Purchase-Money Security Interests and Equipment Leases Sample Clauses

Purchase-Money Security Interests and Equipment Leases. Notwithstanding any other provision hereof regarding the creation of Liens, Lessee may (a) grant priority purchase money security interests in items of Tangible Personal Property, (b) lease Tangible Personal Property from equipment lessors as long as: (i) the aggregate value of such Tangible Personal Property shall not exceed TWO HUNDRED THOUSAND DOLLARS ($200,000) or (ii) (A) the secured party or equipment lessor enters into an intercreditor agreement with, and satisfactory to, Lessor, pursuant to which, without limiting the foregoing, (1) Lessor shall be afforded the option of curing defaults and the option of succeeding to the rights of Lessee and (2) Lessor's security interest in Tangible Personal Property shall be subordinated to the security interest granted to such secured party, (B) all of the terms, conditions and provisions of the financing, security interest or lease are reasonably acceptable to Lessor, (C) Lessee provides a true and complete copy, as executed, of each such purchase money security agreement, financing document and equipment lease and all amendments thereto and (D) no such security interest, financing agreement or lease is cross-defaulted or cross-collateralized with any other obligation. Security interests granted by Lessee in full compliance with the provisions of this Section 6.1.2 are referred to as "Permitted Prior Security Interests".
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Purchase-Money Security Interests and Equipment Leases. Notwithstanding any other provision hereof regarding the creation of Liens, but subject to Section 11.3.2, the Lessee may grant priority purchase money security interests in items of Tangible Personal Property or lease Tangible Personal Property from equipment lessors without the consent of the Lessor as long as the total amount of the obligations of the Lessee outstanding in connection therewith do not exceed ONE HUNDRED THOUSAND DOLLARS ($100,000) in the aggregate and the Lessee may grant purchase money security interests in Tangible Personal Property and lease Tangible Personal Property from equipment lessors in excess of such limit, as long as, in each instance, (i) the secured party or equipment lessor enters into an intercreditor agreement with, and satisfactory to, the Lessor, pursuant to which, without limiting the foregoing, (x) the Lessor shall be afforded the option of curing defaults and the option of succeeding to the rights of the Lessee and (y) the Lessor's security interest in Tangible Personal Property shall be subordinated to the security interest granted to such secured party, (ii) all of the terms, conditions and provisions of the purchase money security agreements or equipment leases evidencing the financing arrangement are reasonably acceptable to the Lessor, (iii) promptly after the execution thereof, the Lessee provides to the Lessor true and complete copies, as executed, of all such purchase money security agreements and equipment leases (and all amendments thereto) and (iv) no such purchase money security interest or equipment lease shall be cross-defaulted or cross-collateralized with any other obligation. Security interests granted by the Lessee in full compliance with the provisions of this Section 6.1.2 are referred to as "Permitted Prior Security Interests."
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Purchase-Money Security Interests and Equipment Leases. Notwithstanding any other provision hereof regarding the creation of Liens, but subject to Section 11.3.8, the Lessee may (a) grant priority purchase money security interests in items of Tangible Personal Property and (b) lease Tangible Personal Property from equipment lessors, as long as in each instance where the aggregate amount of such purchase money security interests and equipment leases will exceed TWO HUNDRED THOUSAND and NO/100 DOLLARS ($200,000.00): (i) all of the terms, conditions and provisions of the purchase money security agreements or equipment. leases evidencing the financing arrangement are reasonably acceptable to the Lessor; (ii) promptly after the execution thereof, the Lessee provides to the Lessor true and complete copies, as