Replacement Liens definition

Replacement Liens with respect to any Lien, any modification, replacement, renewal or extension of such Lien; provided that (i) such modification, replacement, renewal or extension of such Lien does not extend to any additional property other than (A) after-acquired property (to the extent such after-acquired property would have been subject to such Lien prior to such modification, replacement, renewal or extension) and (B) proceeds and products thereof, and (ii) any Indebtedness secured by such Liens is permitted by Section 6.2.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Replacement Liens means, with respect to any Lien, any modification, replacement, renewal or extension of such Lien; provided that (i) such modification, replacement, renewal or extension of such Lien does not extend to any additional property other than (A) after-acquired property (to the extent such after-acquired property would have been subject to such Lien prior to such modification, replacement, renewal or extension) and (B) proceeds and products thereof, and (ii) any Indebtedness secured by such Liens is permitted by Section 6.01.

Replacement Liens shall have the meaning set forth in the Approval Order.

Examples of Replacement Liens in a sentence

• The Debtors shall execute and deliver to the DIP Secured Parties and the Pre-Petition Secured Parties all such financing statements, mortgages, notices and other documents as the DIP Secured Parties and the Pre-Petition Secured Parties may reasonably request to evidence, confirm, validate or perfect, or to insure the contemplated priority of, the DIP Liens and the Pre-Petition Replacement Liens granted pursuant hereto.

• After the entry of the Interim Order and pursuant to and to the extent provided in the Interim Order and the Final Order, the Obligations will be secured by a valid and perfected first priority Lien on all of the Collateral, subject, as to priority only, to the Carve-Out, the Prepetition Lenders’ Replacement Liens and Permitted Liens.

• The Pre-Petition Banks shall share such Replacement Liens in the same priority as they did pre-petition.

• Such Replacement Liens shall be subject to the fees and expenses referred to in clauses (i), (ii) and (iii) of subsection 2.16, the Liens set forth on Schedule 2.16 and the First Priority Liens on the Collateral securing the DIP Obligations.

• The security interests securing the DIP Obligations, as granted in subsection 2.16, and the Replacement Liens, as granted in subsection 6.8, shall be deemed perfected without Borrowers, DIP Agent, DIP Lenders, Prepetition Agent or Prepetition Lenders taking any action whatsoever.

More Definitions of Replacement Liens

Replacement Liens means (a) with respect to the Pre-Petition BMO Credit Facilities, the replacement Liens granted to the Pre-Petition BMO Agent on all Collateral for and to the extent of the post-petition use of Pre-Petition BMO Collateral and proceeds thereof and for any post-petition diminution in value of Pre-Petition BMO Collateral, and (b) with respect to the Pre-Petition CoBank Credit Facilities, the replacement Liens granted to the Pre-Petition CoBank Agent on all Collateral for and to the extent of the post-petition use of Pre-Petition CoBank Collateral and proceeds thereof and for any post-petition diminution in value of Pre-Petition CoBank Collateral

Replacement Liens shall have the meaning set forth in Section 9(b) of this Agreement.

Replacement Liens means SHL’s Liens in the Collateral granted pursuant to the Financing Order.

Replacement Liens has the meaning set forth in Section 6.8.

Replacement Liens shall have the meaning assigned to such term in the Final Order.

Replacement Liens means First Priority Liens in the DIP Collateral granted to the Prepetition First Priority Lender pursuant to this Order, subject only to Postpetition Liens, Carveout, and Permitted Liens.

Replacement Liens as defined in the Interim Order or, following entry of the Final Order, the Final Order.