Common use of Liens on Collateral Clause in Contracts

Liens on Collateral. The Liens granted to the Administrative Agent securing the Obligations for the benefit of the Secured Parties shall, as set forth in the Guaranties and Collateral Documents (subject to changes in the Collateral resulting from Dispositions and substitutions of Collateral permitted hereunder pursuant to clause (c) of the definition of Permitted Dispositions and the effect of Recovery Events, and changes pursuant to Section 8.10) for the term of this Agreement be comprised of (i) a perfected first priority lien (or a preferred Ship Mortgage, as the case may be) on equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine in connection with the execution and delivery of the Loan Documents, was determined to have an orderly liquidation value (“OLV”) of at least $108,500,000, (ii) a perfected second priority lien on other equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine immediately prior to the Closing Date was determined to have an OLV of at least $80,000,000 (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement), (iii) a perfected Lien on all intercompany receivables of the Borrower and the Subsidiary Guarantors having an equal priority to the Liens of Travelers, and having a senior priority to all other Liens and (iv) a perfected second priority lien on all accounts receivables of the Borrower and the Subsidiary Guarantors arising from projects that are bonded pursuant to the Bonding Agreement (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement).

Liens on Collateral. The Liens granted to the Administrative Agent securing the Obligations for the benefit of the Secured Parties shall, as set forth in the Guaranties and Collateral Documents (subject to changes in the Collateral resulting from Dispositions and substitutions of Collateral permitted hereunder pursuant to clause (c) of the definition of Permitted Dispositions and the effect of Recovery Events, and changes pursuant to Section 8.10) for the term of this Agreement be comprised of (i) a perfected first priority lien (or a preferred Ship Mortgage, as the case may be) on equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine in connection with to the execution and delivery of the Loan DocumentsClosing Date, was determined to have an orderly liquidation value (“OLV”) of at least $108,500,000, 70,000,000; (ii) a perfected second priority lien on other equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine immediately prior to the Closing Date was determined to have an OLV of at least $80,000,000 (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement), ; (iii) a perfected Lien on all intercompany receivables of the Borrower and the Subsidiary Guarantors having an equal priority to the Liens of Travelers, and having a senior priority to all other Liens and Liens; (iv) by a perfected second priority lien on all accounts receivables of the Borrower and the Subsidiary Guarantors arising from projects that are bonded pursuant to the Bonding Agreement (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement) and (v) a first priority lien on additional equipment of the Borrower and the Guarantors that as of the First Amendment Effective Date, according to the appraisal performed by Xxxxxxx Marine immediately prior to the First Amendment Effective Date, was determined to have an OLV of at least $10,000,000 (subject, but senior to, the second priority lien of Travelers on such additional collateral to the extent required by the Intercreditor Agreement).

Liens on Collateral. The Liens granted to the Administrative Agent securing the Obligations for the benefit of the Secured Parties shall, as set forth in the Guaranties and Collateral Documents (subject to changes in the Collateral resulting from Dispositions and substitutions of Collateral permitted hereunder pursuant to clause (c) of the definition of Permitted Dispositions and the effect of Recovery Events, and changes pursuant to Section 8.10) for the term of this Agreement be comprised of (i) a perfected first priority lien (or a preferred Ship Mortgage, as the case may be) on equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine in connection with to the execution and delivery of the Loan DocumentsClosing Date, was determined to have an orderly liquidation value (“OLV”) of at least $108,500,00070,000,000, (ii) a perfected second priority lien on other equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine immediately prior to the Closing Date was determined to have an OLV of at least $80,000,000 (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement) based, in the case of each of clauses (i) and (ii), upon the valuations of Xxxxxxx Marine conducted in connection with the Closing Date; (iii) a perfected Lien on all intercompany receivables of the Borrower and the Subsidiary Guarantors having an equal priority to the Liens of Travelersthe Bonding Company, and having a senior priority to all other Liens Liens; and (iv) by a perfected second priority lien on all accounts receivables of the Borrower and the Subsidiary Guarantors arising from projects that are bonded pursuant to the Bonding Agreement (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement). In the event that at any time an Event of Default in respect of the financial covenant set forth in Section 6.3(b) shall have occurred and be continuing, within 60 days of the date that the Borrower is required to deliver a Compliance Certificate pursuant to Section 6.4(d) for the Fiscal Quarter end for which such the financial covenant set forth in Section 6.3(b) has not been satisfied, the Borrower shall, or shall cause its Subsidiaries to, grant to the Administrative Agent for the benefit of the Secured Parties as security for the Obligations first priority perfected Liens on additional equipment or other assets selected by the Borrower having an OLV as of the date of such grant (based upon a valuation conducted at such time, as provided below) of at least $10,000,000 (subject, but senior to, the second Liens of Travelers on such additional collateral to the extent required by the Intercreditor Agreement), and the Person granting such additional collateral, to effect the grant (and perfection of) such Liens, shall execute Collateral Documents in substantially the same form as the other Collateral Documents then in existence and otherwise in form and substance reasonably satisfactory to the Administrative Agent together with opinions, certificates and other documentation reasonably requested by the Administrative Agent as provided in the Collateral Documents. For the purposes of the immediately preceding sentence, OLV shall be determined by a valuation completed by Xxxxxxx Marine, or such other appraiser reasonably satisfactory to the Administrative Agent.

Liens on Collateral. The Liens granted to the Administrative Agent securing the Obligations for the benefit of the Secured Parties shall, as set forth in the Guaranties and Collateral Documents (subject to changes in the Collateral resulting from Dispositions and substitutions of Collateral permitted hereunder pursuant to clause (c) of the definition of Permitted Dispositions and the effect of Recovery Events, and changes pursuant to Section 8.10) for the term of this Agreement be comprised of (i) a perfected first priority lien (or a preferred Ship Mortgage, as the case may be) on equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine in connection with to the execution and delivery of the Loan DocumentsClosing Date, was determined to have an orderly liquidation value (“OLV”) of at least $108,500,000, 70,000,000; (ii) a perfected second priority lien on other equipment of the Borrower and the Guarantors that as of the Closing Date, according to the appraisal performed by Xxxxxxx Marine immediately prior to the Closing Date was determined to have an OLV of at least $80,000,000 (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement), ; (iii) a perfected Lien on all intercompany receivables of the Borrower and the Subsidiary Guarantors having an equal priority to the Liens of Travelers, and having a senior priority to all other Liens and Liens; (iv) a first priority perfected lien on the Tampa Harbor Receivable and all general intangibles related to the Tampa Harbor Contract (subject only to Liens permitted by this Agreement); (v) a perfected second priority lien on all accounts receivables (other than the Tampa Harbor Receivable and the Tampa Harbor Contract) of the Borrower and the Subsidiary Guarantors arising from projects that are bonded pursuant to the Bonding Agreement (subject only to Liens permitted by this Agreement and the Liens of Travelers pursuant to the Bonding Agreement) and (vi) a perfected first priority lien on additional equipment of the Borrower and the Guarantors that as of the First Amendment Effective Date, according to the appraisal performed by Xxxxxxx Marine immediately prior to the First Amendment Effective Date, was determined to have an OLV of at least $10,000,000 (subject, but senior to, the second priority lien of Travelers on such additional collateral to the extent required by the Intercreditor Agreement).