Prior Security. Interest shall mean a valid and enforceable perfected first-priority security interest under the Uniform Commercial Code in the UCC Collateral and the Pledged Collateral which is subject only to Liens for taxes not yet due and payable to the extent such prospective tax payments are given priority by statute or Purchase Money Security Interests as permitted hereunder.
Prior Security. Interest shall mean a valid and enforceable ----------------------- perfected first priority security interest under the Uniform Commercial Code in the UCC Collateral and the Pledged Collateral, which in the case of the UCC Collateral is subject only to Liens for taxes not yet due and payable to the extent such prospective tax payments are given priority by statute or Purchase Money Security Interests as permitted hereunder. Prohibited Transaction shall mean any prohibited transaction as ---------------------- defined in Section 4975 of the Internal Revenue Code or Section 406 of ERISA for which neither an individual nor a class exemption has been issued by the United States Department of Labor. Property shall mean all real property, both owned and leased, of -------- any Loan Party.
Prior Security. Interest shall mean a valid and enforceable perfected first priority security interest under the Uniform Commercial Code in the Pledged Collateral.
Examples of Prior Security in a sentence
The Security Interest shall be a first and prior interest in all of the Collateral, provided, however, that the Security Interest shall be subordinated with respect to any Collateral that is subject to the Prior Security Interests (as defined below).
This Agreement amends and restates in full the Amended Credit and Security Agreement, with effect as of the date of this Agreement, and the parties confirm that (a) all prior actions made pursuant to the Prior Security Agreements are effective as if made under this Agreement on the date made, and (b) no provision of this Agreement is intended to result in the duplication of any such prior action by any party.
In the event of foreclosure or deed in lieu of foreclosure of Prior Security Deed or assignment of the first mortgage to the Secretary of Housing and Urban Development, any provisions herein or any provisions in any other collateral agreement restricting the use of the property or otherwise restricting the Borrower's ability to sell the Property shall have no further force or effect.
Any person (including his successors or assigns) receiving title to the Property through a foreclosure or deed in lieu of foreclosure of a Prior Security Deed shall receive title to the Property free and clear from such restrictions.
All Accounts of the Loan Parties shall be subject to the Administrative Agent’s Prior Security Interest for the benefit of the Lenders and their respective Affiliates.
More Definitions of Prior Security
Prior Security. INTEREST shall mean a valid and enforceable perfected first-priority security interest under the Uniform Commercial Code in the UCC Collateral and the Pledged Collateral which is subject only to Liens for taxes not yet due and payable to the extent such prospective tax payments are given priority by statute, Liens described under items (vii), (x) and (xi) of the definition of Permitted Liens, Liens described under items (ii) and (iv) of the definition of Permitted Liens, Liens described under item (iii) of the definition of Permitted Liens to the extent given priority under state Law, Liens set forth on SCHEDULE 8.2.2 or Purchase Money Security Interests as permitted hereunder.
Prior Security. Interest shall mean a valid and enforceable perfected first-priority security interest under the Uniform Commercial Code in the Collateral (other than the Real Property) subject only to Liens for taxes not yet due and payable to the extent such prospective tax payments are given priority by statute, obligations in connection with capital leases or Purchase Money Security Interests as permitted hereunder. Prohibited Transaction shall mean any prohibited transaction as defined in Section 4975 of the Internal Revenue Code or Section 406 of ERISA for which neither an individual nor a class exemption has been issued by the United States Department of Labor. Property shall mean all real property, both owned and leased, of any Loan Party or Subsidiary of a Loan Party.
Prior Security means any right and/or security directly or indirectly exercisable or exchangeable for, or convertible into, shares of Common Stock that was outstanding as of the Original Issue Date.
Prior Security. Interest shall mean a valid and enforceable perfected ----------------------- firstpriority security interest under the Uniform Commercial Code in the Collateral which is subject only to (i) Liens for taxes not yet due and payable to the extent such prospective tax payments are given priority by statute or (ii) Purchase Money Security Interests as permitted hereunder. Proceeds shall mean with respect to any sale of assets permitted by -------- Section 7.2.7(iv), the aggregate of (i) the cash paid to or on behalf of the Borrower, directly or indirectly, in connection therewith and (ii) the Indebtedness of the Borrower incurred or assumed by or on behalf of the purchaser, whether fixed or contingent, less the expenses incurred by the Borrower in connection with such sale. Prohibited Transaction shall mean any prohibited transaction as ---------------------- defined in Section 4975 of the Internal Revenue Code or Section 406 of ERISA for which neither an individual nor a class exemption has been issued by the United States Department of Labor. Property shall mean all real property, both owned and leased, of -------- any Borrower.
Prior Security means the Courtice Debenture, as amended by Amending Agreement No. 1 and Amending Agreement No. 3, the Courtice Supplemental Debenture, as amended by Amending Agreement No. 2 , the MRM Debenture, as amended by Amending Agreement No. 4 and the MRM Working Capital General Security Agreement and the other Security constituted by the other New Loan Documents (as defined in the Prior Loan Agreement);
Prior Security. Interest shall mean a valid and enforceable perfected prior security interest under the Uniform Commercial Code in the Collateral which is subject only to (i) Permitted Liens (other than Permitted Liens of the types described in clauses (iv), (vii) and (viii) of the definition of that term) and (ii) the prior security interest under the Uniform Commercial Code in the Accounts and Inventory of the Company and the Guarantors securing the Bank Financing Documents. Prohibited Transaction shall mean any prohibited transaction as defined in Section 4975 of the Internal Revenue Code or Section 406 of ERISA for which neither an individual nor a class exemption has been issued by the United States Department of Labor. Property shall mean all real property, both owned and leased, of any Obligor or Subsidiary of a Obligor.
Prior Security. Interest shall mean a valid and enforceable perfected first-priority security interest under the Uniform Commercial Code in the Collateral which is subject only to statutory Liens for taxes not yet due and payable and Liens of the type described in clauses (iii), (vii) and (viii) of the definition of Permitted Liens. Published Rate shall mean the most recent rate of interest published in The Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one month period as published in another publication selected by the Administrative Agent).