Priming Lien definition
Priming Lien means a perfected Lien encumbering the Client’s Purchased Receivables and other Client Collateral that potentially has priority over Payplant’s later in time UCC filing, and that may adversely affect the Payplant’s rights to purchase the same free and unencumbered by any then existing Lien.
Priming Lien has the meaning specified in Section 10.05(a)(iv).
Priming Lien has the meaning specified in Section 2.16(a)(iii).
Examples of Priming Lien in a sentence
To the extent that Payplant determines that a third party has filed a Priming Lien with respect to the Client’s Receivables or other Client Collateral, Client authorizes Payplant to contact the Priming Lien Holder to obtain a Priming Lien Holder Authorization and Consent to permit Client to sell its Receivables to Payplant free and clear of such Priming Lien.
The principal of and interest on, and all fees and expenses relating to, the U.S. Bank Prepetition Indebtedness shall have been paid in full through the exchange contemplated by Section 2.1 and the Priming Lien shall be in full force and effect.
More Definitions of Priming Lien
Priming Lien means the security interest in and Lien on the Fixed Assets Collateral (other than the Capital Securities of the Company) granted, or to be granted, to the Current Assets Secured Parties pursuant to the Priming Order to secure up to $40,000,000 of the Current Assets Obligations and which Lien and security interest is (or will be upon entry of the Priming Order) a first-priority security interest in and Lien on the Fixed Assets Collateral (other than the Capital Securities of the Company), subject to no other prior security interests or Liens other than Existing Leases and the Priority Lien described in clause (c) of the definition thereof.
Priming Lien means any first priority lien granted by any Prospect Party in the tangible personal property (and products and proceeds thereof) to a lender providing financing for such Prospect Party to purchase such items of tangible personal property, and any extension, refinancing, replacement or renewal thereof.
Priming Lien has the meaning given to such term in Section 2.14(a)(iv).
Priming Lien shall have the meaning to such term in Section 2.24.
Priming Lien means a security interest in and Lien on the Fixed Assets Collateral (other than the Capital Securities of the Company) granted, or to be granted, to the Current Assets Secured Parties pursuant to the Priming Order to secure up to $40,000,000 in Current Assets Obligations, which Lien and security interest is (or will be upon entry of the Priming Order) a first-priority security interest in and Lien on the Fixed Assets Collateral (other than the Capital Securities of the Company), subject to no other prior security interests or Liens other than Existing Leases and the Priority Liens described in clause (b)(ii)(B)(y) and clause (c) of the definition thereof; provided that the Current Assets Obligations secured by the Priming Lien shall not exceed $40,000,000 in the aggregate, less the aggregate amount of all permanent reductions made from time to time to the Current Assets Loan Commitment Amount pursuant to Section 3.1.2(b).
Priming Lien means a Lien or other obligation described in clause (a), (b), (d) or (e) of the definition of "Permitted Prior Liens."