Second Lien Collateral Sample Clauses

The Second Lien Collateral clause defines the assets or property that secure a second-priority loan or debt, ranking behind the claims of first lien lenders. In practice, this clause specifies which collateral is subject to the second lien, outlines the rights of the second lien lender in relation to the collateral, and clarifies how proceeds from the collateral are distributed in the event of default or liquidation. Its core function is to establish the hierarchy of claims on collateral, thereby managing risk and expectations among multiple creditors.
Second Lien Collateral. In the event that the Parent or any Restricted Subsidiary grants a Lien on any Property to secure any Second Lien Obligations that is not already subject to the terms of any then-existing Security Instrument, the Parent and the Borrower will, and will cause any such Restricted Subsidiary to, also grant to the Administrative Agent to secure the Indebtedness, a first-priority Lien on the same Property pursuant to the Security Instruments in form and substance reasonably satisfactory to the Administrative Agent. The Parent and the Borrower will cause any Subsidiary and any other Person guaranteeing any Second Lien Obligations that is not already a Guarantor to contemporaneously guarantee the Indebtedness pursuant to the Guaranty and Security Agreement.
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Second Lien Collateral. Notwithstanding anything to the contrary in the Existing Credit Agreement, any requirement to vest in the Collateral Agent a perfected second- priority or junior Lien in the Brazilian Assets in connection with the 2024 Financing Transactions or otherwise shall be satisfied by delivering the NFE Financing Second Lien Pledge Agreement (as defined in the Second Amendment) and the NFE Financing Junior Priority Intercreditor Agreement (as defined in the Second Amendment).
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Second Lien Collateral. (a) If at any time any Loan Party (other than an Excluded Subsidiary or an Unrestricted Subsidiary) grants a Lien to any Person on any of such Loan Party’s Equipment or Real Property as security for any Indebtedness incurred by such Loan Party to such Person (any such Person providing Indebtedness to a Loan Party is hereinafter referred to as a “Fixed Asset Lender”), such Loan Party will, contemporaneously with such grant, (i) ▇▇▇▇▇ ▇ ▇▇▇▇ to Agent on such Equipment or Real Property (other than (a) the Spartech Fixed Assets and (b) Equipment or Real Property securing Permitted Purchase Money Indebtedness), junior only to the Lien granted to such Fixed Asset Lender on such Equipment or Real Property and other Permitted Liens, (ii) execute and/or deliver to Agent any and all financing statements, fixture filings, security agreements, mortgages, deeds of trust, hypothecs, charges, opinions of counsel, evidence of corporate (or other applicable) authority, and all other documents (the “Additional Second Lien Documents”) that Agent may reasonably request in form and substance reasonably satisfactory to Agent, to create, perfect, and continue perfected, Agent’s Lien in such Equipment or Real Property (other than (a) the Spartech Fixed Assets and (b) Equipment or Real Property securing Permitted Purchase Money Indebtedness), and (iii) execute and deliver to Agent, and cause to be executed and delivered to Agent by the applicable Fixed Asset Lender, an intercreditor agreement with respect to such Liens, in form and substance reasonably acceptable to Agent, or, in the case of Liens granted to a Fixed Asset Lender on the Spartech Fixed Assets, a mortgagee’s waiver with respect to such Spartech Fixed Assets, in form and substance reasonably acceptable to Agent. Any Equipment or Real Property that is subjected to a Lien in favor of a Fixed Asset Lender is hereinafter referred to as “Second Lien Collateral”). (b) If any Second Lien Collateral consists of Material Real Property, the Additional Second Lien Documents will include, in addition to those specified in clause (a) above, policies of title insurance, ALTA surveys, and such additional documentation as Agent shall reasonably require in connection with the creation, perfection and priority of Agent’s Lien on such Material Real Property. In addition, if any portion of any Mortgaged Property is at any time located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special ...
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Second Lien Collateral. As collateral security for the payment in full when due (whether at stated maturity, by required payment, by declaration, by acceleration, demand or otherwise) of the Second Lien Secured Obligations, each Obligor hereby pledges and grants to the Collateral Agent for the benefit of the Second Lien Claimholders a security interest in all of such Obligor’s right, title and interest in, to and under the following property, in each case whether tangible or intangible, wherever located, and whether now owned by such Obligor or hereafter acquired and whether now existing or hereafter coming into existence (all of the property described in this Section 3(ii) being collectively referred to herein as “Second Lien Collateral”): (a) all Accounts; (b) all Chattel Paper (whether tangible or electronic); (c) all Money and all Deposit Accounts, together with all amounts on deposit from time to time in such Deposit Accounts; (d) all Documents; (e) all Equipment; (f) all Fixtures; (g) all General Intangibles; (h) all Goods not covered by the other clauses of this Section 3(ii); (i) all Instruments, including all Promissory Notes; (j) all Intellectual Property; (k) all Inventory; (l) all Investment Property not covered by other clauses of this Section 3(ii), including all Securities, all Securities Accounts and all Security Entitlements with respect thereto and Financial Assets carried therein, and all Commodity Accounts and Commodity Contracts; (m) all Letter-of-Credit Rights and other Supporting Obligations; (n) all Payment Intangibles; (o) the Pledged Shares; (p) all Software; (q) all Commercial Tort Claims, including those arising out of the events described in Annex 7; (r) the Collateral Account and any money or other property therein; (s) all Records; (t) all other tangible and intangible personal property whatsoever of such Obligor; and (u) all Proceeds of any of the Second Lien Collateral, all Accessions to and substitutions and replacements for any of the Second Lien Collateral, and all offspring, rents, profits and products of any of the Second Lien Collateral, and, to the extent related to any Second Lien Collateral, all books, correspondence, credit files, records, invoices and other papers (including all tapes, cards, computer runs and other papers and documents in the possession or under the control of such Obligor or any computer bureau or service company from time to time acting for such Obligor), IT BEING UNDERSTOOD, HOWEVER, that in no event shall the Secon...
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Second Lien Collateral. Notwithstanding anything to the contrary in the ULCA, any requirement to vest in the ULCA Collateral Agent a perfected second-priority or junior Lien in the Brazilian Assets in connection with the 2024 Financing Transactions or otherwise shall be satisfied by delivering the NFE Financing Second Lien Pledge Agreement (as defined in the Fifth Amendment Agreement) and the NFE Financing Junior Priority Intercreditor Agreement (as defined in the Fifth Amendment Agreement). Section 4. [Reserved]. 3 NFE ULCA – Sixth Amendment Agreement Section 5.
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Related to Second Lien Collateral

