Second Priority Liens definition

Second Priority Liens means all Liens on the Second Priority Collateral securing the Second Priority Claims, whether created under the Second Priority Security Documents or acquired by possession, statute (including any judgment lien), operation of law, subrogation or otherwise.

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Second Priority Liens means the Liens securing the Note Obligations.

Second Priority Liens means all Liens in favor of the Collateral Agent on Collateral securing the Second Priority Obligations.

Examples of Second Priority Liens in a sentence

• The provisions of this Article 11 are intended solely to set forth the relative ranking, as Liens, of the Second-Priority Liens as against the First-Priority Liens.

• The Second-Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to any future First-Priority Liens as set forth in Article 11 of the Indenture and in the Intercreditor Agreement.

• The Intercreditor Agreement defines the relative rights, as lienholders, of holders of Second-Priority Liens and holders of First-Priority Liens.

• If First Lien Indebtedness is Incurred, the Intercreditor Agreement will provide that the Second-Priority Liens securing the Notes and the Note Guarantees will be released on any Collateral to the extent such Collateral is disposed of in connection with the enforcement of the First-Priority Liens, provided that the Liens securing the Notes and the Note Guarantees will remain on proceeds thereof.

• These Notes and Guarantees are secured by Second-Priority Liens upon the Collateral pursuant to certain Collateral Agreements.

More Definitions of Second Priority Liens

Second Priority Liens means all Liens that secure the Second-Priority Lien Obligations.

Second Priority Liens shall have the meaning assigned to such term in the Intercreditor Agreement.

Second Priority Liens means any Liens on the Second Priority Collateral securing the Second Priority Obligations pursuant to the Second Priority Collateral Documents, this Agreement or otherwise.

Second Priority Liens means 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 Second Lien 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 any other Second Priority Liens).

Second Priority Liens means all Liens on the Second Lien Collateral to secure the Second Lien Obligations, whether created under the Second Lien Security Documents or acquired by possession, statute, operation of law, subrogation or otherwise.

Second Priority Liens means all Liens on the Second Lien Collateral securing the Second Lien Secured Obligations, whether created under the Second Lien Security Documents or acquired by possession, statute (including any judgment lien), operation of law, subrogation or otherwise.

Second Priority Liens means any Liens securing the Second-Priority Lien Obligations granted by the Company, the existing Guarantors or any future Guarantor.