Acceptable Lien definition

Acceptable Lien means a Lien which (a) exists in favor of the Administrative Agent for its benefit and the ratable benefit of the Lenders, (b) secures the Obligations and (c) is perfected and enforceable against all Persons in preference to any rights of any Person in the property encumbered thereby and superior to all other Liens except for Permitted Encumbrances; provided that the Lien on any Ownership Interests in an Unconsolidated Entity may be subordinate to the Liens securing any Indebtedness of such Unconsolidated Entity.
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Acceptable Lien means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien and other Permitted Encumbrances or Liens permitted pursuant to Section 7.2(a), Section 7.2(b), Section 7.2(c), Section 7.2(d), Section 7.2(i) or Section 7.2(k) are the only Liens to which such Collateral is subject.
Sample 1
Acceptable Lien means, with respect to any Property of any Person, any Lien on such Property which (a) with respect to any Collateral exists in favor of the Administrative Agent for the benefit of the Secured Parties; (b) secures the payment and performance of the Obligations; and (c) is perfected and valid and enforceable against the Borrower Party that created such Lien in preference to, and has priority over, any Liens or other rights of any Person therein, except to the extent provided for in the DIP Order.
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Examples of Acceptable Lien in a sentence

  • Without limiting the foregoing, on the Closing Date the Parent will grant to the Administrative Agent an Acceptable Lien in the Parent’s Ownership Interests in the Borrower at the time of granting such Acceptable Lien and thereafter maintain such Acceptable Lien.

  • Without limiting the foregoing, on or prior to January 1, 2001, the Parent will grant to the Administrative Agent an Acceptable Lien in the Parent's Ownership Interests in the Borrower at the time of granting such Acceptable Lien and thereafter maintain such Acceptable Lien.

  • The execution and delivery of the Loan Documents and the delivery of certificates evidencing the Pledged Shares, together with executed stock powers relating thereto, to the Bank will create Acceptable Lien in favor of the Bank on all of the Collateral.

  • Cause all Collateral to be subject at all times to an Acceptable Lien in favor of the Administrative Agent.

  • Without limiting the foregoing, on the Effective Date the Parent will grant to the Administrative Agent an Acceptable Lien in the Parent’s Ownership Interests in the Borrower at the time of granting such Acceptable Lien and thereafter maintain such Acceptable Lien.

  • Except for Inventories not included in the Borrowing Base, keep all Inventory not in transit only in the United States and Canada at location(s) for which the Collateral Agent has an Acceptable Lien on such Inventory.

  • Subject to the last sentence of Section 5.11, cause all Collateral to be subject at all times to an Acceptable Lien in favor of the Collateral Agent.

  • For every PPG beat, we checked how many reference beats were detected in the interval [t − 0.5𝑙, t+ 0.5𝑙], where t is the time when the beat was detected and 𝑙 is the length of the corresponding IBI.

  • Each Item of Equipment shall at all times be kept or stored at a location that is subject to an Acceptable Lien Waiver, which location is set forth on the applicable Loan Schedule with respect to such Item of Equipment, or at such other locations subject to an Acceptable Lien Waiver and pursuant to Section 5(e) or as the Lender may otherwise consent to from time to time in its sole and absolute discretion.

  • Without limiting the foregoing, the Parent will, at all times during the term hereof, maintain an Acceptable Lien in the Parent’s Ownership Interests in the Borrower in favor of the Administrative Agent for the benefit of the Administrative Agent and Lenders to secure the Obligations.


More Definitions of Acceptable Lien

Acceptable Lien with respect to any property of any Person, any Lien on such property which (a) with respect to any Collateral exists in favor of the Collateral Agent; (b) secures the payment and performance of the Loan Document Obligations; (c) is valid and enforceable against Borrower or a Subsidiary Guarantor, as applicable, (d) is perfected and in preference to, and in priority over, all other Liens or other rights of any Person therein; provided that (1) cash, Cash Equivalents and Eligible Assets may be subject to normal and customary rights of set-off, refund and similar Liens upon deposits in favor of banks or other depository institutions and (2) all other Collateral may be subject to Permitted Liens and Perfection Exceptions.
Sample 1
Acceptable Lien means a Lien which (a) exists in favor of the Agent for its benefit and the ratable benefit of the Co-Lenders, (b) secures the Obligations and (c) is perfected and enforceable against all Persons in preference to any rights of any Person in the property encumbered thereby and superior to all other Liens except for Permitted Liens; provided that the Lien on any Ownership Interests in an Unconsolidated Entity may be subordinate to the Liens securing any Indebtedness of such Unconsolidated Entity. For purposes hereof, the Lien in favor of the Agent on any Ownership Interests in CGLH-IHC Fund I, L.P., a Delaware limited partnership, as subject to and limited by the terms of the Consent by CGLH Partners III LP, a Delaware limited partnership, and CGLH Partners IV L.P., a Delaware limited partnership, dated July 31, 2001 (the "CGLH Consent"), shall be deemed an Acceptable Lien.
Sample 1
Acceptable Lien means, with respect to the Collateral, a Lien on the Collateral (i) which exists in favor of the Bank, (ii) which is superior to all other Liens, (iii) which secures the Indebtedness, and (iv) which is perfected and is enforceable against all Persons in preference to any rights of any Person therein (including without limitation any right of offset).
Sample 1
Acceptable Lien in any Property means a Lien which (a) is created by the Borrower or any of its Restricted Subsidiaries in favor of the Administrative Agent, for the benefit of the Secured Parties, (b) is superior to all Liens or rights of any other Person in the Property encumbered thereby, other than applicable Permitted Liens, (c) secures the payment and performance of the Obligations, and (d) is valid, perfected and enforceable.
Sample 1
Acceptable Lien means a Lien which (a) exists in favor of the Administrative Agent for its benefit and the ratable benefit of the Lenders and the Alternate Currency Swing Line Lender, (b) secures the Obligations and (c) is perfected and enforceable against all Persons in preference to any rights of any Person in the property encumbered thereby and superior to all other Liens except for Permitted Encumbrances; PROVIDED that the Lien on any Ownership Interests in an Unconsolidated Entity may be subordinate to the Liens securing any Indebtedness of such Unconsolidated Entity.
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Related to Acceptable Lien

