Sharing of Liens Sample Clauses

Sharing of Liens. Notwithstanding (i) anything to the contrary contained in the Loan Documents or any other document executed in connection therewith, (ii) the time of incurrence of any of the Loan Obligations or the Parity Obligations, (iii) the order or method of attachment or perfection of any Liens securing the Parity Obligations, (iv) the time or order of filing or recording of financing statements, mortgages or other documents filed or recorded to perfect any Lien upon the Collateral, (v) the time of taking possession or control over any Collateral, or (vi) the rules for determining priority under any law governing relative priorities of Liens: (x) all Liens at any time granted by the Borrower or its Subsidiaries in the Collateral to secure the Loan Obligations or the Parity Obligations shall secure Equally and Ratably all liabilities of the Borrower and such Subsidiary under or in respect of the Loan Obligations or the Parity Obligations; and (y) all proceeds of the sale, collection and realization of Collateral pursuant to the exercise of the rights and remedies of the Agent and the Lenders under the Loan Documents subject to a Lien at any time granted by the Borrower or any of its Subsidiaries in the Collateral to secure the Loan Obligations or the Parity Obligations shall be allocated and distributed Equally and Ratably on account of the liabilities of the Borrower or such Subsidiary under or in respect of the Loan Obligations or the Parity Obligations.
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Sharing of Liens. If any property of the Borrower or any ---------------- Subsidiary thereof, whether now owned or hereafter acquired, is subject to any Lien not permitted by this Section 9.2, the Borrower or applicable Subsidiary will make, or will cause to be made such provision as can be made, if any, whereby the Obligations shall be substantially simultaneously secured equally and ratably with all other obligations secured by such Lien (if not already so secured) and, if such provision is not made, an equitable lien so equally and ratably securing the Obligations shall exist on such property to the full extent permitted under applicable law. Making such effective provisions shall be permitted hereunder, but shall not cure any then existing violation of this Section 9.2. -60-
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Sharing of Liens. The Collateral Agent is hereby appointed by the Secured Creditors to hold, on behalf of all of the Secured Creditors, all of the Liens granted pursuant to the Collateral Documents for the equal, ratable and PARI PASSU benefit of all of the Secured Creditors. Concurrently with acceleration of the obligations under any Credit Document, the Creditor Representative for the respective Secured Creditors party thereto, will deliver a notice thereof (a "Notice of Default") to the Collateral Agent (or, if the Obligations are deemed accelerated pursuant to Section 11.1(m) of the Revolving Loan Agreement, Section 11.1(m) of the Term Loan Agreement or any comparable provision in the Proposed Senior Financing, such Creditor Representative shall be deemed to have delivered a Notice of Default). Upon any foreclosure of the Liens under the Collateral Documents or upon any other realization of the benefits of the Collateral Documents, the Collateral Agent shall make any distribution of the proceeds thereof in accordance with Section 5.1 through the respective Creditor Representatives to the Secured Creditors in accordance with the following proportions, determined on the basis of the principal obligations outstanding to the Secured Creditors as of the date of its first receipt (or deemed receipt) of a Notice of Default:
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Sharing of Liens. (a) Notwithstanding (i) anything to the contrary contained in the Fundamental Documents, (ii) the time of incurrence of any Restructured Obligations, any series of Secured Notes or any other Pari Passu Obligations, (iii) the order or method of attachment or perfection of any Liens securing any Restructured Obligations, any series of Secured Notes or any other Pari Passu Obligations, (iv) the time or order of filing or recording of financing statements, mortgages or other documents filed or recorded to perfect any Lien upon any Shared Collateral, (v) the time of taking possession or control over any Shared Collateral or (vi) the rules for determining priority under any law governing relative priorities of Liens:
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Sharing of Liens. 63 SCHEDULES
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Related to Sharing of Liens

  • Sharing of Liability If any Underwriter defaults in its obligations: (a) pursuant to Section 5.1, 5.2 or 5.4 hereof, (b) to pay amounts charged to its account pursuant to Section 7.1, 7.2, or 8.1 hereof, or (c) pursuant to Section 9.2, 9.3, 9.4, 9.5, 9.6, or 11.1 hereof, you will assume your proportionate share (determined on the basis of the respective Underwriting Percentages of the non-defaulting Underwriters) of such obligations, but no such assumption will relieve any defaulting Underwriter from liability to the non-defaulting Underwriters, the Issuer, the Guarantor, or the Seller for its default.

  • Creation of Liens Create or suffer to exist any Lien or transfer upon or against any of its property or assets now owned or hereafter acquired, except Permitted Encumbrances.

