Lien Event definition

Lien Event means the enforcement of, or the service of a notice to enforce, any lien (or interception of bill of lading freight) in relation to a Vessel or any freight payable by a third party in relation to a Vessel or any demurrage payable by a third party in relation to a Vessel by any third party;
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Lien Event means that the Borrower or any Guarantor has either (i) granted to a Person (other than the Lender) a lien, security interest or other encumbrance on any of the Borrower’s or such Guarantor’s assets or other property located in the United States (and, for the avoidance of doubt, the capital stock or other equity interest of a Subsidiary of the Borrower or such Guarantor shall, for purposes of this definition, be deemed located in the United States), or (ii) entered into or permit to exist any arrangement or agreement (excluding the Note and the other Loan Documents) which directly or indirectly prohibits the Borrower or any Guarantor from creating, assuming or incurring any lien, security interest or other encumbrance upon its properties, revenues or assets or those of any of its domestic Subsidiaries whether now owned or hereafter acquired, or (iii) entered into any agreement, contract or arrangement (excluding the Note and the other Loan Documents) restricting the ability of any Subsidiary of the Borrower or Guarantor to pay or make dividends or distributions in cash or kind to the Borrower or such Guarantor, to make loans, advances or other payments of whatsoever nature to the Borrower or such Guarantor, or to make transfers or distributions of all or any part of its assets to the Borrower or such Guarantor; in each case other than (x) restrictions on specific assets which assets are the subject of purchase money security interests, and (y) customary anti-assignment provisions contained in leases and licensing agreements entered into by the Borrower or such Guarantor in the ordinary course of its business and, in each of the cases set forth in (i) through (iii) above, such event continues for three (3) Business Days after written notice of such event has been provided by the Lender to the Borrower.
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Examples of Lien Event in a sentence

  • No Priority Lien Secured Party shall by any act (except by a written instrument pursuant to Section 9.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Priority Lien Event of Default.

  • Anything in this Section 7.1(a) to the contrary notwithstanding, the Collateral Agent agrees that, except as provided in Section 7.1(b), it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless a Priority Lien Event of Default shall have occurred and be continuing.

  • No First Lien Collateral Agent shall be deemed to have knowledge of any First Lien Event of Default under any First Lien Credit Documents unless and until written notice describing such First Lien Event of Default and referencing the applicable agreement is given to a Responsible Officer of such First Lien Collateral Agent by the Applicable First Lien Representative, the First Lien Representative related to the applicable First Lien Obligations or a Grantor.

  • Notwithstanding the foregoing, the Collateral Agent shall have the right upon a First Lien Event of Default, to notify, or require any Grantor to notify, any obligors with respect to any such amounts of the existence of the security interest created hereby.

  • The Second Lien Secured Creditors may take Enforcement Action under Clause 5.8 (Permitted Second Lien enforcement) in relation to a Relevant Second Lien Default even if, at the end of any relevant Second Lien Standstill Period or at any later time, a further Second Lien Standstill Period has begun as a result of any other Second Lien Event of Default.

  • Notwithstanding anything to the contrary in this Agreement or any other Secured Debt Document, the Collateral Agent shall only issue Entitlement Orders or instructions with respect to Deposit Accounts, Securities Accounts, Security Entitlements, Commodity Accounts and Commodity Contracts upon the occurrence and during the continuance of a First Lien Event of Default.

  • For the avoidance of doubt, the Deposit shall not be released by the Custodian to PBGC until PBGC asserts that a Springing Lien Event has occurred.

  • Annually (or, if a Priority Lien Event of Default has occurred and is continuing, at any time), upon the Collateral Agent’s request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Collateral Agent to furnish to the Collateral Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Receivables.

  • As of the date of the making of any Loan or the issuance, increase, renewal or extension of any Letter of Credit, as applicable, no Second Lien Default or Second Lien Event of Default shall exist under Section 9.01 of the Second Lien Credit Agreement, and the making of such Loan or issuance, increase, renewal or extension of such Letter of Credit would not cause a Second Lien Default or Second Lien Event of Default under Section 9.01 of the Second Lien Credit Agreement.

  • If a Fixed Asset Release Event has occurred but a First Lien Event has not occurred and the Co-Issuers incur Debt secured by Liens on Fixed Assets with a higher priority than the Lien on Fixed Assets granted to the Collateral Agent, the provisions of this Section 4.05 shall apply, mutatis mutandis, with respect to such Debt.