Priority Liens. All of the Obligations are secured by Liens on substantially all the assets of the Borrowers and, at all times, shall constitute administrative expenses of the Borrowers in the Bankruptcy Case with priority under Section 364(c)(1) of the Bankruptcy Code over any and all other administrative expenses of the kind specified in Sections 503(b) and 507(b) of the Bankruptcy Code, subject and subordinate only to the Professional Fee Carve Out. No other claims, except for the aforementioned, having a priority superior or pari passu to that granted to or on behalf of the Lender shall be granted or approved while any of the Obligations or the Commitment remain outstanding.
Appears in 3 contracts
Samples: Senior Secured, Super Priority Debtor in Possession Credit Agreement (B. Riley Financial, Inc.), Senior Secured, Super Priority Debtor in Possession Credit Agreement (Wet Seal Inc), Senior Secured, Super Priority Debtor in Possession Credit Agreement (Wet Seal Inc)
Priority Liens. All of the Obligations are secured by Liens on substantially all the assets of the Borrowers and, at all times, shall constitute administrative expenses of the Borrowers in the Bankruptcy Case Chapter 11 Cases with priority under Section section 364(c)(1) of the Bankruptcy Code over any and all other administrative expenses of the kind specified in Sections sections 503(b) and 507(b) of the Bankruptcy Code, subject and subordinate only to the Professional Fee Carve OutPermitted Liens, and (ii) claims for Carve-Out Expenses. No other claims, except for the aforementioned, claim having a priority superior or pari passu to that granted to or on behalf of the Lender Agents or the Lenders shall be granted or approved while any of the Obligations or the Commitment Commitments remain outstanding.
Appears in 1 contract
Samples: Credit Agreement (Avado Brands Inc)
