Second Ranking Lien definition
Second Ranking Lien means a Lien upon any Property of the Company or any Restricted Subsidiary granted to secure the Notes and the Note Guarantees and any other obligations permitted to be incurred pursuant to clause (2) of Section 4.09(b), which Lien ranks second in priority to any First Ranking Lien on such Property, subject to Permitted Liens.
Second Ranking Lien means a Lien upon any Property of the Corporation or any Restricted Subsidiary granted to secure the Notes and the Note Guarantees and any other obligations permitted to be incurred pursuant to clause (2) of the second paragraph under “—Certain Covenants— Limitation on Indebtedness and Issuance of Disqualified Stock and Preferred Stock”, which Lien ranks second in priority to any First Ranking Lien on such Property, subject to Permitted Liens.
Second Ranking Lien means any Lien over Collateral which is expressed to be second ranking (or any other lower ranking, such ranking to be determined on the basis of the chronological order in which such Lien is granted) and granted by a Loan Party to secure any additional commitments/new debt financing being confirmed at any time after the date hereof over any Collateral subject to a Prior Ranking Lien in accordance with Section 8.12 (Foreign Collateral Matters).
Examples of Second Ranking Lien in a sentence
Any proceeds of enforcement of the First Ranking Lien and Second Ranking Lien shall be paid over immediately to the Administrative Agent for application under Section 4.02 of the Collateral Agreement (Application of Proceeds).
As such they shall: (i) exercise their rights as tiers convenu in any manner directed by the Administrative Agent; and (ii) incur no liability whatsoever to any beneficiary of the Second Ranking Lien in acting as tiers convenu.