Permitted Senior Lien definition

Permitted Senior Lien. As defined in Section 3.01.

Permitted Senior Lien means a Lien of the type described in clause (ii) of paragraph 8 of the DIP Order.

Permitted Senior Lien means any Prior Lien (as defined in the DIP Order), and valid, enforceable, and non-avoidable Lien that was perfected prior to the Petition Date (or perfected on or after the Petition Date to the extent permitted by Section 546(b) of the Bankruptcy Code), which is not subject to avoidance, reduction, disallowance, impairment or subordination pursuant to the Bankruptcy Code or applicable non-bankruptcy law and which is senior in priority to the Prepetition Senior Liens under applicable law and after giving effect to any subordination or inter-creditor agreements.

Examples of Permitted Senior Lien in a sentence

• In the event that foreclosure proceedings are commenced with respect to any Mortgage Loan with respect to which the Company or any Primary Servicer has consented to the placing of a subsequent senior lien and such senior lien is not a Permitted Senior Lien, the Company shall repurchase such Mortgage Loan on the Deposit Date for the next Distribution Date following the related Collection Period during which such foreclosure proceedings were commenced.

• The Company shall not consent to the placing of a lien senior to that of the Mortgage on the related Mortgaged Property, except in the case of the refinancing of an existing first mortgage loan on a Mortgaged Property and only if all Loan Conditions have been satisfied (any such lien, a "Permitted Senior Lien").

• Notwithstanding the foregoing, the Company or any Subsidiary Guarantor may consummate any Collateral Asset Sale of any Second Lien Collateral that is permitted pursuant to the terms of any Credit Facility secured by a Permitted Senior Lien on such Second Lien Collateral.

• OmniCell shall not grant or permit to exist a security interest in or other Lien upon the Equipment (other than a Permitted Lien or, in the case of Equipment not consisting of SureMed Assets, at any time that any Permitted Senior Debt is outstanding, the Permitted Senior Lien).

• The right of a seller of goods to reclaim such goods under section 546(c) of the Bankruptcy Code is not a Permitted Senior Lien and is expressly subject to the DIP Liens.

More Definitions of Permitted Senior Lien

Permitted Senior Lien means collectively, the deeds of trust securing the Primary Construction Loan and the Primary Permanent Loan.

Permitted Senior Lien means any Lien securing any Senior Debt that is senior to the Liens of Secured Party pursuant to an Intercreditor Agreement.

Permitted Senior Lien means, to the extent not subordinated or invalidated by order of the Bankruptcy Court, any valid, enforceable, and non-avoidable Lien that was perfected prior to the Petition Date and that secure obligations identified on Schedule 6.02, except to the extent the holders will be paid off on or prior to the Effective Date.

Permitted Senior Lien means any valid, enforceable, and non-avoidable Lien that was perfected prior to the Petition Date or that was subsequently perfected as permitted by Section546(b) of the Bankruptcy Code which is senior in priority to the Liens securing the Prior Bank Obligations under applicable law and after giving effect to any subordination or intercreditor agreements and which is (i) permitted under the Pre-Petition Credit Agreement or the Pre- Petition Senior Indenture or (ii) has otherwise been approved in writing by the Administrative Agent; provided that this definition shall exclude the Liens arising under the Pre-Petition Credit Agreement and the other Loan Documents (as defined in the Pre-Petition Credit Agreement) and the Pre-Petition Senior Indenture and the other Note Documents (as defined in the Pre-Petition Senior Indenture), which Liens shall be subordinate to the Liens securing the obligations of the Borrower and the Guarantors hereunder and under the other Loan Documents.

Permitted Senior Lien means any valid, enforceable, and non-avoidable Lien that was perfected prior to the Petition Date or that was subsequently perfected as permitted by Section 546(b) of the Bankruptcy Code which is senior in priority to the Liens securing the Prior Bank Obligations under applicable law and after giving effect to any subordination or intercreditor agreements and which is (i) permitted under the Pre-Petition Credit Agreement or the Pre-Petition Senior Indenture or (ii) has otherwise been approved in writing by the Administrative Agent; provided that this definition shall exclude the Liens arising under the Pre-Petition Credit Agreement and the other Loan Documents (as defined in the Pre-Petition Credit Agreement) and the Pre-Petition Senior Indenture and the other Note Documents (as defined in the Pre-Petition Senior Indenture), which Liens shall be subordinate to the Liens securing the obligations of the Borrower and the Guarantors hereunder and under the other Loan Documents.

Permitted Senior Lien means any Prior Lien (as defined in the DIP Order), and valid, enforceable, and non‐avoidable Lien that was perfected prior to the Petition Date (or perfected on or after the Petition Date to the extent permitted by Section 546(b) of the Bankruptcy Code), which is not subject to avoidance, reduction, disallowance, impairment or subordination pursuant to the Bankruptcy Code or applicable non‐bankruptcy law and which is senior in priority to the Prepetition Senior Liens under applicable law and after giving effect to any subordination or inter‐creditor agreements; provided that this definition shall exclude the Liens of Comvest Agent and the Comvest Lenders, all of which Liens shall be subordinate to the Liens securing the Obligations.

Permitted Senior Lien means any valid, enforceable, and non-avoidable Lien that was perfected prior to the Petition Date which is senior in priority to the Liens securing the Existing First Lien Credit Agreement Obligations under applicable law and after giving effect to any subordination or17-10496-smb Doc 54-1 Filed 03/10/17 Entered 03/10/17 14:29:27 Exhibit Pg 31 of 147 intercreditor agreements and which is (i) permitted under the Existing First Lien Credit Agreement or (ii) has otherwise been approved in writing by the Administrative Agent and the Required Lenders.