ACKNOWLEDGMENT OF SUBORDINATION. Lender acknowledges that it hereby intentionally waives, relinquishes and subordinates the priority and superiority of the lien or charge of the Lender Security Agreement in favor of the lien or charge of the Bank One Security Interest upon the Residual Interest, and understands that in reliance upon and in consideration of this waiver, relinquishment and subordination, specific loans and advances are being and will be made and specific monetary and other obligations are being and will be entered into by third parties which would not be made or entered into but for such reliance upon this waiver, relinquishment and subordination. Lender agrees to execute such further documents as either Bank One or the Company may reasonably request to reflect, implement or confirm such subordination.
ACKNOWLEDGMENT OF SUBORDINATION. Lessee acknowledges that the Lease is subordinated to the Deed of Trust pursuant to and in accordance with the terms of the Lease.
ACKNOWLEDGMENT OF SUBORDINATION. Notwithstanding anything contained herein, this Lease is subject and subordinate in all respects to any Superior Security Document, to all other liens granted by the Lessee to the holder of a Superior Security Document with respect to or in connection with the indebtedness secured by the Superior Security Document, and to all modifications, extensions, refinancings (where such liens continue) or renewals of such lien.
ACKNOWLEDGMENT OF SUBORDINATION. The Trustee hereby agrees that upon enforcement by it of the security constituted by the Assignment Agreement over certain of the Subordinated Liabilities its rights in respect of such Subordinated Liabilities (in particular but without limitation to receive payments thereunder and to enforce the provisions thereof) shall be limited to the same extent as the rights of the other parties to this Agreement in respect to such Subordinated Liabilities are limited by the terms of this Agreement. In the event of breach of this Clause 6 by the Trustee the Trustee will forthwith pay to the Security Agent (on behalf of the Beneficiaries) any sum or other asset which shall have been received by it in consequence of any such action taken in breach of this Clausse 6 (which sum or other assets shall be deemed not to have reduced the liability of the relevant obligor) and until such payment or transfer the Trustee will hold such sums or assets on trust (TREUHANDERISCH) for the Security Agent provided, however, that these provisions shall not constitute or create or be deemed to constitute or create any encumbrance or other security interest of any kind. With respect to the Beneficiaries and the Security Agent the Trustee shall perform or observe only such of its covenants and obligations as are specifically set forth in this Clause 6, and no implied covenants or obligations with respect to the Beneficiaries or the Security Agent shall be read into this Agreement against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the Beneficiaries or the Security Agent other than as expressly provided for by this Agreement. Without prejudice to the aforesaid, the Trustee shall not be liable for any losses arising out of any acts or omission of the Trustee under this Agreement except to the extent that such losses arise by virtue of the Trustee's wilful default, negligence or fraud. The Trustee has the right to request the Security Agent to confirm to the Trustee in writing whether or not the Liabilities have been fully discharged to the satisfaction of the Security Agent. The Security Agent shall upon such request by the Trustee confirm in writing to the Trustee as requested within 10 Business Days from such request. The parties to this Agreement agree that the Trustee may rely on any such confirmation in writing issued by the Security Agent.
ACKNOWLEDGMENT OF SUBORDINATION. The Company hereby acknowledges that any present and future Indebtedness (other than Operating Bank Account Indebtedness that does not represent the transfer of Designated Asset Sale Proceeds) payable by the Borrower to the Company is Subordinated in accordance with the terms of the Credit Agreement."
ACKNOWLEDGMENT OF SUBORDINATION. Reference is hereby made to the Note and Common Unit Acquisition Agreement, dated as of December 6, 1999 (the "ACQUISITION AGREEMENT") among the Company, BRS Equipment Company, Inc., Xxx Xxxxxxx and Southern Nevada Capital Corporation. The Employee hereby irrevocably acknowledges and agrees that all principal, interest and all other amounts payable under or in respect of the Notes (as such term is defined in the Acquisition Agreement) are "Senior Indebtedness" for purposes of the Employment Agreement.
ACKNOWLEDGMENT OF SUBORDINATION. Each Holder of the Subordinated Obligations acknowledges and agrees that:
ACKNOWLEDGMENT OF SUBORDINATION. To the extent practicable, any promissory note or other evidence of indebtedness representing Subordinated Debt shall contain provisions substantially similar to the foregoing and effectuating the intention of this Section 4 that the Subordinated Debt be subordinated in payment to this Note as provided herein.
ACKNOWLEDGMENT OF SUBORDINATION. Subordinate Lender hereby acknowledges a Lien on Collateral securing any Senior Loan Obligations (including for the avoidance of doubt any Senior Loan Obligation arising out of Refinancing Indebtedness) will at all times be senior and prior in all respects to any Lien on such Collateral securing Subordinate Loan Obligations.
ACKNOWLEDGMENT OF SUBORDINATION. Reference is hereby made to the Note and Common Unit Acquisition Agreement, dated as of December 6, 1999 (the "ACQUISITION AGREEMENT") among the Company, BRS Equipment Company, Inc., Xxx Xxxxxxx and
