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PBGC Liens definition

PBGC Liens means the security interest in and to the plant, property and equipment of Constellium Ravenswood at its facility located in Ravenswood, WV granted pursuant to that certain Settlement Agreement, dated as of January 26, 2001, by and between the PBGC and Ravenswood.
PBGC Liens means any Liens granted to the Pension Benefit Guaranty Corporation to secure the Company’s minimum funding requirements under its U.S. pension plans for calendar years 2003 and 2004; provided that those Liens cannot secure minimum funding requirements in excess of $50.0 million and provided further that as the funding obligation for calendar years 2003 and 2004 is decreased below $50.0 million, the value of the Lien is permanently reduced on a dollar for dollar basis by the diminution in the minimum funding obligation for such calendar years.

Examples of PBGC Liens in a sentence

  • The PBGC Prepetition Claims shall be deemed an Allowed Secured Claim against all Debtors, including KPGA in the event it files a plan of reorganization, in the amount of the PBGC Liens.

  • As security for the PBGC Note, the PBGC shall receive or retain the PBGC Liens on the PBGC Note Collateral.

  • Provisions relating to the priority of the PBGC Liens on the PBGC Note Collateral as well as provisions relating to enforcement and remedies will be governed by the New Intercreditor Agreement and the New PBGC Intercreditor Agreement.

  • The PBGC Prepetition Claims shall be deemed an Allowed Unsecured Claim against all Debtors, including KPGA in the event it files a plan of reorganization, in the amount of $13,500,000 less the PBGC Liens.

  • The PBGC filed proofs of claim against each of the Debtors asserting (i) a claim of $5,727,115 for contributions owed the Pension Plan, which the PBGC is asserting is secured by all assets of the Debtors subject to the PBGC Liens; (ii) an unsecured claim for insurance premiums, interest and premiums, characterized by the PBGC as Flat-Rate and Variable Rate Premiums totaling $1,438,339 and a termination premium of $9,127,500; and (iii) an unsecured claim of $99,100,000 for underfunded benefit liabilities.

  • Provided that the PBGC, the Lender and the Borrower shall have entered into a lien subordination agreement on or before April 12, 2013 which shall be in form and content satisfactory to the Lender (the “Lien Subordination Agreement”), the Lender hereby agrees to waive the PBGC Default but only as to PBGC Liens filed on or before January 15, 2013 and only with respect to Unfunded Contributions prior to January 15, 2013 which are not in excess of $1,579,922 (exclusive of accrued interest).

  • As provided in the Prior Agreement and the Intercreditor Agreement, these PBGC Liens are subordinate to the Senior Liens, and PBGC's rights with respect to the Collateral are subject to the terms of that Intercreditor Agreement.

  • The PBGC Liens encumber substantially all of the Debtors’ assets with various priorities.

  • The Series A Bonds would be in the principal amount of $20,110,000 and the Series B Bonds would be in the principal amount of$5,000,000, both of which would be secured by liens on all of the Debtors’ assets, subject to pre- existing liens, including the PBGC Liens and HFG’s liens as particularly described in the First Modified Plan and the New Intercreditor Agreement.

  • Upon completion of the actions contemplated in section 3(a) and (b), and the receipt by PBGC of a certified statement from the Plans' actuary stating that the minimum funding requirements for 1998 will meet the 1998 Funding Goal, PBGC agrees to release the PBGC Liens on the Collateral, including the Third Mortgage and Security Agreement PBGC filed against the real property of the Company in Milwaukee County in the State of Wisconsin.


More Definitions of PBGC Liens

PBGC LiensSenior Liens", and "Secured Obligations". Further, the following terms which are defined in the Intercreditor Agreement and used herein shall have the meaning given to them in that document: Lender Agent; Noteholder Agent.

Related to PBGC Liens

  • Company Permitted Liens means (i) mechanics’, materialmen’s, carriers’, workmen’s, repairmen’s, vendors’, operators’ or other like Liens, if any, arising in the ordinary course of business of the Company; (ii) Liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business; (iii) title defects or Liens (other than those constituting Liens for the payment of Indebtedness), if any, that do not or would not, individually or in the aggregate, impair in any material respect the use or occupancy of the assets of the Company and its Subsidiaries, taken as a whole; (iv) Liens for Taxes that are not yet due or payable or that may thereafter be paid without penalty being contested in good faith and for which adequate accruals or reserves have been established in accordance with GAAP; (v) Liens supporting surety bonds, performance bonds and similar obligations issued in the ordinary course of business of the Company and its Subsidiaries; (vi) Liens not created by the Company or its Subsidiaries that affect the underlying fee interest of a Company Leased Real Property; (vii) Liens that are disclosed on the most recent consolidated balance sheet of the Company included in the Company Filed SEC Documents or notes thereto or securing liabilities reflected on such balance sheet; (viii) Liens arising under or pursuant to the organizational documents of the Company or any of its Subsidiaries; (ix) grants to others of Rights-of-Way, surface leases or crossing rights and amendments, modifications, and releases of Rights-of-Way, surface leases or crossing rights in the ordinary course of business; (x) with respect to Rights-of-Way, restrictions on the exercise of any of the rights under a granting instrument that are set forth therein or in another executed agreement, that is of public record or to which the Company or any of its Subsidiaries otherwise has access, between the parties thereto; (xi) Liens which an accurate up-to-date survey would show; (xii) Liens resulting from any facts or circumstances relating to Parent or any of its Affiliates; and (xiii) Liens that do not and would not reasonably be expected to materially impair the continued use of a Company Owned Real Property or a Company Leased Real Property as presently operated.

