Vendor Lien Program definition

Vendor Lien Program means the program initiated by the Company in connection with the Restructuring under which the Company is offering vendors the ability to obtain a junior secured lien on substantially all of the assets of the Company in return for making shipments after July 1, 2003 on customary terms.
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Vendor Lien Program means the program and documents pursuant to which one or more vendors of the Loan Parties agreed to defer the payment of trade accounts payable owing by the Loan Parties for merchandise purchased or memo goods sold prior to July 31, 2004 and past due as of such date, as such program may now or hereafter be amended, supplemented or otherwise modified to the extent expressly permitted by this Agreement.
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Examples of Vendor Lien Program in a sentence

  • The Debtors thus decided to implement the Vendor Lien Program to rectify this situation, as allowed by the June 2003 Forbearance.

  • The Trade Vendor Lien Program was approved by the Bankruptcy Court on March 6, 2002.

  • Under the Vendor Lien Program, the Vendor Lien was granted to those vendors who agreed to do business with the Debtors on agreed upon terms.

  • Although the Letter Agreement reflecting each vendor's trade terms became effective as of July 2, 2003, vendors had until July 25, 2003 to execute a Letter Agreement and become a participant in the Vendor Lien Program.

  • One hundred forty-five vendors joined the Vendor Lien Program, which helped to alleviate the cash flow problems that the Debtors were experiencing by allowing them to pay vendors under normal and customary trade terms.

  • Under the Security Agreement, Aurora granted to the Collateral Agent a second-priority security interest (the "Vendor Lien") in substantially all of Aurora's personal property for the benefit of the participants in the Vendor Lien Program.

  • Accordingly, Kmart prepared and sought approval of a trade vendor lien program (the "Trade Vendor Lien Program") pursuant to which Kmart would grant to certain approved trade creditors ("Approved Trade Creditors") liens on Kmart's merchandise junior to the liens of the lenders under the DIP Facility on the same merchandise.

  • In order to implement the Vendor Lien Program, Aurora entered into a security agreement (the "Security Agreement"), dated as of July 11, 2003, with the Collateral Agent.

  • The Prepetition Lenders recognized the significance of the Debtors maintaining established relationships with existing vendors and suppliers and agreed to permit the Debtors to grant certain vendors a second-priority security interest in connection with the Vendor Lien Program.

  • As a result, over the course of the case, outstanding exposure under the Vendor Lien Program will be reduced to zero.

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