Additional Liens Sample Clauses
The "Additional Liens" clause defines the circumstances under which a borrower may grant security interests or liens on their assets beyond those already permitted in the agreement. Typically, this clause outlines specific conditions, limitations, or thresholds for creating new liens, such as requiring lender consent or restricting the total amount of secured obligations. Its core practical function is to protect the lender by preventing the borrower from encumbering assets in a way that could jeopardize the lender’s priority or security, thereby managing risk and maintaining the value of collateral.
Additional Liens. The NGC Parties all expressly agree that they must comply with all of the following provisions before it may grant an effective second or other lien on the Collateral:
1. Any second or other lien given on the Collateral must be made expressly subordinate to R▇▇▇▇▇’ lien. The NGC Party granting the lien shall ensure that the paperwork documenting the transaction with the second or other lienholder properly notifies the second and/or other lienholder of the existence of R▇▇▇▇▇’ first lien and that the second and any other lienholder clearly acknowledges R▇▇▇▇▇’ existence and status as first lienholder on all of the Collateral and that the subsequent lienholder’s debt and security interest is fully and completely subordinated to R▇▇▇▇▇.
2. The NGC Party granting the lien shall ensure that the paperwork documenting the transaction with the second and any other lienholder clearly instructs the second and any other lienholder that it may not even attempt to collect or execute on the Collateral without first ensuring that the entire first lien balance is paid in full and all loan or credit transactions between NGC and R▇▇▇▇▇ are completely terminated and are no longer in effect. The second and any other lienholder must be required to give notice of any default related to the subordinated lien to NGC and R▇▇▇▇▇ concurrently before the second or any other lienholder may exercise any collection efforts against the Collateral.
3. NGC shall defend, at its own expense, against any claims by any lienholders other than R▇▇▇▇▇ against the Collateral.
4. NGC shall keep R▇▇▇▇▇’ counsel informed of the status of any second and any other lien granted by any of the NGC Parties and of any default or alleged default by any of the NGC Parties on the transaction secured in whole or in part by the second and/or other lien, and shall reimburse R▇▇▇▇▇ for any and all actual attorney’s fees, court costs, and expenses incurred by R▇▇▇▇▇ that R▇▇▇▇▇ or her counsel deemed necessary to protect the Collateral within thirty days after the submission of an invoice for the fees or expenses to NGC by R▇▇▇▇▇’ counsel.
5. The NGC Parties shall provide R▇▇▇▇▇’ counsel with fully-executed copies of all documents related to any transaction giving any third party a second or other lien on any or all of the Collateral within three business days of the last signature date on the transaction or the date the transaction is funded, whichever is earlier.
Additional Liens. Seller will not, without the prior written consent of Buyer, convey any interest in the Licenses and Permits, the Records or Plans or any of the other Property, and Seller will not subject the Property to any additional liens, encumbrances, covenants, conditions, easements, rights of way or similar matters after the date of this Agreement which will not be eliminated prior to the Close of Escrow.
Additional Liens. Mortgaged, pledged or subjected to any ---------------- material lien, security interest or other encumbrance any of the Purchased Assets, (other than Existing Liens);
Additional Liens. Create, incur, assume or suffer to exist (i) any Lien upon or in any of the Collateral, whether now owned or hereafter acquired except as specifically permitted under this Agreement or the Security Agreement, or (ii) an agreement with any Person (other than Lender) which prohibits or restricts the granting of any such Lien of any kind in favor of Lender, except:
(a) Liens securing Debt permitted by Section 6.1 hereof;
(b) Liens securing taxes, assessments, fees or other governmental charges or levies;
(c) Liens incurred or deposits made in the ordinary course of business (i) in connection with worker’s compensation, unemployment insurance, social security and other similar laws, or (ii) to secure the performance of bids, tenders, sales, contracts, public or statutory obligations, customs, appeal and performance bonds, or (iii) other similar obligations not incurred in connection with the borrowing of money, the obtaining of advances or the payment of the deferred purchase price of property; and
(d) Liens in respect of judgments or awards with respect to which Borrower is, in good faith, prosecuting an appeal or proceeding for review and with respect to which a stay of execution upon such appeal or proceeding for review has been granted.
Additional Liens. The Guarantor will not, nor will it permit any of its Subsidiaries to, create, assume or incur, directly or indirectly, any Lien on any of its properties or assets except as permitted under the Amcast Credit Agreement as in effect on the date hereof.
Additional Liens. The Term Loan Agent and the Intermediation Facility Representative each agree that it will not assert Liens on the other Secured Party’s Type of Collateral and that there is not intended to be shared Collateral other than business interruption insurance policies and the proceeds thereof which are subject to Section 3.
Additional Liens. Except as permitted under the Indenture, create, incur, assume or suffer to exist any Lien on its revenues.
Additional Liens. Within 90 days after the Second Closing Date (a) to the extent permitted by local law, Delphax shall pledge all of its ownership interests in Delphax Technologies Limited and Delphax Technologies SAS to secure the Notes and other obligations to Investor pursuant to one or more pledge agreements in form and substance reasonably satisfactory to Investor, subject only to liens securing Senior Debt, and (b) Delphax shall cause Delphax Technologies Limited and Delphax Technologies SAS to guaranty the Notes and grant liens on all their personal property to secure the Notes and their guaranties pursuant to security documents in form and substance reasonably satisfactory to Investor, subject only to liens securing Senior Debt. Delphax agrees to take, and to cause such Subsidiaries to take, all actions as Investor may reasonably request to perfect the lien of such pledge agreements and security documents.
Additional Liens. The pledge and prohibitions created under this agreement shall automatically include and encumber as a matter of law, all increases in the value of the Pledged Loan. Moreover, and to the extent the law requires to confirm it in this Pledge Agreement, in case of expropriation of the Pledged Loan, the pledge and the prohibitions created hereunder shall also encumber Interhold’s right to receive any compensation for such expropriation, and such compensation shall subrogate to the Pledged Loan for all legal and contractual purposes that may be relevant.
Additional Liens. Except for (1) liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained in accordance with GAAP and (2) liens and security interests in favor of Bank, Borrower will not and Borrower will not permit others to encumber the Collateral, or any part thereof or interest therein, with any one or more of the following: a judicial, mechanic’s, materialmen’s or other lien or claim of lien (inclusive of real property, personal property and mixed real and personal property liens); a security interest or a lien in the nature of a mortgage, deed of trust, trust deed or security deed; a governmental assessment or lien (inclusive of a federal tax lien); a charge; a levy; an attachment; an order of seizure; a claim and delivery; or any other similar or dissimilar claim, which is not released, terminated or transferred to bond or other security within sixty (60) days after the imposition of same.