First Purchaser Lien definition

First Purchaser Lien means so-called “first purchaser” Lien, as defined in Texas Bus. & Com. Code Section 9.343, comparable laws of the state of Oklahoma, Kansas, Mississippi, Wyoming or New Mexico, or any other comparable law of any such jurisdiction or any other applicable jurisdiction.

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First Purchaser Lien means a statutory Lien created in connection with the sale and purchase of Petroleum Product, including the statutory Liens, if any, created under the laws of Texas, New Mexico, Wyoming, Kansas, Oklahoma, or any other state.

First Purchaser Lien means any security interest, whether or not evidenced by a filed financing statement, of any mineral interest owner against DCP or any Originator, which does or would represent a valid and enforceable first priority perfected security interest.

Examples of First Purchaser Lien in a sentence

• None of the Hydrocarbon Products owned or purchased by any Loan Party is subject to a First Purchaser Lien except as any Loan Party may have previously notified the Agent in writing and indicated on each Borrowing Base Certificate provided to the Lenders.

• None of the Petroleum Product owned or purchased by the Obligors is subject to a First Purchaser Lien except as the Obligors may have previously notified the Agent in accordance with Section 5.05(d).

• None of the Petroleum Product owned or purchased by the Borrower is subject to a First Purchaser Lien except as the Borrower may have previously notified the Agent in accordance with Section 5.3(k).

• Section 1.01 of the Financing Agreement is hereby amended by adding the following new definitions, in appropriate alphabetical order: ""Existing Term Loan Agreement" means the Amended and Restated Credit Agreement, dated as of June 22, 2006, among the Parent, as borrower, the lenders party thereto and CS, as administrative agent, as in effect on the Effective Date." ""First Purchaser Lien" means a so-called "first purchaser" Lien, as defined in Texas Bus.

• None of the Petroleum Product owned or purchased by Borrower is subject to a First Purchaser Lien except as Borrower may have previously notified Issuing Bank.

More Definitions of First Purchaser Lien

First Purchaser Lien means all accounts and inventory which are subject to a Lien securing the obligations of a “first purchaser” of oil and gas production as provided in Texas Bus. & Com. Code Section 9.343, or any other similar law in any other jurisdiction, except for inventory which has been purchased by a Borrower or any of its Subsidiaries pursuant to a Letter of Credit issued pursuant to this Agreement.

First Purchaser Lien has the meaning specified in the definition of “Borrowing Base Advance Cap.”

First Purchaser Lien means, with respect to any Receivable that arises (in whole or in part) from an Originator’s sale of oil, gas or other minerals for which such Originator was the first purchaser, (a) any Lien on such Receivable in favor of any owner or holder (or its assignees) of an interest in such oil, gas or other minerals, which Lien secures the obligations of the first purchaser of such oil, gas or other minerals, and (b) any Lien on such Receivable in favor of a Governmental Authority, which Lien secures the payment of royalties or taxes that are paid or required to be paid as a result of the first purchase of such oil, gas or other minerals. For the avoidance of doubt and as examples without limitation, Liens on Receivables that arise pursuant to Section 9-343 of the Texas UCC, Section 594.3 of the Oklahoma Oil and Gas Statute (52 OK Stat § 52-549.3 (2019)) or the New Mexico Oil and Gas Products Lien Act (NM Stat §§48-9-1 – 48-9-8 (2019)) shall constitute First Purchaser Liens.

First Purchaser Lien means, with respect to any Receivable that arises (in whole or in part) from an Originator’s sale of oil, gas or other minerals for which such Originator was the first purchaser, (a) any Lien on such Receivable in favor of any owner or holder (or its assignees) of an interest in such oil, gas or other minerals, which Lien secures the obligations of the first purchaser of such oil, gas or other minerals, and (b) any Lien on such Receivable in favor of a Governmental Authority, which Lien secures the payment of royalties or taxes that are paid or required to be paid as a result of the first purchase of such oil, gas or other minerals. For the avoidance of doubt and as examples without limitation, Liens on Receivables that arise pursuant to Section 9-343 of the Texas UCC, Section 594.3 of the Oklahoma Oil and Gas Statute (52 OK Stat § 52-

First Purchaser Lien means a "Lien" as so defined in Texas Bus. & Com. Code Section 9.343 or any comparable law.

First Purchaser Lien a so-called “first purchaser” Lien, as defined in Texas Bus. & Com. Code Section 9.343, comparable Laws of the states of North Dakota, Oklahoma, Kansas, Mississippi, Wyoming, Montana or New Mexico, or any other comparable Law of any such jurisdiction or any other applicable jurisdiction. “First Purchaser Lien Amount”: as of any date, in respect of any property of a Loan Party subject to a First Purchaser Lien, the aggregate amount of the obligations outstanding as of such date giving rise to such First Purchaser Lien, less any portion of such obligations that are secured or supported by a Letter of Credit. “Fiscal Year”: with respect to any Person, such Person’s fiscal year, which consists of a twelve (12) month period beginning on each January 1 and ending on each December 31. “Floor”: a rate of interest equal to 0.25%. “Foreign Lender”: a Lender that is not a U.S. Person. “Forward Contract”: as of any date of determination, a Commodity Contract with a delivery date or, with respect to a Commodity OTC Agreement, price settlement date, one day or later after such date of determination. “Forward Contract Counterparty”: any counterparty to a Forward Contract of any Loan Party. “Futures Contracts”: contracts for making or taking delivery of Eligible Commodities that are traded on a market-recognized commodity exchange, which such contracts

First Purchaser Lien means a so-called "first purchaser" lien, as defined in Texas Bus. & Com. Code Section 9.343, comparable laws of the states of Oklahoma, Kansas, Mississippi, Wyoming or New Mexico, or any other comparable law.