Liens Subordinated Sample Clauses

Liens Subordinated. Each Subordinated Creditor agrees that the Subordinated Indebtedness shall be at all times unsecured, provided that if any Lien arises by statute or other operation of law upon the property of any PVA Debtor securing payments of the Subordinated Indebtedness, such Lien shall be and remain inferior and subordinated to any Liens securing payments of the Senior Indebtedness regardless of whether such encumbrances in favor of such Subordinated Creditor or the Senior Creditors presently exist or are hereafter created or attached. If, notwithstanding the foregoing, a Subordinated Creditor shall obtain a Lien on property of a PVA Debtor that is not subject to a Lien in favor of the Senior Creditors, then such Subordinated Creditor agrees not to exercise any rights under the instruments evidencing such Liens, and not to receive any payments or distributions in respect of such Liens, until the Senior Creditors have received payment of the Senior Indebtedness in full in cash. If under any applicable bankruptcy, insolvency or other similar law, a Subordinated Creditor receives a secured claim in lieu of a set-off, then such Subordinated Creditor agrees not to exercise any rights under such secured claim, and not to receive any payments or distributions in respect of such secured claim, until the Senior Creditors have received payment of the Senior Indebtedness in full in cash.
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Liens Subordinated. Grantor represents that as of the date of this grant (and effective through the date of recordation), there are no liens or mortgages outstanding against the Property, except any listed in Exhibit C that are subordinated to Grantee’s rights under this Easement. Grantor has the right to use the Property as collateral to secure the repayment of debt, provided that any lien or other rights granted for such purpose, regardless of date, are subordinate to Grantee’s rights under this Easement. Under no circumstances may Grantee’s rights be extinguished or otherwise affected by the recording, foreclosure, or any other action taken concerning any subsequent lien or other interest in the Property created as a result of the use of the Property as collateral for the repayment of debt..
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Liens Subordinated. Grantor represents that as of the date of this grant there are no liens or mortgages outstanding against the Protected Property. Grantor has the right to use the Protected Property as collateral to secure the repayment of debt, provided that any lien or other rights granted for such purpose, regardless of date, are subordinate to Holder’s rights under this Conservation and Agricultural Easement. Under no circumstances may Holder’s rights be extinguished or otherwise affected by the recording, foreclosure or any other action taken concerning any subsequent lien or other interest in the Protected Property, except that Holder may, upon request, subordinate its right to monetary damages based upon a violation that occurs subsequent to recording of such mortgage or lien, to the rights of a mortgagee.
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Liens Subordinated. (a) The Subordinated Agent and the Subordinated Lenders agree that any Liens, upon the Property of any of the Borrower, the Parent Company or any Obligor securing payments of the Subordinated Debt are and shall be and remain inferior and subordinated to any Liens securing payments of the Superior Indebtedness regardless of whether such encumbrances in favor of the Subordinated Agent or any Subordinated Lender or the Agent and the Senior Lenders presently exist or are hereafter created or attached.
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Related to Liens Subordinated

  • Liens Subordinate Guarantor agrees that 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 of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, 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, mortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

  • Notes Subordinate to Senior Indebtedness The Company covenants and agrees, and each Holder of Notes, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article 11, the Indebtedness represented by the Notes and the payment of the principal of, premium, if any, and interest on the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article 11 to the prior payment in full in cash or Cash Equivalents or, as acceptable to the holders of Senior Indebtedness, in any other manner, of all Senior Indebtedness. This Article 11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce such provisions.

  • Lien Subordination Notwithstanding the date, manner or order of grant, attachment or perfection of any Junior Lien in respect of any Collateral or of any Senior Lien in respect of any Collateral and notwithstanding any provision of the UCC, any applicable law, any Security Document, any alleged or actual defect or deficiency in any of the foregoing or any other circumstance whatsoever, the Junior Representative, on behalf of each Junior Secured Party, in respect of such Collateral hereby agrees that:

  • Notes Subordinated to Senior Indebtedness The Company covenants and agrees and the Trustee and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article Ten; and the Trustee and each person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereinafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Notes.

  • Non-Subordination The Obligations are not subordinated in any way to any other obligations of Borrower or to the rights of any other Person.

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