  • Waiver of Liens To the maximum extent permitted by law, Contractor waives, and shall require its suppliers and subcontractors of any tier to waive, all liens and claims, and the right to file and enforce or otherwise assert any liens and claims, against GRTC’s facilities or any other GRTC property (real or personal) in connection with the Goods delivered and Services performed hereunder.

  • Perfection of Liens To help the Bank perfect and protect its security interests and liens, and reimburse it for related costs it incurs to protect its security interests and liens.

  • Status of Liens The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the Liabilities shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty Agreement in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any collateral for the Liabilities;

  • Subordination of Liens Notwithstanding the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection of any Liens granted to the Second-Priority Secured Parties on the Common Collateral or of any Liens granted to the Intercreditor Agent or the Senior Lenders on the Common Collateral and notwithstanding any provision of the UCC, or any applicable law or the Second-Priority Documents or the Senior Lender Documents or any other circumstance whatsoever, each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, hereby agrees that: (a) any Lien on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of the Intercreditor Agent or any Senior Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common Collateral securing any Second-Priority Claims, (b) any Lien on the Common Collateral securing any Second-Priority Claims now or hereafter held by or on behalf of the Trustee, the Collateral Agent or any Second-Priority Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims and (c) with respect to any Second-Priority Claims (and as between the Second-Priority Agents and the Second-Priority Secured Parties), the Liens on the Common Collateral securing any Second-Priority Claims now or hereafter held by or on behalf of the Trustee, the Collateral Agent or any Second-Priority Secured Party or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall rank equally and ratably in all respects. All Liens on the Common Collateral securing any Senior Lender Claims shall be and remain senior in all respects and prior to all Liens on the Common Collateral securing any Second-Priority Claims for all purposes, whether or not such Liens securing any Senior Lender Claims are subordinated to any Lien securing any other obligation of the Company, any other Grantor or any other Person.

  • Priority of Liens The Agent shall have received satisfactory evidence that (i) the Agent, on behalf of the Lenders, holds a perfected, first priority Lien on all Collateral and (ii) none of the Collateral is subject to any other Liens other than Permitted Liens.

  • Sharing of Set-Offs Each Bank agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate amount of principal and interest due with respect to any Note held by it which is greater than the proportion received by any other Bank in respect of the aggregate amount of principal and interest due with respect to any Note held by such other Bank, the Bank receiving such proportionately greater payment shall purchase such participations in the Notes held by the other Banks, and such other adjustments shall be made, as may be required so that all such payments of principal and interest with respect to the Notes held by the Banks shall be shared by the Banks pro rata; provided that nothing in this Section shall impair the right of any Bank to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of the Borrower other than its indebtedness hereunder. The Borrower agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Note, whether or not acquired pursuant to the foregoing arrangements, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of the Borrower in the amount of such participation.

  • Removal of Liens Provider shall not directly or indirectly cause, create, incur, assume or suffer to exist any mortgage, pledge, lien (including mechanics’, laborers’ or materialmen’s liens), charge, security interest, encumbrance or claim of any nature (“Liens”) on or with respect to the Site or any interest therein; provided that this Section 7.1.3 shall not limit Liens on the System. If Provider breaches its obligations under this Section, it shall immediately notify Customer in writing, shall promptly cause such Lien to be discharged and released of record without cost to Customer, and shall defend and indemnify Customer against all costs and expenses (including reasonable attorneys’ fees and court costs at trial and on appeal) incurred in discharging and releasing such Lien.

  • Sharing of Set-Off Each Lender agrees with each other Lender a party hereto that if such Lender shall receive and retain any payment, whether by set-off or application of deposit balances or otherwise, on any of the Loans or Reimbursement Obligations in excess of its ratable share of payments on all such Obligations then outstanding to the Lenders, then such Lender shall purchase for cash at face value, but without recourse, ratably from each of the other Lenders such amount of the Loans or Reimbursement Obligations, or participations therein, held by each such other Lenders (or interest therein) as shall be necessary to cause such Lender to share such excess payment ratably with all the other Lenders; provided, however, that if any such purchase is made by any Lender, and if such excess payment or part thereof is thereafter recovered from such purchasing Lender, the related purchases from the other Lenders shall be rescinded ratably and the purchase price restored as to the portion of such excess payment so recovered, but without interest. For purposes of this Section, amounts owed to or recovered by the L/C Issuer in connection with Reimbursement Obligations in which Lenders have been required to fund their participation shall be treated as amounts owed to or recovered by the L/C Issuer as a Lender hereunder.

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