Second Priority Lien definition

Second Priority Lien means the Liens on the Second Priority Collateral in favor of Second Priority Debt Parties under Second Priority Collateral Documents.

Second Priority Lien means the Liens on the Second Priority Collateral in favor of the Second Priority Debt Parties under the Second Priority Collateral Documents.

Second Priority Lien means any Lien created by the Second Priority Security Documents.

Examples of Second Priority Lien in a sentence

• Such security interests are to be equal in priority to security interests granted for the benefit of holders of Second Priority Lien Obligations and junior in priority to security interests granted for the benefit of holders of Indebtedness that constitutes First Priority Lien Obligations.

• The Second Lien Note obligations secured by the Second Priority Lien shall not otherwise be subordinated or postponed to the obligations of the Obligors under the Second Lien Notes collateral documents or to any other obligations secured by the First Priority Lien or the 1.5 Priority Lien.

• The Second Priority Lien ranks second in priority only to the First Priority Lien and the 1.5 Priority Lien, as set forth in and subject to the terms of the Second Lien Intercreditor Agreement.

• In addition, the Second Lien Notes are secured by the Second Priority Lien.

• The 1.5 Priority Lien ranks second in priority only to the liens securing any obligations of the Obligors pursuant to the Credit Agreement (the "First Priority Lien") and ranks ahead of the liens securing any obligations of the Obligors pursuant to the Second Lien Notes (the "Second Priority Lien"), as set forth in and subject to the terms of the Intercreditor Agreements.

More Definitions of Second Priority Lien

Second Priority Lien means any Lien on any Type of Common Collateral securing any Second Priority Obligation.

Second Priority Lien means any Lien on any assets of the Company or any other Grantor securing any Second-Priority Claims.

Second Priority Lien means any Lien on any assets of the Company or any other Grantor securing any Second Priority Claims.

Second Priority Lien means any Lien on any asset of any U.S. Loan Party that is granted under the Senior Secured Notes Security Documents and that, pursuant and subject to the provisions of the Intercreditor Agreement, is junior in priority to the Liens of the Agent in the Collateral.

Second Priority Lien means a Lien granted pursuant to a Security Document to the Collateral Agent upon any property of the Company or any Guarantor to secure Second Priority Lien Obligations.

Second Priority Lien means (a) Liens that are “Second-Priority Liens” (as defined in the Second Lien Intercreditor Agreement) under the agreements that are subject to the terms of the Second Lien Intercreditor Agreement, (b) Liens that are “Second-Priority Liens” (as defined in the 1-1/2 Lien Intercreditor Agreement) under the agreements that are subject to the terms of the 1-1/2 Lien Intercreditor Agreement, and (c) other Liens (other than Liens securing the Obligations) that are subordinated to the Liens securing the Obligations pursuant to, and otherwise subject to the terms of, any other Intercreditor Agreement (it being understood that such Liens may be senior in priority to, or pari passu with, or junior in priority to, the Liens securing the 1-1/2 Lien Notes or the Second Lien Notes).

Second Priority Lien means any Lien on any assets of any Grantor securing any Second Priority Claims.