  • Permitted Liens means, with respect to any Person:

  • Transaction Liens means the Liens granted by the Lien Grantors under the Security Documents.

  • Existing Liens means Liens on the property or assets of the Company and/or any of its Subsidiaries existing on the date of this Indenture securing Indebtedness of the Company or any of its Subsidiaries (other than Liens incurred pursuant to clause (1) of Section 4.07 hereof).

  • Eligible Liens means, any right of offset, banker’s lien, security interest or other like right against the Portfolio Investments held by the Custodian pursuant to or in connection with its rights and obligations relating to the Custodian Account, provided that such rights are subordinated, pursuant to the terms of the Custodian Agreement, to the first priority perfected security interest in the Collateral created in favor of the Collateral Agent, except to the extent expressly provided therein.

  • Environmental Liens shall have the meaning set forth in Section 12.5 hereof.

  • Permitted Priority Liens means Liens permitted under any of the clauses (b), (c), (d), (e), (f) or (i) of Section 9.02.

  • First Priority Liens means all Liens that secure the First Priority Lien Obligations.

  • Excepted Liens means: (i) Liens for taxes, assessments or other governmental charges or levies not yet due or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained; (ii) Liens in connection with workmen's compensation, unemployment insurance or other social security, old age pension or public liability obligations not yet due or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (iii) operators', vendors', carriers', warehousemen's, repairmen's, mechanics', workmen's, materialmen's, construction or other like Liens arising by operation of law in the ordinary course of business or statutory landlord's liens, each of which is in respect of obligations that have not been outstanding more than ninety (90) days or which are being contested in good faith by appropriate proceedings and for which adequate reserves have been maintained in accordance with GAAP; (iv) any Liens reserved in leases for rent and for compliance with the terms of leases in the case of leasehold estates, to the extent that any such Lien referred to in this clause does not materially impair the use of the Property covered by such Lien for the purposes for which such Property is held by the Company or any Subsidiary or materially impair the value of such Property subject thereto; (v) encumbrances (other than to secure the payment of borrowed money or the deferred purchase price of Property or services), easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any rights of way or other Property of the Company or any Subsidiary for the purpose of roads, pipelines, transmission lines, transportation lines, distribution lines for the removal of gas, oil, coal or other minerals or timber, and other like purposes, or for the joint or common use of real estate, rights of way, facilities and equipment, and defects, irregularities, zoning restrictions and deficiencies in title of any rights of way or other Property which in the aggregate do not materially impair the use of such rights of way or other Property for the purposes of which such rights of way and other Property are held by the Company or any Subsidiary or materially impair the value of such Property subject thereto; (vi) deposits of cash or securities to secure the performance of bids, trade contracts, leases, statutory obligations and other obligations of a like nature incurred in the ordinary course of business; and (vii) Liens permitted by the Senior Credit Documents.

  • Customary Permitted Liens means, with respect to any Person, any of the following Liens:

  • Liens means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

  • Prior Liens means Liens that, pursuant to the provisions of any Security Document, are or may be superior to the Lien of such Security Document.

  • Seller Liens shall have the meaning set forth in Section 4.3.

  • Second Priority Liens means all Liens on the Second Lien Collateral to secure the Second Lien Obligations, whether created under the Second Lien Security Documents or acquired by possession, statute, operation of law, subrogation or otherwise.

  • Senior Liens means (a) with respect to the ABL Priority Collateral, all Liens securing the ABL Obligations and (b) with respect to the Term Loan Priority Collateral, all Liens securing the Term Loan Obligations.

  • Permitted Encumbrances means:

  • DIP Financing Liens has the meaning assigned to such term in Section 2.05(b).

  • Permitted Collateral Liens means any “Permitted Liens” other than Liens specified in clauses (2), (3), (4), (5), (14) or (18) of the definition of “Permitted Liens.”

  • Permitted Existing Liens means the Liens on assets of the Company and its Subsidiaries identified as such on Schedule 1.1.3 to this 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).

  • First Priority Obligations means (a) with respect to the Existing First Priority Agreement, all “Obligations” of each Loan Party as defined in the Existing First Priority Agreement and (b) with respect to each other First Priority Agreement, all “Obligations” of each Loan Party as defined in such First Priority Agreement, and shall in any event include (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all loans made or other indebtedness issued or incurred pursuant to such First Priority Agreement, (ii) all reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to such First Priority Agreement, (iii) all Specified Swap Agreements, (iv) all Specified Cash Management Agreements and (v) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable First Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Second Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • Permitted Prior Liens means Liens that arise by operation of law and are not voluntarily granted, to the extent entitled by law to priority over the Liens created by the Stock Lien Security Documents.

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

  • Other First Liens means Liens on the Collateral that are pari passu with 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 Pari Passu Intercreditor Agreement.

  • Attributable Liens means in connection with a sale and lease-back transaction the lesser of:

  • Lien means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).