Second Lien Security definition

Second Lien Security means, as the context requires:
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Second Lien Security. Customary security documents for transactions of this nature, including a floating charge and security interest on all present and after-acquired real and personal property of the Loan Parties in favour of the Collateral Agent on behalf of the Noteholders, to be governed by the laws of Alberta. The Second Lien Security shall rank second only to the First Lien Security, subject to the terms of the Intercreditor Agreement (defined below). The obligations of the Loan Parties under the Second Lien Notes shall not otherwise be subordinated or postponed to the obligations of the Loan Parties under the Credit Facility or to any other obligations secured by the First Lien Security (but, for certainty, the payment of certain obligations of the Loan Parties under the Second Lien Notes are subject to the terms of the Credit Facility). The First Lien Security and the Second Lien Security will initially be registered in each jurisdiction where the Loan Parties’ properties are located from time to time, but for certainty, no security notice registrations under the Mines and Minerals Act (Alberta) or similar notices, filings or registrations in other jurisdictions will be required at Closing. The First Lien Security and the Second Lien Security will be subject to the terms of an intercreditor agreement among the Noteholders (or a trustee or agent thereof), the Lenders under the Credit Facility (or a trustee or agent thereof) and, solely for the purposes of agreeing to and acknowledging certain terms, the Loan Parties (the “Intercreditor Agreement”), which will have, inter alia, the following characteristics, as agreed with the Lenders:
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Second Lien Security means all of the security documents which provide for the granting of a Lien by one or more of the Borrower Group Members to the Second Lien Creditors as security for the payment of the Second Lien Debt, Guarantees thereof and related obligations.
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Examples of Second Lien Security in a sentence

  • Each Second Lien Creditor agrees that the grants of Security Interests on the Collateral pursuant to the First Lien Security and the Second Lien Security constitute two separate and distinct grants of Security Interests, that the First Lien Secured Parties and the Second Lien Creditors do not share a “commonality of interest” with respect to their claims, and that the Second Lien Creditors will not object to any such classification.


More Definitions of Second Lien Security

Second Lien Security means the "Security" (as defined in the Second Lien Financing Agreement) and all other assignments, mortgages, debentures, pledges, guarantees and other security agreements of whatsoever kind now, heretofore, or hereafter executed and delivered by the Borrower or any Material Subsidiary in favour of any or all of the Second Lien Creditors or now, heretofore, or hereafter existing as security on or against any of the property, assets, undertakings, rights and interests of any and all of the Borrower and the Material Subsidiaries in favour of any or all of the Second Lien Creditors, in each case, which secure payment or performance of the Second Lien Obligations.
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Related to Second Lien Security

  • Second Lien Security Documents means any and all security agreements, pledge agreements, mortgages and other agreements and documents pursuant to which any Liens are granted to secure any Indebtedness or other obligations in respect of the Second Lien Notes.

  • First Lien Secured Parties means (i) the Credit Agreement Secured Parties and (ii) the Additional First-Lien Secured Parties with respect to each Series of Additional First-Lien Obligations.

  • First Lien/Second Lien Intercreditor Agreement means an intercreditor agreement substantially in the form of Exhibit H hereto, or such other customary form reasonably acceptable to the Administrative Agent and the Borrower, in each case, as such document may be amended, restated, supplemented or otherwise modified from time to time.

  • Transaction Security Documents means each of the documents listed as being a Transaction Security Document in paragraph 2(e) of Part I of Schedule 2 (Conditions Precedent) of the 2009 Financing Agreement and any document required to be delivered to the Administrative Agent under paragraph 3(d) of Part II of Schedule 2 (Conditions Precedent) of the 2009 Financing Agreement together with any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents (and any other Debt Documents).

  • Consolidated First Lien Secured Debt means Consolidated Total Debt as of such date that is not Subordinated Indebtedness and is secured by a Lien on all of the Collateral that ranks on an equal priority basis (but without regard to the control of remedies) with Liens on all of the Collateral securing the Obligations.