Liens on Collateral. The Borrower will defend the Collateral against, and will take such other action as is necessary to remove, any Lien or claim on or to the Collateral, other than the Liens created hereby and the Permitted Liens, and will defend the right, title and interest of the Lender in and to any of the Collateral against the claims and demands of all Persons whomsoever.
Liens on Collateral. Create, incur, assume or suffer to exist any Lien of any kind upon any Collateral, whether now owned or hereafter acquired, except Permitted Liens.
Liens on Collateral. The Liens granted to the Administrative Agent securing the Obligations for the benefit of the Secured Parties shall, as set forth in the Guaranties and Collateral Documents (subject to changes in the Collateral resulting from Dispositions and substitutions of Collateral permitted hereunder pursuant to clause (c) of the definition of Permitted Dispositions and the effect of Recovery Events, and changes pursuant to Section 8.10) for the term of this Agreement be comprised of (i) a perfected first priority lien (or a preferred Ship Mortgage, as the case may be) on equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine in connection with the execution and delivery of the Loan Documents, was determined to have an orderly liquidation value (“OLV”) of at least $108,500,000, (ii) a perfected second priority lien on other equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine immediately prior to the Closing Date was determined to have an OLV of at least $80,000,000 (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement), (iii) a perfected Lien on all intercompany receivables of the Borrower and the Subsidiary Guarantors having an equal priority to the Liens of Travelers, and having a senior priority to all other Liens and (iv) a perfected second priority lien on all accounts receivables of the Borrower and the Subsidiary Guarantors arising from projects that are bonded pursuant to the Bonding Agreement (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement).
Liens on Collateral. Guarantor agrees not to create, incur, assume or suffer to exist any lien or security interest of any kind upon the Collateral other than in favor of the Senior Lenders.
Liens on Collateral. The Grantor will defend the Collateral against, and will take such other action as is necessary to remove, any Lien or claim on or to the Collateral, other than the Liens created hereby and other than Permitted Liens, and will defend the right, title and interest of the Trustees and the Secured Parties in and to any of the Collateral against the claims and demands of all Persons whomsoever.
Liens on Collateral. The initiation of steps by any third party to obtain a lien, levy or writ of attachment or garnishment upon any or all of the Collateral or substantially all of Debtor’s other property or to affect any of the Collateral or any such other property by other legal process, where the same is not dismissed within thirty (30) days after the initiation thereof;
Liens on Collateral. Incur, create, assume or suffer to exist any Lien on Collateral (including, without limitation, Additional Collateral), in each case now owned or hereafter acquired by the Borrower or any of the Guarantors, other than:
(a) (i) Liens on the Collateral in favor of the Administrative Agent securing the Obligations and (ii) Liens on the Letter of Credit Account in favor of the Administrative Agent in accordance with the terms hereof;
(b) licenses, leases and subleases of (A) Mortgaged Collateral and Collateral (as defined in the SGR Security Agreement) granted to others but only to the extent permitted by the Aircraft Mortgage with respect to Mortgaged Collateral and to the extent permitted by the SGR Security Agreement with respect to Collateral as defined therein and (B) other Collateral to the extent such license, lease or sublease does not interfere in any material respect with the business of the Borrower and the Guarantors, taken as a whole; provided that, the rights of the licensee, lessee or sublessee shall be subordinated to the rights (including remedies) of the Administrative Agent under the applicable Collateral Document on terms reasonably satisfactory to the Administrative Agent;
Liens on Collateral. Evidence that all filings necessary to perfect the Collateral Agent’s Lien on the Collateral have been (or concurrently with the initial Credit Extension will be) duly made and the Collateral Agent shall have a first priority perfected security interest in the Collateral, subject to Permitted Liens.
Liens on Collateral. Should the Collateral or any right, title or interest in the Collateral, whether legal or equitable, present or future, vested or contingent, including any right to manage, possess, control, operate, or use the Collateral be conveyed, transferred, sold, assigned, pledged, attached or encumbered, whether voluntary or otherwise, whether by any proceeding, instrument, means, judicial or administrative proceeding or device whatsoever (including, but not limited to, any bill of sale, deed, mortgage, deed of trust, security agreement, assignment, option, contract for sale, judgment, order, or contract); or the Collateral or any material portion thereof is abandoned outside of the ordinary course of business; provided, however, Borrower may lease the property in the ordinary course of business on commercially reasonable terms.
Liens on Collateral. Any Collateral Document shall for any reason (other than pursuant to the terms thereof including as a result of a transaction permitted under Section 7.04 or 7.05) cease to create a valid and perfected lien, with the priority required by the Collateral Documents, (or other security purported to be created on the applicable Collateral) on and security interest in any material portion of the Collateral purported to be covered thereby, subject to Liens permitted under Section 7.01, or any Loan Party or Affiliate thereof shall so assert in writing, except to the extent that any such loss of perfection or priority results from the failure of the Administrative Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file Uniform Commercial Code continuation statements and except as to Collateral consisting of real property to the extent that such losses are covered by a lender’s title insurance policy and such insurer has not disputed coverage; or
