Third Lien definition

Third Lien means a Lien granted by a Third Lien Document to the Third Lien Collateral Trustee, at any time, upon any Collateral by any Grantor to secure Third Lien Obligations (including Liens on such Collateral under the security documents associated with any Third Lien Substitute Facility).

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Third Lien means a third-priority perfected security interest in such Collateral, subject to the Intercreditor Agreement or the Arazi/Lancaster Collateral Agreement, as applicable.

Third Lien means a Lien granted by a Secured Debt Document to any trustee, agent or other representative, at any time, on a third priority basis, upon any Collateral of either Company or any other Grantor to secure Subordinated Lien Obligations.

Examples of Third Lien in a sentence

• In exercising rights and remedies with respect to the Collateral, the Priority Lien Agent and the other Priority Lien Secured Parties may enforce the provisions of the Priority Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in their sole discretion and regardless of whether such exercise and enforcement is adverse to the interest of any Second Lien Secured Party or Third Lien Secured Party.

• The provisions of this Agreement are and are intended solely for the purpose of defining the distinct and separate relative rights of the Priority Lien Secured Parties, the Second Lien Secured Parties and the Third Lien Secured Parties.

• Notwithstanding anything to the contrary herein or in any Secured Debt Document, the Grantors shall not be required to act or refrain from acting pursuant to this Agreement, any Priority Lien Document, any Second Lien Document or any Third Lien Document with respect to any Collateral in any manner that would cause a default under any Priority Lien Document.

• It is agreed that the obligations of the Priority Lien Agent and the rights of the Second Lien Collateral Trustee, the other Second Lien Secured Parties, the Third Lien Collateral Trustee and the other Third Lien Secured Parties in connection with any such bailment arrangement will be in all respects subject to the provisions of Article II.

• By accepting the benefits of this Agreement and the other Third Lien Security Documents, each Third Lien Secured Party authorizes the Third Lien Collateral Trustee to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith.

More Definitions of Third Lien

Third Lien means a Lien granted, or purported to be granted, by a Security Document to the Collateral Trustee, at any time, upon any property of the Company or any other Grantor to secure Third Lien Obligations.

Third Lien means a Lien, junior to the Priority Liens and the Second Liens as provided in the Senior Intercreditor Agreement, granted by the Company or any Material Subsidiary in favor of the Collateral Agent for and on behalf of the holders of Third Lien Debt (and any collateral agent or representative in connection therewith), at any time, upon any property of the Company or any Material Subsidiary to secure Third Lien Obligations.

Third Lien. Notes As defined in the Restructuring Support Agreement.

Third Lien. Mortgages shall mean, collectively, each mortgage, deed of trust, leasehold mortgage, assignment of leases and rents, modifications and any other agreement, document or instrument pursuant to which any Lien on real property is granted to secure any Third Lien Obligations or under which rights or remedies with respect to any such Lien are governed.

Third Lien means a Lien granted by a Third Lien Security Document to the Third Lien Collateral Agent for the benefit of the Third Lien Secured Parties, at any time, upon any property of the Company or any other Guarantor to secure Third Lien Obligations.

Third Lien means Liens on the Collateral, which Liens on any item of Collateral rank junior to the First Liens and to the New Second Liens and senior to any Junior Liens on such item of Collateral pursuant to an Approved Intercreditor Agreement.

Third Lien. Claims As defined in this Restructuring Term Sheet. Third Lien Credit Agreement As defined in the Restructuring Support Agreement. Third Lien Noteholders The holders of Third Lien Notes from time to time.