Lien Subordination definition

Lien Subordination. The liens securing the Second Lien Obligations (the “Second Priority Liens”) shall be expressly junior and subordinated in all respects to the liens securing the First Lien Obligations (the “First Priority Liens”), irrespective of the time, order or method of creation, attachment or perfection of such Second Priority Liens or First Priority Liens or any failure, defect or deficiency or alleged failure, defect or deficiency in any of the foregoing.

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Lien Subordination. The Second Priority Senior Secured Notes will be junior in priority, operation and effect at all times and under all circumstances to the security interests of the First Priority Senior Secured Notes and any enforcement of the second priority lien and any payment of the Second Priority Senior Secured Notes from the collateral securing the Second Priority Senior Secured Notes shall be subject to the prior payment in full of the First Priority Senior Secured Notes. Subject to Section I of this Term Sheet under the caption "Loral Transponders", the proceeds of the Shared Collateral will be applied to satisfy all outstanding obligations under the First Priority Senior Secured Notes prior to any proceeds being applied to any obligations under the Second Priority Senior Secured Notes. The First Priority Senior Secured Notes and the Second Priority Senior Secured Notes will be structurally senior to all unsecured indebtedness of SATMEX by virtue of their lien rights.

Lien Subordination means that certain Lien Subordination Acknowledgement, among the Administrator, Borrower and KCSM, substantially in the form of Exhibit H.

Examples of Lien Subordination in a sentence

• Capitalized terms used herein but not otherwise defined herein shall have the meaning assigned to such terms in the Junior Lien Subordination and Intercreditor Agreement.

• Reference is made to the Lien Subordination and Intercreditor Agreement dated as of June 9, 2008, among General Electric Capital Corporation, as Collateral Agent for the Revolving Facility Secured Parties referred to therein, U.S. Bank National Association, as Trustee and as Noteholder Collateral Agent, Ply Gem Holdings, Inc., Ply Gem Industries, Inc.

• The foregoing provisions are intended as an inducement to the First Lien Secured Parties (as defined in the Lenders Lien Subordination and Intercreditor Agreement) to extend credit to The Goodyear Tire & Rubber Company and its subsidiaries, and such First Lien Secured Parties are intended third party beneficiaries of such provisions and the provisions of the Lenders Lien Subordination and Intercreditor Agreement.

• The Junior Lien Subordination and Intercreditor Agreement is hereby incorporated herein by reference.

• In consultation with Tenant, Landlord shall develop a request for proposals and solicit competitive bids from licensed contractors for the construction of and/or design-build of the Base Building Work.

• Each Lender hereby agrees, solely for the benefit of Agent, that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement, Third Lien Subordination Agreement or any Subordinated Debt Subordination Agreement.

• All communications and notices hereunder shall be in writing and given as provided in Section 8.11 of the Junior Lien Subordination and Intercreditor Agreement.

• Each Lender hereby agrees, solely for the benefit of Agent, that it will be bound by and will take no actions contrary to the provisions of the ABL Intercreditor Agreement, Third Lien Subordination Agreement or any Subordinated Debt Subordination Agreement.

• Except as expressly supplemented hereby, the Junior Lien Subordination and Intercreditor Agreement shall remain in full force and effect.

• Each Registration Statement shall contain the “Plan of Distribution” section in substantially the form attached hereto as Exhibit D.

More Definitions of Lien Subordination

Lien Subordination shall have the meaning provided in Section 14.01(e).

Lien Subordination means that one lender (junior lender) agrees that its lien on property, which is shared collateral with the other lender (senior lender), is subordinate to the lien of the senior lender. Importantly, the relative priority of each lender’s lien on the shared collateral applies whether or not the lien is perfected, subject to avoidance, • Payment subordination is where the subordinated (junior) lender agrees to defer payment of some or • The distinction between lien subordination and payment subordination is material. ― If the transaction involves payment subordination, the junior debt is subordinated in right of payment to the senior debt, and the senior lender continues to receive payments that would otherwise belong to the junior lender until it is paid in full.

Lien Subordination. Loan Obligations", "Purchase Date", "Purchase Notice", "Purchasing Lender", "Required B Term Loan Lenders", "Required Senior Lenders", "Senior Creditors", "Senior Lenders", "Senior Loan Maturity Date", "Senior Loan Obligations", "Senior Loans", "Senior Obligations", "Triggering Event" and "Triggering Event Notice" and (ii) inserting in the appropriate alphabetical order the following new definitions:

Lien Subordination means that certain Lien Subordination Agreement between Senior Creditor and Subordinated Creditor of even date herewith.