Second Ranking Security definition

Second Ranking Security means the security to be provided by the Borrower in favour of the Lender over the Secured Assets (with such security to be held, pro-rata, by all Similar Lenders), which will be subordinated only to any future first ranking security issued for the purposes of traditional reserve based or PDP lending against the Secured Assets.
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Second Ranking Security means (i) the Bank Security to the extent it secures Second Priority Debt and (ii) each and every security now or hereafter granted in respect of all other Second Priority Debt and includes all contracts and documents to which said security is now or hereafter granted or which are accessory to the granting of same;
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Second Ranking Security means the second ranking security created by the Second Ranking Security Documents.
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Examples of Second Ranking Security in a sentence

  • The holder of any Second Priority Debt (other than the Agent, if the Agent simultaneously commences enforcement proceedings under any First Priority Debt or exercises any of its rights under its First Priority Debt) shall not commence enforcement proceedings thereunder or exercise any of its rights under its Second Ranking Security without prior written notice of 30 days to the holders of First Priority Debt.

  • Nothing in article 5 hereof shall confer any benefit on the Corporation or any of the Guarantors or entitle them to any notice from any Secured Party or to any delay in Demand or realization or enforcement of security by any Secured Party nor, for greater certainty, will anything in article 5 hereof entitle any Secured Party to make a Demand or realize or enforce its security in circumstances where it would not be entitled to do so under the First Ranking Security or Second Ranking Security.

  • The Secured Parties shall furnish to each other at any time and from time to time, upon written request, any information, whether or not of a confidential nature, relating to the Corporation or any Guarantor, or their respective business, property and prospects, First Priority Debt, First Ranking Security, Second Priority Debt, Second Ranking Security and information regarding any Event of Default thereunder.

  • Any insurance proceeds received by the Corporation, any Guarantor or any Secured Party after an initial Demand in respect of the property and assets charged by the First Ranking Security or the Second Ranking Security shall be dealt with according to the provisions hereof as though such insurance proceeds were paid or payable as Realization Proceeds of the property and assets for which they compensate.

  • The Secured Parties agree that, except as otherwise expressly provided herein, the First Ranking Security, to the extent of the First Priority Debt, including the Notes and the Bank Liabilities, shall rank in all respects prior to the Second Ranking Security.

  • Terms defined in the Second Ranking Security Assignment have the same meaning in this Deed unless given a different meaning in this Deed.

  • The Additional Assignor will grant to the Security Agent all of the protections and indemnities granted to the Security Agent by the Assignors under the terms of the Second Ranking Security Assignment, including those set out in clause 14 (Protection of Security Agent and Receiver) of the Second Ranking Security Assignment, apart from clause 14.3 (Primary liability of Assignor) of the Second Ranking Security Assignment..

Related to Second Ranking Security

  • Existing Security means any Security granted by any Person over its Assets in respect of any Relevant Indebtedness and which is existing at the relevant Issue Date or at the time any such Person becomes a Material Subsidiary or whose business and/or activities, in whole or in part, are assumed by or vested in the Issuer or a Material Subsidiary after the relevant Issue Date (other than any Security created in contemplation thereof) or any substitute Security created over those Assets (or any part thereof) in connection with the refinancing of the Relevant Indebtedness secured on those Assets provided that the principal, nominal or capital amount secured on any such Security may not be increased;

  • Existing Secured Notes means the Company’s 5.50% Senior Secured Notes due 2028 issued pursuant to the Existing Secured Notes Indenture.

  • voting security means a security of the Company that:

  • Existing Security Documents shall have the meaning assigned to such term in the recitals hereto.

  • Existing Security Agreement shall have the meaning set forth in the recitals.