Common use of Liens Subordinate; Standstill Clause in Contracts

Liens Subordinate; Standstill. Guarantor acknowledges and agrees that until the Loans are paid in full or the Guarantor has otherwise been released from the Guaranteed Obligations pursuant to the terms of the Loan Documents, any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment or performance of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Until the Loan is paid in full, Guarantor shall not (i) exercise or enforce any creditor’s right it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

Liens Subordinate; Standstill. Guarantor acknowledges and agrees that until the Loans are Deferred Payment is paid in full or the Guarantor has otherwise been released from the Guaranteed Obligations pursuant to the terms of the Loan Documents, any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s the assets of Borrower or ECEC securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s the assets of Borrower or ECEC securing payment or performance of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Until the Loan Deferred Payment is paid in full, Guarantor shall not (i) exercise or enforce any creditor’s right it may have against BorrowerBorrower or ECEC, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower or ECEC held by Guarantor.

Liens Subordinate; Standstill. Guarantor acknowledges and agrees that until the Loans are Deferred Payment is paid in full or the Guarantor has otherwise been released from the Guaranteed Guarantor Obligations pursuant to the terms of the Loan Documents, any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment or performance of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Until the Loan Deferred Payment is paid in full, Guarantor shall not (i) exercise or enforce any creditor’s right it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including, without limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.