Lien Discharge definition

Lien Discharge means, with respect to a Lien (which is not a Permitted Lien) affecting all or any portion of Vendor’s Partnership Units or Vendor’s interest in the Partnership Assets, one or more registrable discharges executed by the holder of such Lien which result in a discharge of such Lien; provided that, to the extent of any Lien affecting all or any portion of Vendor’s Partnership Units or Vendor’s interest in the Partnership Assets that is not specifically registered against or in respect of any such Vendor’s Partnership Units or Partnership Assets, a letter of no interest executed by the holder of such Lien wherein the holder acknowledges it has no interest in any Vendor’s Partnership Units or Partnership Assets shall be deemed to be a Lien Discharge.
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Examples of Lien Discharge in a sentence

  • Unsecured Finance Parties) or until the later of the Senior Secured Discharge Date and the Second Lien Discharge Date has occurred or unless an Instructing Group otherwise agrees.

  • This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Lien Discharge Date shall have occurred.

  • If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto until such time as the First Lien Discharge Date shall have fully and finally occurred with respect to all such reinstated First Lien Obligations.

  • The Second Lien Trustee, on behalf of itself and the Second Lien Creditors, hereby agrees that it shall not exercise any rights of subrogation they may acquire as a result of any payment hereunder prior to the occurrence of the First Lien Discharge Date.

  • All Credit Facility Liens in respect of any Collateral shall be and remain (until the Credit Facility Lien Discharge Date) senior in right, priority, operation, effect and in all other respects to the Noteholder Liens, whether or not such Credit Facility Liens are subordinated to any lien securing any other obligation of Parent, the Company or the other Grantors.

  • So long as the First Lien Discharge Date has not occurred, the parties hereto agree that no Loan Party shall grant or permit, and no Second Lien Creditor shall acquire or hold, any Lien on any assets of any Loan Party securing any Second Lien Obligation which assets are not also subject to a Senior Lien granted pursuant to the First Lien Documents in favor of the First Lien Agent for the benefit of the First Lien Creditors securing the First Lien Obligations.

  • The failure of the Second Lien Discharge Date to occur prior to a date that is within thirty (30) days of the Effective Date shall result in an Event of Default under the Credit Agreement.

  • A Lien Discharge Date, the Majority Tranche C Lenders may exercise any of its rights or remedies with respect to the DIP Collateral after the termination of the Standstill Period to the extent permitted by Section 3.02(c)Section 3.02(c) above, subject to the rights of any holders of any Permitted Priority Liens on such DIP Collateral.

  • If a Lien is filed by any Sub-Subcontractor, the Subcontractor shall, at its cost, immediately take the steps set forth in Appendix I - Lien Discharge Process to discharge such Lien, failing which ▇▇▇▇▇▇ ▇▇▇▇▇ may, on giving the Subcontractor Notice, take such steps and set off any and all costs incurred in respect thereto against the Subcontractor.

  • So long as the Senior Lien Discharge Date has not occurred, the parties hereto agree that no Loan Party shall grant or permit, and the Junior Creditor shall not acquire or hold, any Lien on any asset of any Loan Party securing any Junior Lien Obligation which asset is not also subject to a Lien granted pursuant to the Senior Lien Documents in favor of the Senior Agents for the benefit of their respective Senior Creditors securing the Senior Lien Obligations.

Related to Lien Discharge

  • New discharger means any building, structure, facility, or installation: (A) From which there is or may be a new or additional discharge of pollutants at a site at which on October 18, 1972, it had never discharged pollutants; (B) Which has never received a finally effective NPDES permit for discharges at that site; and (C) Which is not a “new source”. This definition includes an indirect discharger, which commences discharging into waters of the United States. It also includes any existing mobile point source, such as an offshore oil drilling rig, seafood processing vessel, or aggregate plant that begins discharging at a location for which it does not have an existing permit.

  • Illicit discharge means any discharge to the municipal separate storm sewer system that is not composed entirely of stormwater and not specifically exempted under §14-507(2).

  • Direct discharge means the discharge of a pollutant.

  • Final Discharge Date means the date on which the Security Trustee notifies the Issuer and the Transaction Creditors that it is satisfied that all the Secured Obligations and/or all other moneys and other liabilities due or owing by the Issuer have been paid or discharged in full.

  • Indirect discharge means the introduction of pollutants into a POTW from any non-domestic source regulated under section 307(b), (c) or (d) of the Act.