Senior Secured Note. Payment of the full amount of this Senior Note is secured by the “Collateral” identified and described as security therefor in the Security Agreement. The Company shall not, directly or indirectly, create, permit or suffer to exist, and shall defend the Collateral against and take such other action as is necessary to remove, any Lien (as defined in the Security Agreement) on or in the Collateral, or in any portion thereof, except as permitted pursuant to the Security Agreement. The rights of the Senior Noteholders in the Collateral are subordinated to the interests in such Collateral securing the Company’s Bank Borrowings (as defined in the Security Agreement).
Appears in 5 contracts
Samples: Security Agreement (Iron Bridge Mortgage Fund LLC), Security Agreement (Iron Bridge Mortgage Fund LLC), Security Agreement (Iron Bridge Mortgage Fund LLC)
