Vendor Lien definition

Vendor Lien means a Lien created in favor of a vendor of tires to a Borrower or a Canadian Guarantor, that encumbers exclusively all or any of such vendor’s branded tire inventory and does not encumber any proceeds thereof or any other Collateral.

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Vendor Lien means a Lien of a Vendor solely on certain Inventory of one or more Eligible Loan Parties as more precisely described in and granted pursuant to the applicable Vendor Security Agreement; provided, however, that any such Inventory subject to a Vendor Lien shall be deemed Eligible Inventory hereunder (subject to the other criteria set forth in the definition of such term) only for the 30 day period following the Closing Date unless Agent shall have received (a) an officer's certificate certifying that, as to such Vendor, (i) attached thereto are true, correct and complete copies of all applicable Vendor Agreements between such Eligible Loan Parties and such Vendor, and (ii) all such Vendor Agreements are in full force and effect; and (b) a duly executed Vendor Intercreditor Agreement from such Vendor.

Vendor Lien means any Lien affecting tire Inventory of a Loan Party for the benefit of the vendor of such Inventory, as security for the payment or repayment of amounts (including trade accounts and vendor loans permitted pursuant to SECTION 11.2(F)) owing by such Loan Party to such vendor; provided, that if and to the extent that any such Lien purports to affect any property of a Loan Party other than such tire Inventory (including, without being limited to, proceeds including accounts), such Lien as it affects such other property is subordinated to the Security Interest in a manner satisfactory to the Administrative Agent.

Examples of Vendor Lien in a sentence

Each of the undersigned further acknowledges and agrees that the Vendor Lien Subordination Agreement may be modified or amended at any time or times without notice to or the consent of any of the undersigned.
Capitalized terms used in this Acknowledgment and Agreement without definition have the meaning specified in the foregoing Vendor Lien Subordination Agreement unless the context otherwise requires.
The foregoing indemnity shall survive any termination of the Vendor Lien Subordination Agreement.
BANK OF AMERICA, N.A., as Agent By: Name: Title: as Trade Creditor By: Name: Title: Each of the undersigned hereby accepts and acknowledges receipt of a copy of the foregoing Vendor Lien Subordination Agreement and consents to and agrees to be bound by all provisions thereof, including, without limitation, the agreements between the Agent, on behalf of Lenders, and Trade Creditor with respect to the payment by each to the other of certain proceeds derived from the liquidation of the Collateral.
Borrower shall have received from Vendors at least $20,000,000 in proceeds from the issuance of the Vendor Notes, the terms of which shall be acceptable in all respects to Agent and Lenders, and the Vendor Lien Subordination and the Vendor Debt Subordination shall have been duly executed and delivered by each of the signatories thereto.
Vendor Lien Subordination - the Lien Subordination Agreement to be executed on or about the Closing Date by Vendor Agent and Agent in the form of Exhibit L, pursuant to which Vendor Agent shall agree, among other things, to subordinate its Liens in the Collateral to the Liens therein of Agent.

More Definitions of Vendor Lien

Vendor Lien means a Lien of a Vendor solely on certain Inventory of one or more Credit Parties as more precisely described in and granted pursuant to the applicable Vendor Security Agreement.