Subordination of Liens. Creditor subordinates and makes inferior to any security interests, liens or mortgages now or hereafter securing senior debt all security interests, liens, or mortgages now or hereafter securing subordinated debt. Any foreclosure against any property securing senior debt shall foreclose, extinguish and discharge all security interests, liens and mortgages securing subordinated debt, and any purchaser at any such foreclosure sale shall take title to the property so sold free of all security interest, liens and mortgages securing subordinated debt.
Appears in 26 contracts
Samples: Facility Agreement (Usaa State Tax Free Trust), Facility Agreement (Usaa Tax Exempt Fund Inc), Credit Agreement (Usaa State Tax Free Trust)
Subordination of Liens. Creditor subordinates and makes inferior to any security interests, liens or mortgages now or hereafter securing senior debt all debt, any security interests, liens, or mortgages of Creditor now or hereafter securing subordinated debt. Any foreclosure sale by Lender against any property securing senior debt shall foreclose, extinguish and discharge all security interests, liens and mortgages of Creditor securing subordinated debt, and any purchaser at any such foreclosure sale shall take title to the property so sold free of all security interestinterests, liens and mortgages securing subordinated debt.
Appears in 1 contract
Samples: Subordination Agreement (Tor Minerals International Inc)
