Security and Administrative Priority Sample Clauses

The 'Security and Administrative Priority' clause establishes the order of precedence for claims or interests in a particular context, typically in relation to secured assets or administrative expenses. In practice, this clause determines which parties—such as secured creditors, administrative claimants, or other stakeholders—are paid first from available assets, often in insolvency or restructuring scenarios. By clearly defining the hierarchy of payments or rights, the clause ensures predictability and fairness in the distribution of assets, thereby reducing disputes and clarifying the risk exposure for all involved parties.
Security and Administrative Priority. 54 Section 4.01 Pre-Petition Obligations.............................. 54 Section 4.02 Acknowledgment of Security Interests.................. 54 Section 4.03 Binding Effect of Documents.........................
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Security and Administrative Priority. Section 3.01 Collateral; Grant of Lien and Security Interest.............................. 64 Section 3.02
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Security and Administrative Priority. Section 3.01 Reaffirmation of Grant of Lien and Security ------------------------------------------- Interest. -------- (a) As security for the full and timely payment and performance of all of the Obligations each of the Loan Parties after giving effect to this Amendment, each of the Loan Parties confirms and reaffirms its assignment, pledge and grant to the Collateral Agent, for the benefit of the Lenders, of the security interest in and to and Lien on all of the Collateral set forth in Section 4.01 of the Financing Agreement on the terms and subject to the provisions of the Loan Documents. (b) Upon entry of the Supplemental Bankruptcy Court Order relating to this Amendment, the Liens and security interests in favor of the Collateral Agent referred to in Section 3.01(a) shall continue to be valid --------------- and perfected Liens and security interests in the Collateral, prior to all other Liens and security interests in the Collateral, other than for the Permitted Priority Liens.
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Security and Administrative Priority. 22 3.1 Collateral; Grant of Lien and Security Interest 22 3.2 Administrative Priority 23 3.3 Grants, Rights and Remedies 23 3.4 No Filings Required 24 3.5 Survival 24 3.6 Further Assurances 24 4. CONDITIONS; TERM OF AGREEMENT. 25 4.1 Conditions Precedent to Interim Facility Effectiveness and Final Facility Effectiveness 25 4.2 Conditions Precedent to all Extensions of Credit 25 4.3 Term 26 4.4 Effect of Termination 26 4.5 Early Termination by Borrowers 26
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Security and Administrative Priority. 80 Section 11.1 Collateral; Grant of Lien and Security Interest....................................................... 80 Section 11.2 DIP Liens................................................................................................. 80 Section 11.3 Administrative Priority................................................................................... 81 Section 11.4 Survival..................................................................................................... 81 Section 12. MISCELLANEOUS............................................................................................... 82 3
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Security and Administrative Priority. Section 3.01 [Intentionally Omitted] Section 3.02 [Intentionally Omitted]
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Security and Administrative Priority. Collateral; Grant of Lien and Security Interest . Pursuant to the DIP Order and in accordance with the terms thereof, as security for the full and timely payment and performance of all of the Obligations, each Credit Party hereby assigns, pledges and grants to the Collateral Agent, for the benefit of itself, the Administrative Agent and the Lenders, a Lien on and security interest in all of the Collateral. DIP Liens . The DIP Order shall grant the following DIP Liens: 80 (a) pursuant to section 364(c)(2) of the Bankruptcy Code, a first priority lien on, and security interest in, all unencumbered assets of the Borrowers (now or hereafter acquired) and all proceeds thereof; provided, that such DIP Liens shall not attach to any actions or claims under sections 502(d), 544, 545, 547, 548, 549, 550 or 553 of the Bankruptcy Code (collectively, “Avoidance Actions”), but shall, upon entry of the Final Order, attach to the proceeds of Avoidance Actions, whether by judgment, settlement or otherwise; (b) pursuant to section 364(c)(3) of the Bankruptcy Code, a junior lien on and security interest in, any and all tangible and intangible property of the Borrowers (other than the Prepetition Collateral (as that term is defined in the Interim Order) of the Primed Parties) that was subject to valid, perfected and unavoidable liens and security interests as of the Petition Date or that became subject to valid and unavoidable liens and security interests subsequent to the Petition Date pursuant to section 546(b) of the Bankruptcy Code; (c) pursuant to section 364(d)(1) of the Bankruptcy Code, a first priority priming lien on, and security interest in, the property securing the Prepetition Obligations owing to the Primed Parties; provided, however, that the DIP Liens shall be subject and junior to the Permitted Liens to which such Prepetition Obligations are subject; and (d) on the Final Order Entry Date, pursuant to section 364(d)(1) of the Bankruptcy Code, a first priority priming lien on, and security interest in, the property securing the Prepetition Obligations owing to secured parties under the Existing RBS/Citizens Facility. All of the Liens described herein shall be effective and automatically perfected as of the Interim Order Entry Date. The Agent shall not be required to file any financing statements, mortgages, notices of Lien or similar instruments in any jurisdiction or filing office, take possession or control of any Collateral, or take any other action in order...
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Security and Administrative Priority. 61 Section 4.01 Collateral; Grant of Lien and Security Interest................61 Section 4.02 Administrative Priority........................................62 Section 4.03 Grants, Rights and Remedies....................................62 Section 4.04
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Security and Administrative Priority 
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Related to Security and Administrative Priority

