Priming Liens definition

Priming Liens has the meaning ascribed to such word in Section 5.19 hereto.

Priming Liens shall have the meaning provided in Section 3.1(b).

Priming Liens means Postpetition Liens granted by the Borrower to the Postpetition Lender to secure the Postpetition Obligations, which Postpetition Liens (i) shall constitute first priority liens in and to all otherwise unencumbered Collateral and Prepetition Collateral pursuant to section 364(c)(2) of the Bankruptcy Code; (ii) shall be senior to and prime the Prepetition Liens and any other Primed Liens pursuant to section 364(d)(1) of the Bankruptcy Code; and (iii) shall be immediately junior in priority to any and all Non-Primed Liens, pursuant to section 364(c)(3) of the Bankruptcy Code.

Examples of Priming Liens in a sentence

• On the Petition Date, FairPoint filed its Motion for Interim and Final Orders to (i) Obtain Postpetition Financing Pursuant to Bankruptcy Code Section 364; (ii) Grant Priming Liens and Superpriority Claims Pursuant to Bankruptcy Code Sections 364(c) and (d); (iii) Provide Adequate Protection to Prepetition Credit Agreement Lenders Pursuant to Bankruptcy Code Sections 361, 362, 363, 364 and (iv) Schedule a Final Hearing Pursuant to Bankruptcy Rule 4001 (the “DIP Financing Motion”).

• The Primed Liens shall be primed by and made subject and subordinate to the Carve Out and the Priming Liens, but the Priming Liens shall not prime Liens, if any, to which the Prepetition Liens are subject to on the Petition Date (other than Liens which are themselves Prepetition Liens).

• Inventory that is subject to any third party’s rights (other than Priming Liens, inchoate governmental tax Liens and other inchoate Liens arising by operation of law in Canada) which would be superior to the Lien of Canadian Administrative Agent created under the Credit Documents.

• Notwithstanding anything herein to the contrary, the DIP Priming Liens shall be (A) subject and subordinate to the Carve-Out in all respects, (B) subject to Permitted Encumbrances as of the Petition Date, and (C) senior in all respects to the Prepetition Liens, the Adequate Protection Liens, and any lien, security interest, or mortgage that is avoided and preserved for the benefit of the Debtors and their estates under section 551 of the Bankruptcy Code.

• Inventory that is subject to any third party’s rights (other than Priming Liens, inchoate governmental tax Liens and other inchoate Liens arising by operation of law in US) which would be superior to the Lien of US Administrative Agent created under the Credit Documents.

More Definitions of Priming Liens

Priming Liens means materialmen’s, mechanics’, carriers’, workmen’s, landlords’ and repairmen’s liens, and other similar liens arising in the ordinary course of business (whether imposed by law or under customary contracts entered into in the ordinary course of business), including Liens in favor of a processor encumbering Inventory that is being processed and in possession of such processor.

Priming Liens means materialmen’s, mechanics’, carriers’, workmen’s, landlords’, suppliers’ and repairmen’s liens, and other similar liens arising in the ordinary course of business (whether imposed by law or under customary contracts entered into in the ordinary course of business), including Liens in favor of a processor encumbering Inventory that is being processed and in possession of such processor.

Priming Liens has the meaning assigned to such term in Section 2.17(d).

Priming Liens has the meaning set forth in Section 2.09 (b)

Priming Liens means "Permitted Liens" as defined in the DIP Agreement.

Priming Liens shall have the meaning set forth in Section 2.23(a). ------------- ---------------

Priming Liens shall have the meaning assigned to such term in Section 3.26(d).