Security and Administrative Priority Sample Clauses
The 'Security and Administrative Priority' clause establishes the order of precedence for claims or interests in a particular context, typically in relation to secured assets or administrative expenses. In practice, this clause determines which parties—such as secured creditors, administrative claimants, or other stakeholders—are paid first from available assets, often in insolvency or restructuring scenarios. By clearly defining the hierarchy of payments or rights, the clause ensures predictability and fairness in the distribution of assets, thereby reducing disputes and clarifying the risk exposure for all involved parties.
Security and Administrative Priority. 54 Section 4.01 Pre-Petition Obligations.............................. 54 Section 4.02 Acknowledgment of Security Interests.................. 54 Section 4.03 Binding Effect of Documents.........................
Security and Administrative Priority. Section 3.01 Collateral; Grant of Lien and Security Interest.............................. 64 Section 3.02
Security and Administrative Priority. Section 3.01 Reaffirmation of Grant of Lien and Security ------------------------------------------- Interest. --------
(a) As security for the full and timely payment and performance of all of the Obligations each of the Loan Parties after giving effect to this Amendment, each of the Loan Parties confirms and reaffirms its assignment, pledge and grant to the Collateral Agent, for the benefit of the Lenders, of the security interest in and to and Lien on all of the Collateral set forth in Section 4.01 of the Financing Agreement on the terms and subject to the provisions of the Loan Documents.
(b) Upon entry of the Supplemental Bankruptcy Court Order relating to this Amendment, the Liens and security interests in favor of the Collateral Agent referred to in Section 3.01(a) shall continue to be valid --------------- and perfected Liens and security interests in the Collateral, prior to all other Liens and security interests in the Collateral, other than for the Permitted Priority Liens.
Security and Administrative Priority. 22 3.1 Collateral; Grant of Lien and Security Interest 22 3.2 Administrative Priority 23 3.3 Grants, Rights and Remedies 23 3.4 No Filings Required 24 3.5 Survival 24 3.6 Further Assurances 24 4. CONDITIONS; TERM OF AGREEMENT. 25 4.1 Conditions Precedent to Interim Facility Effectiveness and Final Facility Effectiveness 25 4.2 Conditions Precedent to all Extensions of Credit 25 4.3 Term 26 4.4 Effect of Termination 26 4.5 Early Termination by Borrowers 26
Security and Administrative Priority. 80 Section 11.1 Collateral; Grant of Lien and Security Interest....................................................... 80 Section 11.2 DIP Liens................................................................................................. 80 Section 11.3 Administrative Priority................................................................................... 81 Section 11.4 Survival..................................................................................................... 81 Section 12. MISCELLANEOUS............................................................................................... 82 3
Security and Administrative Priority. Section 3.01 [Intentionally Omitted] Section 3.02 [Intentionally Omitted]
Security and Administrative Priority. Collateral; Grant of Lien and Security Interest . Pursuant to the DIP Order and in accordance with the terms thereof, as security for the full and timely payment and performance of all of the Obligations, each Credit Party hereby assigns, pledges and grants to the Collateral Agent, for the benefit of itself, the Administrative Agent and the Lenders, a Lien on and security interest in all of the Collateral. DIP Liens . The DIP Order shall grant the following DIP Liens: 80
(a) pursuant to section 364(c)(2) of the Bankruptcy Code, a first priority lien on, and security interest in, all unencumbered assets of the Borrowers (now or hereafter acquired) and all proceeds thereof; provided, that such DIP Liens shall not attach to any actions or claims under sections 502(d), 544, 545, 547, 548, 549, 550 or 553 of the Bankruptcy Code (collectively, “Avoidance Actions”), but shall, upon entry of the Final Order, attach to the proceeds of Avoidance Actions, whether by judgment, settlement or otherwise;
(b) pursuant to section 364(c)(3) of the Bankruptcy Code, a junior lien on and security interest in, any and all tangible and intangible property of the Borrowers (other than the Prepetition Collateral (as that term is defined in the Interim Order) of the Primed Parties) that was subject to valid, perfected and unavoidable liens and security interests as of the Petition Date or that became subject to valid and unavoidable liens and security interests subsequent to the Petition Date pursuant to section 546(b) of the Bankruptcy Code;
(c) pursuant to section 364(d)(1) of the Bankruptcy Code, a first priority priming lien on, and security interest in, the property securing the Prepetition Obligations owing to the Primed Parties; provided, however, that the DIP Liens shall be subject and junior to the Permitted Liens to which such Prepetition Obligations are subject; and
(d) on the Final Order Entry Date, pursuant to section 364(d)(1) of the Bankruptcy Code, a first priority priming lien on, and security interest in, the property securing the Prepetition Obligations owing to secured parties under the Existing RBS/Citizens Facility. All of the Liens described herein shall be effective and automatically perfected as of the Interim Order Entry Date. The Agent shall not be required to file any financing statements, mortgages, notices of Lien or similar instruments in any jurisdiction or filing office, take possession or control of any Collateral, or take any other action in order...
Security and Administrative Priority. 61 Section 4.01 Collateral; Grant of Lien and Security Interest................61 Section 4.02 Administrative Priority........................................62 Section 4.03 Grants, Rights and Remedies....................................62 Section 4.04
Security and Administrative Priority