  • General and Administrative 4.1 This Agreement shall be governed in all respects and aspects by the laws of the State of Texas, and the parties hereby agree any legal action concerning this Agreement shall be brought in a court of competent jurisdiction, in Lubbock County, Texas. If counsel is required to enforce terms of this Agreement and/ or corollary agreements, the prevailing party shall be entitled to recover reasonable attorney fees and costs. 4.2 If any provision of this Agreement, or its application to any person or circumstance, is invalid or unenforceable, the remainder of this Agreement or the application of those provisions to other persons or circumstances shall not be affected thereby. 4.3 This Agreement and the attachments hereto, contain the entire Agreement of the parties and there are no representatives, inducements, promises, agreements, arrangements, or undertakings, oral or written, between parties other than those set forth and duly executed in writing. No agreement of any kind shall be binding upon either party unless and until the same has been made in writing and duly executed by both parties. The Agreement shall not be modified or amended except by written agreement executed by both parties. 4.4 The parties have reviewed this Agreement in its entirety and acknowledge each has had a full opportunity to negotiate the Agreements terms. Therefore, the parties expressly waive any and all applicable common law and statutory rules of construction any provision of this Agreement should be construed against the Agreement’s drafter, and agree and affirm the Agreement and all provisions thereof shall in all cases be construed as a whole, according to the fair meaning of the language utilized. 4.5 Failure to insist upon strict compliance with any of the terms, covenants, and conditions hereof shall not be deemed a waiver of such terms, covenants, and conditions, nor shall any waiver or relinquishment of any right or power here under at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. No waiver shall be valid unless in writing and signed by all parties. 4.6 The captions of each section are added as a matter of convenience only and shall be considered of no effect in the construction of any provision of this Agreement. 4.7 This Agreement may be executed by facsimile or e-mail attachment and/ or in any number of counterparts, any or all of which may contain the signatures of less than all parties, and all of which shall be construed together as but a single instrument and shall be binding on the parties as though originally executed on one originally executed document. All facsimile and e-mail attachment counterparts shall be promptly followed with delivery of original executed counterparts. 4.8 This Agreement shall become effective upon execution of the Group Contract, Group Itinerary, and Group Package Options form by the parties involved.

