Prior Permitted Liens definition

Prior Permitted Liens means: (i) the Prior Factor’s Lien; (ii) Liens in favour of the Prior Revolving Loan Lenders; (iii) any other Lien from time to time agreed to as such by the Lender in writing; (iv) Liens incidental to the conduct of Borrower’s business as the ownership of its property; and (v) Liens granted to factors over specific accounts receivable which the said factor is collecting on behalf of the Company.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Prior Permitted Liens means (a) Liens granted by the Borrowers in favor of third parties that were perfected subsequent to the Petition Date as permitted by Section 546(b) of the Bankruptcy Code and (b) Liens listed on Schedule 1.01(B) hereto.

Prior Permitted Liens means (i) valid, perfected, and unavoidable Liens in favor of third parties that were in existence immediately prior to the Petition Date and senior in priority to the liens and security interests securing the Prepetition Facilities as of the Closing Date, (ii) to valid, perfected, and unavoidable Liens in favor of third parties that were in existence immediately prior to the Petition Date that were perfected subsequent to the Petition Date as permitted by Section 546(b) of the Bankruptcy Code, subject as to priority to such Liens in favor of such third parties, and (iii) other Liens and encumbrances that are senior in priority by operation of Law to the Liens and security interests securing the DIP Facility.

Examples of Prior Permitted Liens in a sentence

Neither Obligor has granted, nor will it grant, a security interest in the Collateral to any other individual or entity, and such Collateral is free and clear of any mortgage, pledge, lease, trust, bailment, lien, security interest, encumbrance, charge or other arrangement (other than the Permitted Liens (including Prior Permitted Liens)).
The Liens granted to the Agent, on behalf of the Secured Parties, on the Collateral, and the priorities accorded to the Obligations shall have the priority and senior secured status afforded by Section 364(c) and Section 364(d) of the Bankruptcy Code (all as more fully set forth in the Interim Order and Final Order) senior to all claims and interests other than (A) Prior Permitted Liens and (B) the Carve-Out.
The Liens securing the Obligations shall be first priority perfected Liens subject only to the Prior Permitted Liens and the Carve-Out, in accordance with Section 2.18.
The Intercreditor Agreement, which provides among other things, for the Obligations hereunder to be secured by a security interest in the Collateral (second in priority only to Prior Permitted Liens and as set forth in the Intercreditor Agreement).
Section 10.4 of the Credit Agreement is hereby amended by inserting the text ", including accounts payable to lessors of goods and holders of Prior Permitted Liens on account of dispositions of goods or collateral" immediately prior to the semicolon (";") in ss.10.4(f).
Notwithstanding the foregoing, Permitted Encumbrances (other than the Prior Permitted Liens) under this Section 7.2 shall at all times be junior and subordinate to the Liens under this Agreement and the Other Documents and the applicable Order securing the Obligations.

More Definitions of Prior Permitted Liens

Prior Permitted Liens means (i) valid, perfected, and unavoidable Liens in favor of third parties that were in existence immediately prior to the

Prior Permitted Liens means any and all valid, perfected pre-Commencement Date Liens in existence as of the Commencement Date.

Prior Permitted Liens means any and all valid, perfected --------------------- pre-Commencement Date Liens in existence as of the Commencement Date that are senior in priority to the Liens of the Pre-Petition Agent under the Pre-Petition Credit Agreement and the lenders under the UK Facility.