Secondary Lien definition
Examples of Secondary Lien in a sentence
If (i) Seller purchases the Secondary Lien and the indebtedness secured thereby (which Seller shall have no obligation to do) and (ii) Buyer exercises the option described in this Section 7.8, at the time of exercising such option, Buyer shall be required to reimburse Seller in cash for 50% of the purchase price for the Secondary Lien.
Each Agent holding such a Secondary Lien, for itself and/or on behalf of any of its respective Claimholders, promptly shall execute and deliver to the ABL Agent or such Grantor such termination statements, releases and other documents as the ABL Agent or such Grantor may reasonably request to effectively confirm such release.
In addition to the liens described in Section 1 hereto, the Caribou Property is subject to a secondary lien in favor of the ▇▇▇▇▇ Group, as set forth on part 2 of Schedule "B" (the "Secondary Lien") to secure a repayment obligation (including principal and interest) of approximately US$850,000.
Each Agent holding a Secondary Lien, for itself and on behalf of its Claimholders, waives any claim it may hereafter have against any Claimholder holding a Prior Lien arising out of the election by any such Claimholder holding a Prior Lien of the application of Section 1111(b)(2) of the Bankruptcy Code.
In the event that Apollo purchases the Secondary Lien and the indebtedness secured thereby, if Elkhorn exercises the option described in Section 4 hereto, at the time of exercising such option Elkhorn shall be required to reimburse Apollo in cash for 50% of the purchase price for the Secondary Lien.
The Junior Lien Agent holding such a Secondary Lien, for itself and/or on behalf of any of the Junior Lien Claimholders, promptly shall execute and deliver to the First Lien Agent or such Grantor such termination statements, releases and other documents as the First Lien Agent or such Grantor may reasonably request to effectively confirm such release.
Elkhorn and Calais will forthwith make available (and Elkhorn shall cause the Lenders to make available) to Apollo and its authorized representatives all pertinent documents, including title, ownership, corporate, financial and technical information and other data relating to the Notes, the Deeds of Trust, the Additional Caribou Loan, the Congo Loan, the Secondary Lien and the Caribou Property.
Each Agent holding a Secondary Lien, for itself and on behalf of its Claimholders, shall not object to, oppose, support any objection, or take any other action to impede, the right of any Claimholder holding a Prior Lien to make an election under Section 1111(b)(2) of the Bankruptcy Code.