Permitted Junior Liens definition

Permitted Junior Liens means a Lien, junior to the Liens securing the Obligations and the obligations under the Second Lien Loan Documents, granted by the Borrower and any Guarantor in favor of the holders of Permitted Junior Lien Debt (or any collateral agent, trustee or representative in connection therewith), at any time, upon any property of the Borrower or any Guarantor to secure the Permitted Junior Lien Obligations.

Permitted Junior Liens means Liens on Collateral that rank (i) with respect to the Multi-Currency Collateral, junior to the Liens securing the Payment Obligations and the Term Loan Payment Obligations (or, if and to the extent permitted by the Term Loan Agreement, pari passu with the Liens securing the Term Loan Payment Obligations, but in either case junior to the Liens securing the Payment Obligations) and (ii) with respect to the Term Loan Collateral, (A) junior to the Liens securing the Term Loan Payment Obligations and (B) pari passu with or junior to the Liens securing the Payment Obligations, in each case, in accordance with the terms of the Intercreditor Agreement or such other or supplemental intercreditor agreement substantially in the form of Exhibit S (with such changes thereto as are reasonably acceptable to the Administrative Agent) (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time, an “Additional Intercreditor Agreement”). For the avoidance of doubt, it is understood that the ranking of any such Liens relative to the Liens securing the Payment Obligations may be different than the ranking of such Liens relative to the Liens securing the Term Loan Payment Obligations so long as the requirements of the preceding sentence are satisfied.

Permitted Junior Liens means Liens securing Indebtedness permitted under SECTION 6.03(j) so long as, if such Liens cover ABL Primary Collateral, (a) the holder of such Liens (or their representative) shall have entered into an intercreditor agreement reasonably satisfactory to the Administrative Agent, (b) the priority of all such Liens on ABL Primary Collateral securing such Indebtedness shall be subject and junior in all respects to the Liens on the ABL Primary Collateral securing the Obligations and (c) any collateral (other than ABL Primary Collateral) subject to such Lien shall also secure the Obligations on a second-priority basis.

Examples of Permitted Junior Liens in a sentence

• This Pledge Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Pledged Collateral (senior to all Liens other than Liens permitted by Section 9.2(a) of the Credit Agreement (other than Permitted Junior Liens)).

• Without limiting the generality of the foregoing, the Lenders hereby irrevocably authorize the Agent to enter into, after the Closing Date, any intercreditor agreement (or amendment or acknowledgement thereto) and agree to be bound by the provisions thereof, in connection with any Permitted Junior Liens, provided such intercreditor agreement shall be in form and substance reasonably satisfactory to the Agent and the Required Lenders.

• Without limiting the generality of the foregoing, the Lenders hereby irrevocably authorize the Administrative Agent to enter into, after the Closing Date, any intercreditor agreement (or amendment or acknowledgement thereto) and agree to be bound by the provisions thereof, in connection with any Permitted Junior Liens, provided such intercreditor agreement shall be in form and substance reasonably satisfactory to the Administrative Agent.

• Grantors will not create, permit or suffer to exist, and will defend the Collateral against, and take such other action as is necessary to remove, any Lien on the Collateral except Permitted Encumbrances and Permitted Junior Liens, and will defend the right, title and interest of Secured Party in and to any of Grantors' rights under the Collateral against the claims and demands of all Persons whomsoever.

• Grantor will not create, permit or suffer to exist, and will defend the Collateral against, and take such other action as is necessary to remove, any Lien on the Collateral except Permitted Encumbrances and Permitted Junior Liens, and will defend the right, title and interest of Secured Party in and to any of Grantor's rights under the Collateral against the claims and demands of all Persons whomsoever.

More Definitions of Permitted Junior Liens

Permitted Junior Liens means Liens securing Indebtedness permitted under Section 6.03(g) so long as, if (i) the holder of such Liens (or their representative) shall have entered into an intercreditor agreement satisfactory to the Administrative Agent in its Permitted Discretion, and (ii) the priority of all such Liens on Collateral securing such Indebtedness shall be subject and junior in all respects to the Liens on the Collateral securing the Obligations.

Permitted Junior Liens means the security interests granted by Borrower to secure payment of the Crestar Debt, provided that such security interests have been subordinated to the security interests granted to Pledgee and Lenders under this Security Agreement in a manner reasonably satisfactory to Pledgee.

Permitted Junior Liens means Liens permitted by the definition of “Permitted Collateral Trust Sharing Liens” (without giving effect to the proviso to such definition) that are subordinated to the Liens securing the Obligations hereunder and the Liens securing the “Fixed Asset Obligations (as defined in the Intercreditor Agreement); provided that in each case (i) the Indebtedness secured thereby is not secured by any property or assets of the Borrower or any Restricted Subsidiary of the Borrower other than the Collateral, (ii) the security agreements relating to such Indebtedness are substantially the same as the Collateral Documents (with such differences as are reasonably satisfactory to the Agent), and (iii) a Person duly authorized to act on behalf of the holders of such Indebtedness shall have become party to the Intercreditor Agreement or an intercreditor agreement reasonably acceptable to the Agent (including by means of a joinder in a form reasonably acceptable to the Agent).

Permitted Junior Liens means the security interests granted by Borrower to secure payment of the National Bank of Canada Debt and the Citibank Debt, provided that such security interests have been subordinated to the security interests granted to Pledgee and Lenders under this Security Agreement in a manner reasonably satisfactory to Pledgee.

Permitted Junior Liens means Liens securing Indebtedness permitted under SECTION 6.03(h) so long as, if (a) such Liens cover ABL Primary Collateral, (i) the holder of such Liens (or their representative) shall have entered into an intercreditor agreement satisfactory to the Administrative Agent in its Permitted Discretion, (ii) the priority of all such Liens on ABL Primary Collateral securing such Indebtedness shall be subject and junior in all respects to the Liens on the ABL Primary Collateral securing the Obligations and (iii) any collateral (other than ABL Primary Collateral) subject to such Lien shall also secure the Obligations on a second-priority basis and (b) such Liens cover only Secondary Collateral, the holder of such Liens (or their representative) shall have entered into an intercreditor agreement satisfactory to the Administrative Agent in its Permitted Discretion, pursuant to which, among other things, such Person shall grant to the Administrative Agent (for the benefit of the Secured Parties), royalty free and rent free access and use rights with respect to such Secondary Collateral in connection with any enforcement of the Secured Parties rights hereunder.

Permitted Junior Liens means Liens securing Indebtedness permitted under Section 6.03(h) so long as, if (i) the holder of such Liens (or their representative) shall have entered into an intercreditor agreement satisfactory to the Administrative Agent in its Permitted Discretion, and (ii) the priority of all such Liens on Collateral securing such Indebtedness shall be subject and junior in all respects to the Liens on the Collateral securing the Obligations.

Permitted Junior Liens means Liens on Collateral that rank junior to the Liens securing the Payment Obligations and the Multi-Currency Payment Obligations (or, if and to the extent permitted by the Multi-Currency Credit Agreement, pari passu with the Liens securing the Multi-Currency Payment Obligations, but in either case junior to the Liens securing the Payment Obligations) in accordance with the terms of the Intercreditor Agreement or such other intercreditor agreement substantially in the form of Exhibit S (with such changes thereto as are reasonably acceptable to the Administrative Agent). For the avoidance of doubt, it is understood that the ranking of any such Liens relative to the Liens securing the Payment Obligations may be different than the ranking of such Liens relative to the Liens securing the Multi-Currency Payment Obligations so long as the requirements of the preceding sentence are satisfied.