TRADE LIEN definition

TRADE LIEN means a second-priority Lien on the Borrower's Inventory to secure certain Trade Debt incurred subsequent to the Plan Effective Date, such Lien to (i) be expressly subordinated to the Liens granted in favor of the Collateral Agent, for its benefit and the ratable benefit of the other Secured Parties, pursuant to the Loan Documents, (ii) have terms as set forth on ATTACHMENT IV hereto and incorporated herein and (iii) otherwise be in form and substance reasonably satisfactory to the Administrative Agent.
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Examples of TRADE LIEN in a sentence

  • LIENS IN CONNECTION WITH AND TO SECURE INDEBTEDNESS PURSUANT TO THE TRADE LIEN AGREEMENT; PROVIDED THAT SUCH LIENS ARE SUBJECT TO AN INTERCREDITOR AND LIEN SUBORDINATION AGREEMENT IN FORM AND SUBSTANCE ACCEPTABLE TO THE AGENTS, IN THEIR SOLE AND EXCLUSIVE DISCRETION.

Related to TRADE LIEN

  • First Priority Lien means any Lien created by the First Priority Security Documents.

  • Subject Lien shall have the meaning provided in Section 10.2(a).

  • Second Priority Lien means the Liens on the Second Priority Collateral in favor of Second Priority Debt Parties under Second Priority Collateral Documents.

  • Permitted Lien means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Company’s business, such as carriers’, warehousemen’s and mechanics’ Liens, statutory landlords’ Liens, and other similar Liens arising in the ordinary course of the Company’s business, and which (x) do not individually or in the aggregate materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Company and its consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien and (c) Liens incurred in connection with Permitted Indebtedness.

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services, in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in respect of cash management services.