Subsequent Lien definition
Subsequent Lien means any Lien that (a) covers any or all of the land on which the Plant is located and any or all fixtures thereon that is subsequent in time and junior in priority to any Lien thereon granted to the Collateral Agent pursuant to the Security Deed; (b) secures Indebtedness of the Issuer or the Company; and (c) does not, together with all such other then existing Subsequent Liens, secure Indebtedness in an amount which exceeds the aggregate principal amount of Secured Indebtedness, if any, which has been repaid, redeemed or repurchased by the Issuer or the Company, as applicable, simultaneously with or prior to the creation of such Subsequent Lien.
Examples of Subsequent Lien in a sentence
Purchaser shall notify Seller of intent to purchase each such Subsequent Lien by the fifteenth (15th) day of the month for purchase on the last business day of the month.