executed, of all such purchase money security agreements and equipment leases (and all amendments thereto); (iii) no such purchase money security interest or equipment lease shall be cross-defaulted or cross-collateralized with any other obligation other than a purchase money security interest or equipment lease entered into by the Lessee involving Tangible Personal Property and the same secured party or equipment lessor, as applicable; (iv) the secured party or equipment lessors enter into an intercreditor agreement with, and satisfactory to, the Lessor, pursuant to which, without limiting the foregoing: (x) the Lessor shall be afforded the option of curing defaults and the option of succeeding to the rights of the Lessee; (y) the Lessor's security interest in Tangible Personal Property shall be subordinated to the security interest granted to such secured party; and (z) the secured party or equipment lessor is not a member of the Leasing Group or an Affiliate of any member of the Leasing Group. Security interests granted by the Lessee in full compliance with the provisions of this Section 6.1.2 are referred to as "Permitted Prior Security Interests".
Sample 1
Purchase-Money Security Interests and Equipment Leases. Notwithstanding any other provision hereof regarding the creation of Liens, the Lessee may (a) grant priority purchase money security interests in items of Tangible Personal Property, (b) lease Tangible Personal Property from equipment lessors and (c) grant security interests in Receivables to institutional lenders. Security interests granted by the Lessee in full compliance with the provisions of this Section 6.1.2 are referred to as "Permitted Prior Security Interests."
Sample 1
Purchase-Money Security Interests and Equipment Leases. Lessee may (a) grant priority purchase money security interests in items of Tangible Personal Property and (b) lease Tangible Personal Property from equipment lessors as long as in each instance: (i) the secured party or equipment lessor enters into an intercreditor agreement with, and satisfactory to, Lessor, pursuant to which, without limiting the foregoing, (x) Lessor shall be afforded the option of curing defaults and the option of succeeding to the rights of Lessee and (y) Lessor's security interest in Tangible Personal Property shall be subordinated to the security interest granted to such secured party, (ii) all of the terms, conditions and provisions of the financing, security interest or lease are reasonably acceptable to Lessor, (iii) Lessee provides a true and complete copy, as executed, of each such purchase money security agreement, financing document and equipment lease, (iv) no such security interest, financing agreement or lease is cross-defaulted or cross-collateralized with any other obligation and (v) the secured party or equipment lessor is not a member of the Leasing Group or an Affiliate of any member of the Leasing Group. Security interests granted by Lessee in full compliance with the provisions of this Section 6.1.2 are referred to as "Permitted Prior Security Interests".
Sample 1
Purchase-Money Security Interests and Equipment Leases. Notwithstanding any other provision hereof regarding the creation of Liens, but subject to Section 11.3.8, the Lessee may (a) grant priority purchase money security interests in items of Tangible Personal Property, and (b) lease Tangible Personal Property from equipment lessors, as long as in each instance: (i) the other secured party or equipment lessor enters into an intercreditor agreement with, and satisfactory to, the Lessor, pursuant to which, without limiting the foregoing, (1) the Lessor shall be afforded the option of curing defaults and the option of succeeding to the rights of the Lessee, (2) the Lessor's security interest in Tangible Personal Property shall be subordinated to the security interest granted to such secured party, (ii) all of the terms, conditions and provisions of the purchase money security agreements or equipment leases evidencing the financing arrangement are reasonably acceptable to the Lessor, (iii) promptly after the execution thereof, the Lessee provides to the Lessor true and complete copies, as executed, of all such purchase money security agreements and equipment leases (and all amendments
Sample 1

