Junior Lien Loan definition

Junior Lien Loan means a secured loan that (i) is not subordinated in right of payment by its terms to unsecured indebtedness of the obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations), but which is subordinated (with respect to liquidation preferences with respect to pledged collateral) to another secured obligation of the obligor with respect to all or a portion of the collateral securing such secured loan and (ii) is not secured by a valid first priority lien or security interest (but is secured by a valid second priority perfected lien or security interest) on specified assets securing the obligor's obligations with respect to such loan, which specified assets do not consist solely of intangibles issued by the obligor or any of its affiliates.
Sample 1
Junior Lien Loan means any assignment of or Participation Interest in or other interest in a loan (including a Synthetic Security that references such a loan) which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the related obligor, other than a Senior Secured Loan, (ii) is secured by a valid second priority perfected security interest or lien in, to or on specifically identified property of the related obligor, subject to customary permitted liens (whether or not the Issuer and any other lenders are also granted a security interest of a higher or lower priority in any additional property of the related obligor that is specifically identified), (iii) is secured by specifically identified property of the related obligor having a value (determined as set forth below) not less than the outstanding principal balance of such loan plus the aggregate outstanding principal balance of all other loans of equal or higher seniority secured by the same specifically identified property, and (iv) does not qualify as a Senior Secured Loan. The determination as to whether condition (iii) of this definition is satisfied shall be based on the Manager’s judgment at the time such loan is included in the Assets.
Sample 1
Junior Lien Loan means any assignment of or Participation Interest in or other interest in a loan (including a Synthetic Security that references such a loan) that is secured by a valid and perfected
Sample 1

Examples of Junior Lien Loan in a sentence

  • Except as otherwise provided herein, the Junior Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Junior Lien Loan Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate.

  • This Agreement, the Senior Lien Loan Documents and the Junior Lien Loan Documents represent the entire agreement of the Grantors, the Senior Lien Claimholders and the Junior Lien Claimholders with respect to the subject matter hereof and thereof, and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.

  • This is a continuing agreement of lien subordination and the Senior Lien Claimholders may continue, at any time and without notice to the Junior Lien Collateral Agent or any other Junior Lien Claimholder subject to the Junior Lien Loan Documents, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor constituting Senior Lien Obligations in reliance hereof.

  • Other than the 2016 Senior Swap Agreement, the 2016 Subordinate Bonds, the UCCS Junior Lien Loan Agreement, the Developer Junior Lien Note and the City Junior Lien MOU, the Authority covenants not to issue or incur any Debt or any other obligation which is payable from or secured by any portion of the Incremental Tax Revenue without the prior written consent of the Bank.

  • According to Winkel, he sent an electronic message to Debbie Kawaguchi, Kennecott’s Benefits Manager, in January 1997, stating “that I was turning in my resignation as a means of retiring.” Kawaguchi informed Winkel that he could increase his retirement benefit by using his accrued vacation time.

  • The Senior Lien Collateral Agent, on behalf of itself and each other Senior Lien Claimholder, acknowledges and agrees that none of the Junior Lien Collateral Agent or any other Junior Lien Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Junior Lien Loan Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.

  • If any of the First Lien Collateral Agent, the Second Lien Collateral Agent or the Junior Lien Collateral Agent resigns or is replaced pursuant to the Senior Lien Loan Documents or the Junior Lien Loan Documents, as applicable, its successor and/or assign shall be deemed to be a party to this Agreement and shall have all the rights of, and be subject to all the obligations of, this Agreement.

  • In the event of any conflict between the provisions of this Agreement and the provisions of the Senior Lien Loan Documents or the Junior Lien Loan Documents, the provisions of this Agreement shall govern and control.

  • Nothing in this Agreement is intended to or shall be deemed to amend or modify the terms and conditions of the First Lien Loan Documents or the Junior Lien Loan Documents.

  • No Junior Lien Loan Document may be amended, supplemented or otherwise modified or Refinanced, and no new Junior Lien Loan Document may be entered into, in each case if the effect of such amendment, supplement, modification or Refinancing or new Junior Lien Loan Document is restricted or prohibited pursuant to the Senior Lien Credit Agreement.


More Definitions of Junior Lien Loan

Junior Lien Loan means a secured loan (i) that is not subordinated in right of payment by its terms to unsecured indebtedness of the obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations), but which is subordinated to another secured obligation of the obligor secured by all or a portion of the collateral securing such secured loan; (ii) that is secured by a valid second priority perfected security interest or lien in, to or on specified collateral securing the obligor's obligations under such secured loan; and (iii) with respect to which the value of the collateral securing such secured loan, together with other attributes of the obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the reasonable business judgment of the Collateral Manager) to repay such secured loan in accordance with its terms, and to repay all other loans of equal or higher seniority secured by a first or second lien or security interest in the same collateral.
Sample 1

Related to Junior Lien Loan

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Junior Loan has the meaning provided in the Recitals hereto.

  • Junior Lien Indebtedness means any Indebtedness of any Credit Party that is secured by Liens on Collateral that rank junior in priority to the Liens that secure the Obligations.

