amended so that the definition of "Permitted Liens" set forth therein is amended to read in its entirety as follows:
Amendment to Definition of Permitted Liens. (Section 1.1). Effective on (and subject to the occurrence of) the Effective Date, the definition of “Permitted Liens” set forth in Section 1.1 is amended by deleting such definition and replacing it with the following:
Amendment to Definition of Permitted Liens. The definition of “Permitted Liens” in Section 1.1(dr) of the Credit Agreement is amended as follows:
(a) by deleting paragraphs (xiv) and (xv) thereof; and
(b) by adding the following new paragraphs (xv.1) and (xv.2) thereto:
1) Liens against assets of Norbord and its Subsidiaries securing, until their respective maturity dates (as at the Effective Date), the Norbord Notes;
Amendment to Definition of Permitted Liens. The definition of “Permitted Liens” in Section 1.1(ee) of the Credit Agreement is amended as follows:
(a) by deleting paragraphs (xiv) and (xv) thereof; and
(b) by adding the following new paragraphs (xv.1) and (xv.2) thereto:
(xv.1) Liens against assets of Norbord and its Subsidiaries securing, until their respective maturity dates (as at the Effective Date of the Second Amending Agreement), the Norbord Notes;
(xv.2) until the release thereof in accordance with Section 8.1(p)(i), the Liens related to the Norbord credit facilities to be cancelled in accordance with Section 2.1(j) of the Second Amending Agreement and any remaining Liens relating to Norbord’s previously repaid and cancelled BAM subordinated facility and BNP / EDC securitization facility;”
Amendment to Definition of Permitted Liens. The definition of "Permitted Liens" in Section 1 of the Credit Agreement is hereby amended in its entirety to read as follows: Permitted Liens shall mean (i) royalties, overriding royalties, reversionary interests, production payments and similar burdens to the extent the same do not reduce either Borrower's or Guarantor's net revenue interest in the Oil and Gas Properties to an interest below that represented to Agent and Lenders; (ii) sales contracts or other
Amendment to Definition of Permitted Liens. The definition of Permitted Liens is amended by (1) adding a new clause (o) and (2) amending and restating the existing clause (o) to be a new clause (p), and making the appropriate punctuation and grammatical changes thereto to read as follows:
Amendment to Definition of Permitted Liens. Item (xii) in the definition of “Permitted Liens” in Section 1 of the Credit Agreement reading “(xii) Liens securing the Subordinated Debt,” is hereby deleted from the definition of “Permitted Liens” in Section 1 of the Credit Agreement.
