Junior Lien Loan definition

Junior Lien Loan means a secured loan that (i) is not subordinated in right of payment by its terms to unsecured indebtedness of the obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations), but which is subordinated (with respect to liquidation preferences with respect to pledged collateral) to another secured obligation of the obligor with respect to all or a portion of the collateral securing such secured loan and (ii) is not secured by a valid first priority lien or security interest (but is secured by a valid second priority perfected lien or security interest) on specified assets securing the obligor's obligations with respect to such loan, which specified assets do not consist solely of intangibles issued by the obligor or any of its affiliates.
Sample 1
Junior Lien Loan means any assignment of or Participation Interest in or other interest in a loan (including a Synthetic Security that references such a loan) which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the related obligor, other than a Senior Secured Loan, (ii) is secured by a valid second priority perfected security interest or lien in, to or on specifically identified property of the related obligor, subject to customary permitted liens (whether or not the Issuer and any other lenders are also granted a security interest of a higher or lower priority in any additional property of the related obligor that is specifically identified), (iii) is secured by specifically identified property of the related obligor having a value (determined as set forth below) not less than the outstanding principal balance of such loan plus the aggregate outstanding principal balance of all other loans of equal or higher seniority secured by the same specifically identified property, and (iv) does not qualify as a Senior Secured Loan. The determination as to whether condition (iii) of this definition is satisfied shall be based on the Manager’s judgment at the time such loan is included in the Assets.
Sample 1
Junior Lien Loan means a secured loan (i) that is not subordinated in right of payment by its terms to unsecured indebtedness of the obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations), but which is subordinated to another secured obligation of the obligor secured by all or a portion of the collateral securing such secured loan; (ii) that is secured by a valid second priority perfected security interest or lien in, to or on specified collateral securing the obligor's obligations under such secured loan; and (iii) with respect to which the value of the collateral securing such secured loan, together with other attributes of the obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the reasonable business judgment of the Collateral Manager) to repay such secured loan in accordance with its terms, and to repay all other loans of equal or higher seniority secured by a first or second lien or security interest in the same collateral.
Sample 1

Examples of Junior Lien Loan in a sentence

  • This Agreement, the Senior Lien Loan Documents and the Junior Lien Loan Documents represent the entire agreement of the Grantors, the Senior Lien Claimholders and the Junior Lien Claimholders with respect to the subject matter hereof and thereof, and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.

  • This is a continuing agreement of lien subordination and the Senior Lien Claimholders may continue, at any time and without notice to the Junior Lien Collateral Agent or any other Junior Lien Claimholder subject to the Junior Lien Loan Documents, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor constituting Senior Lien Obligations in reliance hereof.

  • Except as otherwise provided herein, the Junior Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Junior Lien Loan Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate.

  • The Senior Lien Collateral Agent, on behalf of itself and each other Senior Lien Claimholder, acknowledges and agrees that none of the Junior Lien Collateral Agent or any other Junior Lien Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Junior Lien Loan Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.

  • In the event of any conflict between the provisions of this Agreement and the provisions of the Senior Lien Loan Documents or the Junior Lien Loan Documents, the provisions of this Agreement shall govern and control.

  • If any of the First Lien Collateral Agent, the Second Lien Collateral Agent or the Junior Lien Collateral Agent resigns or is replaced pursuant to the Senior Lien Loan Documents or the Junior Lien Loan Documents, as applicable, its successor and/or assign shall be deemed to be a party to this Agreement and shall have all the rights of, and be subject to all the obligations of, this Agreement.

  • Junior Lien Loan on Residence – There were $15.4 million of loans secured by junior liens on residences of which 78.5 percent were for consumer purposes and the remaining 21.5 percent were for commercial business purposes.

  • The ability to raise up to $500 million more than $1.25 billion under the Working Capital Facility is contemplated in the Junior Lien Loan Agreement authorized by the Confirmation Order.

  • The 2016 Senior Loan, as evidenced, by the 2016 Senior Note, the UCCS Junior Lien Loan Agreement, the Developer Junior Lien Note and the City Junior Lien MOU are permitted, notwithstanding any provision of this Section 4.04.

  • As between the Company and the other Grantors and the Junior Lien Claimholders, the foregoing provisions will not limit or otherwise affect the obligations of the Company and the Grantors contained in any Junior Lien Loan Document with respect to the incurrence of additional Senior Lien Obligations.


More Definitions of Junior Lien Loan

Junior Lien Loan means any assignment of or Participation Interest in or other interest in a loan (including a Synthetic Security that references such a loan) that is secured by a valid and perfected
Sample 1

Related to Junior Lien Loan

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Junior Loan has the meaning provided in the Recitals hereto.

  • Junior Lien Indebtedness means any Indebtedness (other than any ABL Facility) that is secured by a junior Lien to the Lien securing the Secured Obligations and that was permitted to be incurred and so secured hereunder.

  • Junior Lien Debt means Indebtedness incurred by a Covenant Entity that is secured by a Lien that is junior to the Lien on the Collateral securing the Obligations.

  • Junior Lien Obligations means Junior Lien Debt and all other Obligations in respect thereof.