  • Junior Lien Debt means Indebtedness incurred by a Covenant Entity that is secured by a Lien that is junior to the Lien on the Collateral securing the Obligations.

  • Junior Lien Obligations means Junior Lien Debt and all other Obligations in respect thereof.

  • Second Lien Loans means the “Loans” as defined in the Second Lien Credit Agreement and shall, for the avoidance of doubt, include Incremental Second Lien Loans.

  • Senior Lien Obligations means all revenue bonds and other obligations of the RECIPIENT outstanding on the date of execution of this loan agreement (or subsequently issued on a parity therewith, including refunding obligations) or issued after the date of execution of this loan agreement having a claim or lien on the Gross Revenue of the Utility prior and superior to the claim or lien of the loan, subject only to Maintenance and Operation Expense.

  • Senior Loan has the meaning provided in the Recitals hereto.

  • Senior Lien means the Liens on the Senior Collateral in favor of the Senior Secured Parties under the Senior Collateral Documents.

  • Junior Lien means a Lien, junior to the Liens on the Collateral securing the Secured Obligations as provided in the Collateral Agency and Intercreditor Agreement, granted by the Company or any Guarantor in favor of holders of Junior Lien Debt (or any Junior Lien Representative in connection therewith), at any time, upon any property of the Company or any Guarantor to secure Junior Lien Obligations; provided such Lien is permitted to be incurred under this Indenture.

  • Junior Lien Intercreditor Agreement means an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent between the Administrative Agent and one or more collateral agents or representatives for the holders of Indebtedness that is secured by a Lien on the Collateral ranking junior to the Liens of the Loan Documents.

  • First Lien Loans means the “Loans” (or any comparable term) as defined in the First Lien Credit Agreement.

  • Permitted Junior Priority Refinancing Debt means secured Indebtedness incurred by the Borrower in the form of one or more series of second lien (or other junior lien) secured notes or debentures or second lien (or other junior lien) secured loans; provided that (i) such Indebtedness is secured by all or a portion of the Collateral on a second priority (or other junior priority) basis to the Liens securing the Obligations and any other First Lien Obligations and is not secured by any property or assets of Holdings, the Borrower or any Restricted Subsidiary other than the Collateral, (ii) such Indebtedness satisfies the applicable requirements set forth in the provisos in the definition of “Credit Agreement Refinancing Indebtedness” (provided that such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Obligations and any other First Lien Obligations, notwithstanding any provision to the contrary contained in the definition of “Credit Agreement Refinancing Indebtedness”), (iii) the holders of such Indebtedness (or their representative) and the Administrative Agent and/or the Collateral Agent shall be party to a Customary Intercreditor Agreement, and (iv) such Indebtedness is not at any time guaranteed by any Subsidiaries of the Borrower other than Subsidiaries that are Guarantors.

  • Junior Lien Documents means, collectively any indenture, credit agreement or other agreement governing each Series of Junior Lien Debt and the security documents related thereto.

  • Subordinated Loan has the meaning set forth in Section 1.2(a) of the Agreement.

  • Junior Liens means Liens on the Collateral that are junior to the Liens thereon securing the Term B Loans (and other Loan Obligations that are pari passu with the Term B Loans) pursuant to a Permitted Junior Intercreditor Agreement (it being understood that Junior Liens are not required to be pari passu with other Junior Liens, and that Indebtedness secured by Junior Liens may have Liens that are senior in priority to, or pari passu with, or junior in priority to, other Liens constituting Junior Liens).

  • Junior Priority Obligations means the Initial Junior Priority Obligations and any Additional Obligations constituting Junior Priority Debt.

  • Senior Secured Loan Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms become) subordinate in right of payment to any other obligation of the obligor of the Loan (other than with respect to trade claims, capitalized leases or similar obligations); (b) is secured by a valid first-priority perfected security interest or lien in, to or on specified collateral securing the obligor’s obligations under the Loan (subject to customary exceptions for permitted liens, including, without limitation, tax liens); (c) the value of the collateral securing the Loan at the time of purchase together with other attributes of the obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms and to repay all other Loans of equal seniority secured by a first lien or security interest in the same collateral; and (d) is not secured solely or primarily by common stock or other equity interests; provided that if such Loan is made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Loan or any other similar type of indebtedness owing to third parties), then the limitation set forth in this clause (d) shall not apply with respect to such Loan.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Junior Lien Priority means Indebtedness that is secured by a Lien on the Collateral that is junior in priority to the Liens on the Collateral securing the Obligations under the Notes and is subject to an intercreditor agreement (it being understood that junior Liens are not required to rank equally and ratably with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are senior in priority to, or rank equally and ratably with, or junior in priority to, other Liens constituting junior Liens).

  • Term Loan Collateral means all of the assets of any Grantor, whether real, personal or mixed, upon which a Lien is granted or purported to be granted to any Term Loan Agent under any of the Term Loan Collateral Documents.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • 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.

  • First Lien Last Out Loan Any Collateral Obligation that would be a Senior Secured Loan except that, following a default, such Collateral Obligation becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.

  • Subordinate Lender means the person or entity named as such in the first paragraph of this Agreement and any other person or entity who becomes the legal holder of the Subordinate Note after the date of this Agreement.