First Ranking Lien definition
First Ranking Lien means a first priority Lien, subject to Permitted Liens, granted to the Senior Lenders, upon any property or assets of the Company or any Guarantor, to secure the Indebtedness under the Credit Facility permitted to be incurred pursuant to Section 4.09.
First Ranking Lien means a first priority Lien, subject to Permitted Liens, granted to the Senior Lenders, upon any Property of the Company or any Guarantor, to secure the Indebtedness under the Credit Facility permitted to be incurred pursuant to Section 4.09(b)(1).
First Ranking Lien means a first priority Lien, subject to Permitted Liens, granted to the Senior Lenders, upon any Property of the Corporation or any Guarantor, to secure the Indebtedness under the Credit Facility permitted to be incurred pursuant to clause (1) of the second paragraph under “—Certain Covenants— Limitation on Indebtedness and Issuance of Disqualified Stock and Preferred Stock.”
Examples of First Ranking Lien in a sentence
Any proceeds of enforcement of the First Ranking Lien and Second Ranking Lien shall be paid over immediately to the Administrative Agent for application under Section 4.02 of the Collateral Agreement (Application of Proceeds).
More Definitions of First Ranking Lien
First Ranking Lien means any Lien granted by the Loan Parties, other than the Second Ranking Security to secure the Secured Obligations. “First Ranking Lien Beneficiaries” means the beneficiaries of any First Ranking Lien. “Prior Ranking Lien” means, in respect of any Second Ranking Lien in any Collateral, any Lien which ranks ahead of such Second Ranking Lien in such Collateral. “Second Ranking Lien” means any Lien over Collateral which is expressed to be second ranking (or any other lower ranking, such ranking to be determined on the basis of the chronological order in which such Lien is granted) and granted by a Loan Party to secure any additional commitments/new debt financing being confirmed at any time after the date hereof over any Collateral subject to a Prior Ranking Lien in accordance with Section 8.12 (Foreign Collateral Matters).