  • Second Lien Loans means “Loans” under and as defined in the Second Lien Credit Agreement.

  • Senior Lien Obligations means all revenue bonds and other obligations of the RECIPIENT outstanding on the date of execution of this loan agreement (or subsequently issued on a parity therewith, including refunding obligations) or issued after the date of execution of this loan agreement having a claim or lien on the Gross Revenue of the Utility prior and superior to the claim or lien of the loan, subject only to Maintenance and Operation Expense.

  • Senior Loan has the meaning provided in the Recitals hereto.

  • Senior Lien means the Liens on the Senior Collateral in favor of the Senior Secured Parties under the Senior Collateral Documents.

  • Junior Lien means a Lien granted by a security document to the Collateral Trustee, at any time, upon any Collateral to secure Junior Lien Obligations.

  • Junior Lien Intercreditor Agreement means an intercreditor agreement in form and substance reasonably satisfactory to the Administrative Agent between the Administrative Agent and one or more collateral agents or representatives for the holders of Indebtedness that is secured by a Lien on the Collateral ranking junior to the Liens of the Loan Documents.

  • First Lien Loans means the loans made under the First Lien Credit Agreement.

  • Permitted Junior Priority Refinancing Debt means secured Indebtedness (including any Registered Equivalent Notes) incurred by the Parent Borrower, and if applicable, any Co-Borrower, in the form of one or more series of junior priority secured notes or junior priority secured loans; provided that (i) such Indebtedness is secured by the Collateral on a second priority (or other junior priority) basis to the liens securing the Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt and is not secured by any property or assets of a Borrower or any Restricted Subsidiary other than the Collateral, (ii) such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Obligations and the obligations in respect of any Permitted First Priority Refinancing Debt, notwithstanding any provision to the contrary contained in the definition of “Credit Agreement Refinancing Indebtedness,” (iii) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of the Intercreditor Agreements, (iv) such Indebtedness does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (except customary asset sale or change of control provisions that provide for the prior repayment in full of the Loans and all other Obligations), in each case prior to 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, (v) such Indebtedness is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Co-Borrowers or Guarantors and (vi) the security agreements relating to such Indebtedness are substantially the same as or more favorable to the Loan Parties than the Collateral Documents (with such differences as are reasonably satisfactory to the Agent). Permitted Junior Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Junior Lien Documents means, collectively, all indentures, credit agreements, loan documents, notes, guarantees, instruments, documents and agreements governing or evidencing, or executed or delivered in connection with, each Junior Lien facility, or pursuant to which Junior Lien Debt is incurred and the documents pursuant to which Junior Lien Obligations are granted.

  • Subordinated Loan has the meaning set forth in Section 1.2(a) of the Agreement.

  • Junior Liens means Liens on the Collateral that are junior to the Liens thereon securing the Term B Loans (and other Loan Obligations that are pari passu with the Term B Loans) pursuant to a Permitted Junior Intercreditor Agreement (it being understood that Junior Liens are not required to be pari passu with other Junior Liens, and that Indebtedness secured by Junior Liens may have Liens that are senior in priority to, or pari passu with, or junior in priority to, other Liens constituting Junior Liens).

  • Junior Priority Obligations means the Original Second Lien Obligations and any Additional Obligations constituting Junior Priority Debt.

  • Senior Secured Loan means any interest in a loan, including any assignment of or participation in or other interest in a loan, that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital Lien and customary waterfall provisions contained in the applicable loan agreement), (ii) is secured by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable credit agreement that are reasonable for similar loans, and liens accorded priority by law in favor of any Governmental Authority) or (b)(1) validly perfected and second priority in the accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts and any other assets securing any Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on such assets a "Permitted Working Capital Lien") and (2) validly perfected and first priority (subject to liens for taxes or regulatory charges and any other liens permitted under the related underlying instruments that are reasonable and customary for similar loans) in all other collateral under Applicable Law, and (iii) the Portfolio Manager determines in good faith that the value of the collateral for such loan (including based on enterprise value) on or about the time of acquisition equals or exceeds the outstanding principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by a first priority Lien over the same collateral. For the avoidance of doubt, debtor-in-possession loans and FLLO Loans shall constitute Senior Secured Loans.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Junior Lien Priority means Indebtedness that is secured by a Lien on the Collateral that is junior in priority to the Liens on the Collateral securing the First Lien Note Obligations and is subject to a Junior Lien Intercreditor Agreement (it being understood that junior Liens are not required to rank equally and ratably with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are senior in priority to, or rank equally and ratably with, or junior in priority to, other Liens constituting junior Liens).

  • Term Loan Collateral means all assets, whether now owned or hereafter acquired by any Loan Party, in which a Lien is granted or purported to be granted to any Term Loan Secured Party as security for any Term Loan Obligation.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • First Lien Last Out Loan means a loan that, prior to an event of default under the applicable Related Contract, is entitled to receive payments pari passu with other senior secured loans of the same Obligor, but following an event of default under the applicable Related Contract, such Collateral Loan becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.

  • Subordinate Lender means the person or entity named as such in the first paragraph of this Agreement and any other person or entity who becomes the legal holder of the Subordinate Note after the date of this Agreement.