Subordination of Security Sample Clauses

Subordination of Security. Subordinated Creditor hereby subordinates to the Senior Creditors any Security that Subordinate Creditor may have on any property of any Obligor. Notwithstanding the respective dates of attachment or perfection of the Security of Subordinated Creditor, if any, and the Security of the Senior Creditors, the Security held by or in favor of any Senior Creditor, shall at all times be prior to the Security of Subordinated Creditor. Nothing herein shall, or be deemed to, impair or prejudice the terms and restrictions under Clauses 17.3 or 17.7 of the Facility Agreement.
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Subordination of Security. If in order to obtain the Bank Loan, the bank requires first-ranking security over any Cayman Holdco Ordinary Shares already subject to any share mortgage in favour of any Holder, such Holder agrees to take all reasonable steps to subordinate its security interest under the relevant share mortgage to the bank.
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Subordination of Security. 3.1 The Lender hereby acknowledges and agrees that its security interest hereunder is expressly subject and subordinated to the priority liens and security interests previously granted under a General Security Agreement in favor of MFI Export, Inc. (the "MFI Security") and to the liens and security interests previously granted by the Borrower in favor of the bridge lenders listed on Schedule 3.1 annexed hereto (the "Bridge Lenders" and collectively with MFI Export, Inc., the "Senior Secured Parties"). The Lender hereby agrees that the priority among the Senior Secured Parties with respect to the repayment of all amounts secured by the respective General Security Agreements shall be determined without reference to the Land Titles Act (Ontario), the Mortgages Act (Ontario), the PPSA or to any other legal or equitable principles respecting priorities, but instead shall be determined first to MFI Export, Inc. with respect to the MFI Security, next to the Bridge Lenders in accordance with the General Security Agreements entered into between the Borrower and such Bridge Lenders, and last to the Lender under this General Security Agreement.
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Subordination of Security. Interest All security interests now or hereafter acquired by Silicon in any or all of the Collateral (as defined below), in which the Borrower now has or hereafter acquires any ownership, leasehold or other interest shall at all times be prior and superior to any lien, ownership interest, security interest or other interest or claim now held or hereafter acquired by the Subordinating Creditor in the Collateral (the "Subordinate Interest"). Said priority shall be applicable irrespective of the time or order of attachment or perfection of any security interest or the time or order of filing of any financing statements or other documents, or any statutes, rules or law, or court decisions to the contrary. Upon any disposition of any of the Collateral by Silicon, the Subordinating Creditor agrees, if requested by Silicon, to execute and immediately deliver any and all releases or other documents or agreements which Silicon deem necessary to accomplish a disposition thereof free of the Subordinate Interest. Subordinating Creditor represents and warrants to Silicon that Subordinating Creditor is the sole holder of all security interests perfected by that certain UCC-1 Financing Statement executed by the predecessor of Borrower, CNG Cylinder Company of North America, L.P. and Subordinating Creditor and filed in the office of the California Secretary of State on the following date, bearing the following file number: Date File No. ---- -------- November 18, 1991 91244309
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Subordination of Security. The Subordinated Security shall for all purposes be, and at all times remain, inferior, junior, subordinate and postponed to the Senior Lenders' Security, and no amounts shall be payable or any action taken under the Subordinated Security except as permitted in this agreement. Without limiting the generality of the foregoing, the foregoing priority shall prevail in all circumstances and irrespective of:
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Subordination of Security. Notwithstanding the order of filing of any mortgages, deeds of trust, assignments of leases, or financing statements, or the physical possession of any of Borrower's assets by Subordinator (or any other person, firm or corporation), or the order of granting of any security interest in the assets of Borrower, any and all rights and security interests of Subordinator, whether now existing or hereafter acquired or arising and howsoever existing, in the assets of Borrower and all products and proceeds thereof shall be and hereby are subordinated to the rights and interests of Lender therein. Subordinator shall not ask for, demand, xxx for, take, receive, or possess from Borrower, by setoff or in any other manner, the whole or any part of the assets of Borrower or any products or proceeds thereof, or foreclose or otherwise realize upon the whole or any part of the assets of Borrower, whether by judicial action under power of sale, by self-help repossession or otherwise, unless and until all of the Senior Indebtedness of Borrower to Lender has been paid and fully satisfied, and all financing arrangements between Borrower and Lender have been terminated in writing by Lender. Subordinator further agrees that any and all instruments, documents or agreements creating, evidencing or perfecting any lien on or security interest in any asset of Borrower as security for the Subordinated Debt shall expressly state that it is subject to the terms of this Agreement.
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Subordination of Security. The Subordinated Debt shall be unsecured.
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Related to Subordination of Security

  • SUBORDINATION OF SECURITIES 46 Section 1301 Securities Subordinate to Senior Indebtedness....................... 46 Section 1302 Payment Over of Proceeds Upon Dissolution, etc...................... 46 Section 1303 No Payment When Senior Indebtedness in Default...................... 47 Section 1304 Payment Permitted if No Default..................................... 48 Section 1305 Subrogation to Rights of Holders of Senior Indebtedness............. 48 Section 1306 Provisions Solely to Define Relative Rights......................... 48

  • Creation of Security (a) Any Security is created or subsists over the shares in the Ultimate Parent; or

  • Confirmation of Security Borrower hereby confirms and agrees that all of the Collateral Documents that presently secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Obligations as described in the Original Credit Agreement as modified by this Amendment.

  • Protection of Security Each Grantor shall, at its own cost and expense, take any and all actions necessary to defend title to the Collateral against all persons and to defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 6.02 of the Credit Agreement.

  • Preservation of Security 6.1 It is hereby agreed and declared that:

  • Perfection of Security The Borrower must (at its own cost) take any action and enter into and deliver any document which is required by the Lender so that a Security Document provides for effective and perfected security in favor of any successor of the Lender, including (but not limited to), promptly after the date hereof:

  • Creation of Security Interest Notwithstanding any other provision set forth in this Agreement, the Note, the Mortgage or any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under this Agreement, the Note, the Mortgage and any other Loan Document (including the advances owing to it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.

  • Reaffirmation of Security Interest The Borrower hereby reaffirms as of the date hereof each and every security interest and Lien granted in favor of the Security Agent and the Banks under the Loan Documents, and agrees and acknowledges that such security interests and Liens shall continue from and after the date hereof and shall remain in full force and effect from and after the date hereof, in each case after giving effect to the Credit Agreement as amended by this Amendment, and the Obligations secured thereby and thereunder shall include the Borrower’s obligations under the Credit Agreement as amended by this Amendment. Each such reaffirmed security interest and Lien remains and shall continue to remain in full force and effect and is hereby in all respects ratified and confirmed.

  • Termination of Security Interest Upon the full and final payment and performance of all Obligations of the Company under this Indenture and the Notes or upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture in accordance with Article 12 hereof, the Trustee will, at the request of the Company, deliver a certificate to the Collateral Agent stating that such Obligations have been paid in full, and instruct the Collateral Agent to release the Liens pursuant to this Indenture and the Security Documents.

  • Duration of Security Interest Lender’s security interest in the Collateral shall continue until the payment in full and the satisfaction of all Obligations and termination of Lender’s commitment to fund any Loans, whereupon such security interest shall terminate. Lender shall, at Borrower’s sole cost and expense, execute such further documents and take such further actions as may be reasonably necessary to make effective the release contemplated by this Section 4.3, including duly executing and delivering termination statements for filing in all relevant jurisdictions under the Code.

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