  • UNION SECURITY AND CHECKOFF 5:01 It shall be a condition of continued employment for all employees including probationary employees, as defined in Article 2, to become members and maintain membership in good standing in the Union. 5:02 The Corporation agrees to deduct from the earnings of all employees, including probationary employees, covered by this Agreement, an amount each month as dues and upon completion of the probationary period an amount for the initiation fee. The amount of such dues and initiation fees shall be advised in writing by the I.B.E.W., Local 2351 and changes to such amounts shall be advised not less than four (4) weeks prior to the effective date. Dues collected shall be remitted within ten (10) days after each pay period, to the designated official of the Union along with a statement of the names, in alphabetical order, and amounts deducted from each employee. The statement will also include the names of employees whose wages are insufficient to permit such deduction and the Corporation will only be obligated to make such deduction from the immediate subsequent pay period. Employees on recall status must be members in good standing of the Union in order to be recalled. 5:03 The Union agrees that neither it nor any of its officers or members will engage in Union activities on Corporation time, or Corporation work area, except as provided in this Agreement. 5:04 The Union shall indemnify and save the Corporation harmless against any and all claims, demands, suits or other forms of liability that shall arise from or by reason of action taken or not taken by the Corporation for the purpose of complying with this Article. 5:05 The Corporation will submit monthly to the Union a list of the dates of new hires, terminations and transfers to and from the Bargaining Unit for the previous month. 5:06 The Union agrees to furnish the Corporation with the names of all personnel including officers, representatives, stewards and committee people who are authorized to represent the Union in its relations with the Corporation. 5:07 The Corporation agrees to supply all employees with a copy of the Collective Agreement and will endeavour to do so within one (1) month after receipt from the printer. 5:08 The Corporation shall provide bulletin boards in designated areas for the posting of Union notices dealing with meetings, election of officers, appointments and committees, social affairs and other non-controversial matters dealing with the affairs of the Union. No bulletin shall be posted until approved by the Human Resources Division or the designated Corporate representative.

  • UNION SECURITY AND CHECK-OFF 5.01 All present seniority employees who are currently members of the Union will be required to continue to be members of the Union as a condition of employment for the duration of this Agreement. 5.02 Present probationary employees and newly hired employees upon completion of their probationary period, shall become members of the Union, and will be required to continue to be members of the Union as a condition of employment for the duration of this Agreement. 5.03 The Company will deduct from the pay of each employee, including new hirees, the monthly dues and other assessments authorized by the constitution of the Union. The initiation fee shall be taken off the following pay period after the employee has completed his probationary period. This deduction will be shown on a separate column on the Union dues list prescribed in 5.04. The Union dues shall be taken off the following pay period after an employee has worked 40 hours in any one calendar month. Union dues shall be calculated on the basis of the average of an employee’s total earnings as defined in the constitution and by-laws of the national and local Union for the previous calendar month. The Company shall deduct from each employee’s regular supplemental unemployment benefits the monthly dues and other assessments as authorized by the constitution of the Union. The Union will notify the Company, in writing, two (2) weeks in advance of the relevant month of any changes in monthly dues deductions to be made. The Company agrees to include on an employee’s T4 slip for income tax purposes the total Union dues paid for the year, excluding any initiation fees. 5.04 A list of the total number of employees, along with all sums deducted as above shall be remitted by the Company to the financial secretary of the local Union by the 15th of the month following the month in which the deductions were made. This list will contain employee names, payroll numbers, addresses and telephone numbers, along with the amount of such deductions and the reason, if any, why no deductions were made from certain employees. This list will also indicate any employee whose employment is terminated, transferred out of the bargaining unit, on layoff, leave of absence, or died. The Company will also provide the financial secretary with the monthly alphabetical employee list. The Company will reimburse any employee any dues that have been deducted in error as long as a claim has been submitted to the Company before the last day of the calendar month in which the deduction was made. 5.05 The Union shall indemnify and save the Company harmless against any and all claims, demands, suits and other forms of liability that arise out of or by reason of any action taken or not taken by the Company for the purpose of complying with any of the provisions of this article, or in reliance on any lists, notice or assessment furnished under such provisions.

  • Minor and Administrative Errors A Competent Authority shall notify the Competent Authority of the other Party when the first-mentioned Competent Authority has reason to believe that administrative errors or other minor errors may have led to incorrect or incomplete information reporting or resulted in other infringements of this Agreement. The Competent Authority of such other Party shall apply its domestic law (including applicable penalties) to obtain corrected and/or complete information or to resolve other infringements of this Agreement.

  • Security and Offset Issuer hereby grants to NCPS and the Indemnified Parties a security interest in and lien upon the Escrow Funds (to the extent of Issuer’s rights thereto) to secure all obligations hereunder, and NCPS and the Indemnified Parties shall have the right to offset the amount of any compensation or reimbursement due any of them hereunder (including any claim for indemnification pursuant to Section 9 hereof) against the Escrow Funds (to the extent of Issuer’s rights thereto.) If for any reason the Escrow Funds available to NCPS and the Indemnified Parties pursuant to such security interest or right of offset are insufficient to cover such compensation and reimbursement, Issuer shall promptly pay such amounts to NCPS and the Indemnified Parties upon receipt of an itemized invoice.