Springing Lien Collateral definition

Springing Lien Collateral means all property of the Company and its Subsidiaries, other than the Issue Date Collateral, the Turkish Post-Closing Collateral and the Excluded Assets.

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Springing Lien Collateral means (1) any capital stock and any indebtedness of any Restricted Subsidiary (as defined in the Legacy Notes Indenture) and (2) any Principal Property, in each case that is an asset of the Issuer or any Guarantor; provided that in either case the Springing Lien Collateral will be subject to exceptions and limitations consistent with those set forth in the Security Documents (to the extent appropriate in the applicable jurisdiction) other than any such exception or limitation applicable only prior to the Springing Lien Trigger Date.

Springing Lien Collateral means all property of the Loan Parties, other than Excluded Collateral. For the avoidance of doubt, no such property shall be deemed to be Springing Lien Collateral until the Springing Lien Trigger Date has occurred and such property has become subject to a Lien securing, with respect to a Borrower, the Obligations hereunder and, with respect to the Subsidiary Guarantors, the Subsidiary Guarantee, in each case pursuant to an executed and delivered Collateral Agreement.

Examples of Springing Lien Collateral in a sentence

At a Borrower’s expense, the Administrative Agent shall execute and deliver such documents, instruments and statements, and take such other action, as a Borrower may reasonably request to evidence or confirm that all Liens in the Springing Lien Collateral have been terminated and released from the Liens of each of this Agreement, the Collateral Agreements and all other Loan Documents, and no longer secure any Obligations.
Upon the occurrence of a Trigger Event or an Event of Default, the Administrative Agent may, or upon the written direction of the Majority Banks shall, declare the activation of the lien on the Springing Lien Collateral (such declaration, an “Activation Event”).
It has the full power to pledge its right, if any, to the Account Collateral and the Springing Lien Collateral without any third-party rights being violated by such pledge.
No Gerdau Entity shall create, assume or suffer to exist, any Lien on any Account Collateral or Springing Lien Collateral, as such terms are defined in the Security Agreement dated as of the date hereof among the Guarantors (except for Ameristeel) and JPMorgan Chase Bank, N.A., other than pursuant to such Security Agreement.
Other than the security interest granted herein, the Grantors shall not incur, enter into or suffer to exist any Lien upon the Account Collateral or the Springing Lien Collateral at any time.
Upon the request of the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Springing Lien Collateral pursuant to this paragraph (b).
In furtherance of the foregoing, and at a Borrower’s expense, the Administrative Agent shall execute and deliver such documents, instruments and statements, and take such other action, as a Borrower may reasonably request to evidence or confirm that all Liens in the Springing Lien Collateral have been terminated and released from the Liens of each of the Loan Documents and no longer secure any Obligations.
Other than in connection with the security interest granted herein, there is no notice of assignment, financing statement (or similar statement or instrument of registration under the Applicable Law of any jurisdiction) executed or registered by each Grantor or, to its knowledge, by any other Person with respect to any interest of any kind in any of the Account Collateral or any of the Springing Lien Collateral.
By their acceptance of the benefits of the Springing Lien Collateral, each Lender and each L/C Issuer shall be deemed to have agreed to the terms of the Collateral Agency Agreement.
The term Collateral shall include Springing Lien Collateral immediately upon satisfaction of the Springing Lien Conditions.

More Definitions of Springing Lien Collateral

Springing Lien Collateral shall have the meaning ascribed to it in the Security Agreement.

Springing Lien Collateral has the meaning set forth in Section 2.1(b).

Springing Lien Collateral means all of the existing and future domestic Oil and Gas Properties of the Company and the Subsidiary Guarantors that do not, at the time of the Springing Lien Trigger Date, secure the obligations of the Company and the Subsidiary Guarantors under the Credit Agreement, other than any such Oil and Gas Properties as to which the granting of a Lien thereon to secure the notes would not be permitted under applicable law or contractual restrictions and other than properties that in the aggregate, in the good faith judgment of the Company, have a Fair Market Value less than $10 million. For the avoidance of doubt, no such property shall be deemed to be Collateral until the Springing Lien Trigger Date has occurred and such property has become subject to a Lien securing the Notes under the Collateral Agreements.

Springing Lien Collateral has the meaning set forth in Section 2.1(b). “Term Loan Agreement” has the meaning set forth in the recitals hereto. “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York. ARTICLE

Springing Lien Collateral shall have the meaning ascribed to it in the Security Agreement. “Subsidiary” means, with respect to any Person, any corporation or other entity more than 50% of the Voting Stock in which is owned or controlled, directly or indirectly, by such Person and/or by any Subsidiary of such Person. “Successful Syndication” shall have the meaning ascribed to it in the commitment letter, dated as of August 24, 2007, among the Joint Lead Arrangers, the Administrative Agent, the Collateral Agent, certain Banks, Gerdau and Ameristeel. “Taxes” has the meaning set forth in Section 4.5. “Total Commitment” means, at any time, the sum of the Commitments of each of the Banks. “Total Debt” means, as of any Date of Determination, the aggregate outstanding principal amount of Debt of Gerdau, on a Consolidated basis, as of such day. “Total Debt to EBITDA Ratio” means, as of any Date of Determination, the ratio (expressed as a decimal) of: (i) Total Debt as of such day to (ii) EBITDA for the last twelve months. “Tranche A Loan” means, as to each Bank, the loan made by such Bank hereunder with respect to such Bank’s Tranche A Commitment. “Tranche A Commitment” means, as to each Bank, the obligation of such Bank, on and subject to the terms and conditions of this Agreement, to disburse a Tranche A Loan in a principal amount up to but not exceeding the Tranche A Commitment specified opposite such Bank’s name in Schedule 1, as the same may be modified pursuant to the terms hereof. The aggregate amount of the Banks’ Tranche A Commitments is U.S.$1,250,000,000. “Tranche A Principal Payment Date” means each of the Interest Payment Dates occurring in the 42nd, 48th and 54th month after the date hereof and the Tranche A Scheduled Maturity Date. “Tranche A Scheduled Maturity Date” means the fifth anniversary of the date hereof. “Tranche B Loan” means, as to each Bank, the loan made by such Bank hereunder with respect to such Bank’s Tranche B Commitment. “Tranche B Commitment” means, as to each Bank, the obligation of such Bank, on and subject to the terms and conditions of this Agreement, to disburse a Tranche B Loan in a principal amount up to but not exceeding the Tranche B Commitment specified opposite such Bank’s name in Schedule 1, as the same may be modified pursuant to the terms hereof. The aggregate amount of the Banks’ Tranche B Commitments is U.S.$1,000,000,000. Gerdau Export and Working Capital Agreement