Related to Purchase-Money Security Interests and Equipment Leases

  • Maintenance of Security Interests in Financed Equipment The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuing Entity and the Indenture Trustee in the event of the relocation of the Financed Equipment or for any other reason.

  • Real Property Interests Except for leasehold interests disclosed on Schedule 3.20, and except for the ownership or other interests set forth on Schedule 3.20, no Credit Party has, as of the Closing Date, any ownership, leasehold or other interest in real property. Schedule 3.20 sets forth, with respect to each parcel of real estate owned by any Credit Party as of the Closing Date, the address and legal description of such parcel.

  • Permitted Liens; Title Insurance Each Mortgaged Property securing a Mortgage Loan is covered by an American Land Title Association loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction (or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy or a “marked up” commitment, in each case with escrow instructions and binding on the title insurer) (the “Title Policy”) in the original principal amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority lien of the Mortgage (which lien secures the related Whole Loan, in the case of a Mortgage Loan that is part of a Whole Loan), which lien is subject only to (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record specifically identified in the Title Policy; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy; (d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property; (f) if the related Mortgage Loan constitutes a Crossed Underlying Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Crossed Mortgage Loan Group, and (g) condominium declarations of record and identified in such Title Policy, provided that none of clauses (a) through (g), individually or in the aggregate, materially and adversely interferes with the value or principal use of the Mortgaged Property, the security intended to be provided by such Mortgage, or the current ability of the related Mortgaged Property to generate net cash flow sufficient to service the related Mortgage Loan or the Mortgagor’s ability to pay its obligations when they become due (collectively, the “Permitted Encumbrances”). For purposes of clause (a) of the immediately preceding sentence, any such taxes, assessments and other charges shall not be considered due and payable until the date on which interest and/or penalties would be payable thereon. Except as contemplated by clause (f) of the second preceding sentence none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate and co-equal with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Mortgage Loan Seller thereunder and no claims have been paid thereunder. Neither the Mortgage Loan Seller, nor to the Mortgage Loan Seller’s knowledge, any other holder of the Mortgage Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy. Each Title Policy contains no exclusion for, or affirmatively insures (except for any Mortgaged Property located in a jurisdiction where such affirmative insurance is not available in which case such exclusion may exist), (a) that the Mortgaged Property shown on the survey is the same as the property legally described in the Mortgage and (b) to the extent that the Mortgaged Property consists of two or more adjoining parcels, such parcels are contiguous.

  • Assets Other than Real Property Interests The Company and the Company Subsidiaries have good and valid title to all of their respective properties and assets, in each case free and clear of all Liens, except (i) mechanics', carriers', workmen's, repairmen's or other like Liens arising or incurred in the ordinary course of business relating to obligations that are not delinquent or that are being contested by the Company or a Company Subsidiary and for which the Company or a Company Subsidiary has established adequate reserves, (ii) Liens for Taxes that are not due and payable or that may thereafter be paid without interest or penalty, (iii) Liens that secure debt obligations that are reflected as liabilities on the balance sheet of the Company and its consolidated subsidiaries as of December 31, 2003 contained in the Filed Company SEC Documents and the existence of which is referred to in the notes to such balance sheet, (iv) Liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered into in the ordinary course of business and (v) other imperfections of title or encumbrances, if any, that, individually or in the aggregate, do not materially impair, and would not reasonably be expected materially to impair, the continued use and operation of the assets to which they relate in the conduct of the business of the Company and the Company Subsidiaries as presently conducted. This Section 3.14 does not relate to real property or interests in real property, such items being the subject of Section 3.15, or to Intellectual Property, such items being the subject of Section 3.19.

  • Maintenance of Security Interests in Financed Vehicles The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuing Entity and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any other reason.

  • Purchase Money Debt (a) Debt (other than the Obligations) for payment of any of the purchase price of fixed assets; (b) Debt (other than the Obligations) incurred within 10 days before or after acquisition of any fixed assets, for the purpose of financing any of the purchase price thereof; and (c) any renewals, extensions or refinancings (but not increases) thereof.

  • Security Interests in Collateral To secure their Obligations under this Agreement and the other Loan Documents, the Loan Parties shall grant to the Collateral Agent, for its benefit and the ratable benefit of the other Secured Parties, a first-priority security interest in all of the Collateral pursuant to the Security Documents.

  • Security Interest in Financed Equipment Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest in the Financed Equipment in favor of CNHICA as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Equipment in favor of CNHICA as secured party.

  • Permitted Liens Create or suffer to exist any Lien upon any of its Property, except the following (collectively, “Permitted Liens”):

  • Security Interests and Code Filings (a) Evidence satisfactory to Agent that Agent (for the benefit of itself and Lenders) has a valid and perfected first priority security interest in the Collateral, including (i) such documents duly executed by each Credit Party (including financing statements under the Code and other applicable documents under the laws of any jurisdiction with respect to the perfection of Liens) as Agent may request in order to perfect its security interests in the Collateral and (ii) copies of Code search reports listing all effective financing statements that name any Credit Party as debtor, together with copies of such financing statements, none of which shall cover the Collateral, except for those relating to the Prior Lender Obligations (all of which shall be terminated on the Closing Date).

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