  • Rights in Collateral; Priority of Liens Borrower and each other Loan Party own the property granted by it as Collateral under the Collateral Documents, free and clear of any and all Liens in favor of third parties. Upon the proper filing of UCC financing statements, and the taking of the other actions required by the Required Lenders, the Liens granted pursuant to the Collateral Documents will constitute valid and enforceable first, prior and perfected Liens on the Collateral in favor of Agent, for the ratable benefit of Agent and Lenders.

  • Possessory Collateral Immediately upon Borrower's receipt of any portion of the Collateral evidenced by an agreement, Instrument or Document, including, without limitation, any Tangible Chattel Paper and any Investment Property consisting of certificated securities, Borrower shall deliver the original thereof to Lender together with an appropriate endorsement or other specific evidence of assignment thereof to Lender (in form and substance acceptable to Lender). If an endorsement or assignment of any such items shall not be made for any reason, Lender is hereby irrevocably authorized, as Borrower's attorney and agent-in-fact, to endorse or assign the same on Borrower's behalf.

  • Collateral Each of the Banks represents to the Agent and each of the other Banks that it in good faith is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

  • Excluded Collateral Notwithstanding the foregoing provisions of this ss.2, such grant of security interest shall not extend to, and the term "Collateral" shall not include, any chattel paper and general intangibles which are now or hereafter held by the Company as licensee, lessee or otherwise, to the extent that (i) such chattel paper and general intangibles are not assignable or capable of being encumbered as a matter of law or under the terms of the license, lease or other agreement applicable thereto (but solely to the extent that any such restriction shall be enforceable under applicable law), without the consent of the licensor or lessor thereof or other applicable party thereto and (ii) such consent has not been obtained; provided, however, that the foregoing grant of security interest shall extend to, and the term "Collateral" shall include, (1) any and all proceeds of such chattel paper and general intangibles to the extent that the assignment or encumbering of such proceeds is not so restricted and (2) upon any such licensor, lessor or other applicable party consent with respect to any such otherwise excluded chattel paper or general intangibles being obtained, thereafter such chattel paper or general intangibles as well as any and all proceeds thereof that might have theretofore have been excluded from such grant of a security interest and the term "Collateral."

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.