Priority Liens. All of the Obligations are secured by Liens on substantially all the assets of the Borrowers and, at all times, shall constitute administrative expenses of the Borrowers in the Bankruptcy Case with priority under Section 364(c)(1) of the Bankruptcy Code over any and all other administrative expenses of the kind specified in Sections 503(b) and 507(b) of the Bankruptcy Code, subject and subordinate only to the Professional Fee Carve Out. No other claims, except for the aforementioned, having a priority superior or pari passu to that granted to or on behalf of the Lender shall be granted or approved while any of the Obligations or the Commitment remain outstanding.
Priority Liens. The term “Priority Liens” shall mean and refer to (i) Liens on any of Debtor’s personal property the purchase price and related acquisition costs of which are financed by third-party lenders or lessors as permitted by the Credit Agreement; (ii) Liens in existence on the date any asset becomes Collateral, to the extent such asset is taken, with the express written consent of Lender, subject to such Lien; (iii) Liens that are Permitted Liens that must be perfected by possession or control and the third-party to whom such Lien is granted has possession or control of the Collateral relating thereto and such third-party has not entered into any agreement altering such priority; (iv) Liens (including tax liens) in favor of any Governmental Authority which pursuant to statute or law creating such Lien and other applicable law, have priority over the Liens granted under this Security Agreement; (v) Liens set forth on Exhibit C hereto and (vi) Liens permitted under clauses (c), (d), (e), (i) and (k) of the definition of “Ordinary Course Liens” in the Credit Agreement. GENERAL SECURITY AGREEMENT
Priority Liens. The term “Priority Liens” shall mean and refer to (i) Liens on any of Debtor’s personal property the purchase price and related acquisition costs of which are financed by third-party lender as permitted by the Credit Agreement; (ii) Liens in existence on the date any asset becomes Collateral, to the extent such asset is taken, with the express written consent of Administrative Agent, subject to such Lien; (iii) Liens that are Permitted Liens that must be perfected by possession and the third-party to whom such Lien is granted has possession of the Collateral relating thereto and such third-party has not entered into any agreement altering such priority; (iv) Liens (including tax liens) in favor of any Governmental Authority which pursuant to statute or law creating such Lien and other applicable law, have priority over the Liens granted under this Security Agreement and (v) Liens set forth on Exhibit C hereto.
Priority Liens. All of the Obligations are secured by Liens on substantially all the assets of the Borrowers and, upon entry of the Interim Order or the Final Order, as applicable, shall be valid and perfected liens on the Collateral, prior to all other Liens thereon other than Permitted Priority Liens and as otherwise provided in the Interim Order. All of the Obligations constitute administrative expenses of the Borrowers in the Chapter 11 Cases with priority under section 364(c)(1) of the Bankruptcy Code over any and all other administrative expenses of the kind specified in sections 503(b) and 507(b) of the Bankruptcy Code, subject and subordinate only to claims for Carve-Out Expenses. No other claim having a priority superior or pari passu to that granted to or on behalf of the Agents or the Lenders shall be granted or approved while any of the Obligations or the Commitments remain outstanding.
Priority Liens. (a) Each of the Loan Parties hereby covenants and agrees that upon the entry of an Interim Order (and when applicable, the Final Order) its obligations hereunder and under the Loan Documents, including all Loans and obligations in respect of Letters of Credit, and the obligations of the Borrower and its Subsidiaries under any Pari Passu Secured Swap Obligations and any Cash Management Obligations, and subject to Excluded Swap Obligations, the obligations of each Guarantor in respect of its guarantee of all of the foregoing, shall, subject to the Carve-Out and Permitted Prior Liens (other than the Primed Liens), at all times: (i) pursuant to Section 364(c)(1) of the Bankruptcy Code, be entitled to superpriority administrative expense claim status in the Case of such Loan Party (the “Superpriority Claims”); (ii) pursuant to Section 364(c)(2) of the Bankruptcy Code, be secured by a valid, binding, continuing, enforceable perfected first priority security interest and lien on the Collateral of each Loan Party (A) to the extent such Collateral is not subject to valid, perfected and non-avoidable liens as of the Petition Date and (B) excluding claims and causes of action under sections 502(d), 544, 545, 547, 548, 550 and 553 of the Bankruptcy Code (collectively “Avoidance Actions”) (it being understood that notwithstanding such exclusion of Avoidance Actions, upon entry of the Final Order, to the extent approved by the Bankruptcy Court, such lien shall attach to any proceeds of Avoidance Actions); (iii) except as otherwise provided in the immediately following clause (iv), pursuant to Section 364(c)(3) of the Bankruptcy Code, be secured by a valid, binding, continuing, enforceable junior perfected security interest and lien on the Collateral of each Loan Party to the extent that such Collateral is subject to valid, perfected and unavoidable liens in favor of third parties that were in existence immediately prior to the Petition Date, or to valid and unavoidable liens in favor of third parties that were in existence immediately prior to the Petition Date that were perfected subsequent to the Petition Date as permitted by Section 546(b) of the Bankruptcy Code (other than the existing liens that secure obligations of the applicable Loan Party under the Existing Debt, which existing liens will be primed by the liens described in clause (iv) below), subject as to priority to such liens in favor of such third parties; and (iv) pursuant to Section 364(d)(1) of the Bank...
Priority Liens. 14 Section 5.6. Cross-Default and Cross-Collateralization. 15
Priority Liens. The security interests granted to the Lender pursuant to this Section 5 shall be and shall remain of the first priority (subject only to Permitted Liens) at all times while any of the Obligations remain unpaid or unperformed.
Priority Liens. If a subordination of the Collateral Agent and Security Trustee’s Lien on any Revolving Facility Collateral is permitted (or in good faith believed by the Collateral Agent and Security Trustee to be permitted) under the Revolving Facility Documents to another Lien arising under maritime law and permitted under the Revolving Facility Documents or any other Lien with respect to which Collateral Notes Agent and Security Trustee have agreed to such other Lien in writing (a “Priority Lien”), then the Collateral Agent and Security Trustee is authorized to execute and deliver a subordination agreement with respect thereto in form and substance satisfactory to it, and the Notes Collateral Agent and Security Trustee, for itself and on behalf of the Noteholder Secured Parties, shall, upon presentation of the Collateral Agent and Security Trustee’s executed subordination agreement, promptly execute and deliver to the Collateral Agent and Security Trustee or the relevant Grantor an identical subordination agreement subordinating the Liens of the Notes Collateral Agent and Security Trustee for the benefit of the Noteholder Secured Parties to such Priority Lien.
Priority Liens. Unless an Event of Default has occurred and is continuing, the Collateral Agent shall not require the filing of intellectual property Lien filings in jurisdictions outside of the United States.
Priority Liens. If a subordination of the Collateral Agent and Security Trustee’s Lien on any Revolving Facility Collateral is permitted (or in good faith believed by the Collateral Agent and Security Trustee to be permitted) under the Revolving Facility Documents to another Lien permitted under the Revolving Facility Documents (a “Priority Lien”), then the Collateral Agent and Security Trustee is authorized to execute and deliver a subordination agreement with respect thereto in form and substance satisfactory to it.