  • Acceptable Bank means (a) a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by S&P or A2 or higher by Moody's or a comparable rating from an internationally recognized credit rating agency; or (b) any other bank or financial institution approved by each Agent.

  • Acceptable Collateral means: (i) a Letter of Credit; and/or (ii) a cash amount (in pounds) transferred to the credit of a Reserve Account;

  • Acceptable Counterparty means any counterparty to the Interest Rate Cap Agreement that has and shall maintain, until the expiration of the applicable Interest Rate Cap Agreement, a long-term unsecured debt rating of at least “A+” by S&P and “Aa3” from Xxxxx’x, which rating shall not include a “t” or otherwise reflect a termination risk and is otherwise reasonably acceptable to Lender.

  • Acceptable Flag Jurisdiction means the Bahamas, Bermuda, Panama, the Xxxxxxxx Islands, the United States or such other flag jurisdiction as may be acceptable to the Required Lenders in their reasonable discretion.

  • Acceptable Intercreditor Agreement means the Intercreditor Agreement, a Market Intercreditor Agreement, or another intercreditor agreement that is reasonably satisfactory to the Administrative Agent (which may, if applicable, consist of a payment “waterfall”).

  • Acceptable Security Interest in any Property means a Lien which (a) exists in favor of the Administrative Agent for the benefit of the Secured Parties, (b) is superior to all Liens or rights of any other Person in the Property encumbered thereby other than Permitted Subject Liens, (c) secures the Obligations, and (d) is perfected and enforceable.

  • Acceptable bid means any bid which, in all respects, complies with the conditions of bid and specifications as set out in the bid documents.

  • Acceptable Waste means ordinary household, municipal, institutional, commercial and industrial Solid Waste including, but not limited to, the following:

  • Acceptable Insurance Default shall have the meaning assigned to such term or analogous term in the Servicing Agreement.

  • First Priority Lien means any Lien created by the First Priority Security Documents.

  • Notes Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Acceptable Tender means any Tender which, in all respects, complies with the conditions of Tender and specifications as set out in the Tender document, including conditions as specified in the Preferential Procurement Policy Framework Act (Act 5 of 2000) and the Supply Chain Management of Council.

  • Equal Priority Intercreditor Agreement means the Equal Priority Intercreditor Agreement substantially in the form of Exhibit G-1 among (x) the Collateral Agent and (y) one or more representatives of the holders of one or more classes of Permitted Additional Debt and/or Permitted Equal Priority Refinancing Debt, with any immaterial changes and material changes thereto in light of the prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent’s and/or Collateral Agent’s entry into such intercreditor agreement (with such changes) is reasonable and to have consented to such intercreditor agreement (with such changes) and to the Administrative Agent’s and/or Collateral Agent’s execution thereof.

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

  • Notice of Replacement Subordination Agent has the meaning specified in Section 3.08.

  • Acceptable Appraisal means, with respect to an appraisal of Inventory, the most recent appraisal of such property received by Agent (a) from an appraisal company satisfactory to Agent, (b) the scope and methodology (including, to the extent relevant, any sampling procedure employed by such appraisal company) of which are satisfactory to Agent, and (c) the results of which are satisfactory to Agent, in each case, in Agent’s Permitted Discretion.

  • Superior Lien With respect to any Mortgage Loan, any other mortgage loan relating to the corresponding Mortgaged Property which creates a lien on the Mortgaged Property which is senior to the Mortgage Loan.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • Collateral Report means any certificate (including any Borrowing Base Certificate), report or other document delivered by any Grantor to the Administrative Agent or any Lender with respect to the Collateral pursuant to any Loan Document.

  • Parity Lien means a Lien granted by a Security Document to the Collateral Trustee upon any property of the Company or any other Obligor to secure Parity Lien Obligations.

  • Priority Lien Security Documents means the Priority Credit Agreement (insofar as the same grants a Lien on the Collateral), each agreement listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Borrower or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Priority Substitute Credit Facility).

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate or Representative of such holder at the time of entry into such Hedging Obligations;

  • Indenture Collateral has the meaning set forth in the Granting Clause of the Indenture.

  • ABL Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • ABL Collateral Agent means JPMorgan Chase Bank, N.A., in its capacity as collateral agent for the ABL Facility Secured Parties, together with its successors and permitted assigns under the ABL Facility Agreement and the ABL Facility Collateral Documents.

  • First Priority Documents means the First Priority Agreement, each First Priority Security Document and each First Priority Guarantee.