Term Liens means Liens on the Collateral created under the Term Collateral Documents and securing the Term Obligations and any judgment Liens referred to in Section 3.1(e).
Examples of Term Liens in a sentence
The ABL Collateral Agent, on behalf of itself and the other ABL Claimholders, acknowledges and agrees that the Term Collateral Agent may, but shall have no obligation to, take all actions it determines necessary or advisable to perfect or continue the perfection of the Term Liens on any Collateral, and the Term Collateral Agent shall not be liable for any lapse of perfection or for maintaining perfection.
To the extent that such DIP Financing Liens are senior to, or rank pari passu with, the ABL Liens on the ABL Priority Collateral, the Term Agent will, for itself and on behalf of the other Term Secured Parties, subordinate the Term Liens on the ABL Priority Collateral to the ABL Liens and the DIP Financing Liens thereon (and any "carve-out" for professional and United States Trustee's fees agreed by the ABL Agent).
To the extent that such DIP Financing Liens are senior to, or rank pari passu with, the Term Liens on the Term Priority Collateral, the ABL Agent will, for itself and on behalf of the other ABL Secured Parties, subordinate the ABL Liens on the Term Collateral to the Term Liens and the DIP Financing Liens thereon (and any "carve-out" for professional and United States Trustee's fees agreed by the Term Agent).
Notwithstanding anything to the contrary contained herein, the subordination of the Term Liens to the ABL Liens and of the ABL Liens to the Term Liens as set forth herein is with respect to the relative priority of the respective Liens held by or on behalf of the Term Claimholders or the ABL Claimholders only and shall not constitute a subordination of the Term Obligations to the ABL Obligations or the ABL Obligations to the Term Obligations.
The Security Interest is and shall be prior to any other Lien on any of the ABL Collateral, other than Permitted Liens (but not Term Liens) that have priority as a matter of law.