Intercreditor Agreement; Conflicts Clause Samples
Intercreditor Agreement; Conflicts. Notwithstanding anything herein to the contrary, the lien and security interest granted to the Security Trustee pursuant to this Agreement are subordinate to those granted to Addiewell under the Senior Finance Documents. The lien and security interest granted to the Security Trustee pursuant to this Agreement and the exercise of any right or remedy by the Security Trustee hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. SCHEDULE 1 THE PARTIES PART I THE OBLIGORS ▇▇▇▇▇ Containerships Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 Likiep Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 Orangina Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 Mago Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 Dud Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 Rongerik Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island PO Box 1405 Majuro ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 ▇▇▇▇ Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 Eluk Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 Oruk Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 ▇▇▇▇▇ Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 Jabor Shipping Company Inc. ▇▇▇▇▇▇▇▇ Islands Trust Company Complex Ajeltake Island ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ MH96960 SCHEDULE 1 THE PARTIES PART II LENDERS ▇▇▇▇▇ Shipping Inc. (t/b/a) $82,616,666.66 SCHEDULE 2 PART A
Intercreditor Agreement; Conflicts. Notwithstanding anything to the contrary contained herein, the Administrative Agent and each Lender acknowledges that the Lien and security interest granted to the Administrative Agent pursuant to this Agreement and the exercise of any right or remedy by the Administrative Agent and each Lender hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Credit Agreement and this Agreement, the terms of the Credit Agreement shall govern and control. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.
Intercreditor Agreement; Conflicts. In the event of any conflict between the provisions of this Security Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.
Intercreditor Agreement; Conflicts. Notwithstanding anything to the contrary contained herein, this Mortgage (including, without limitation the enforcement of the rights, remedies and obligations as set forth hereunder) is and shall remain subject and the terms, covenants, conditions set forth in the Intercreditor Agreement. In the event of any conflict or ambiguity with between the terms, covenants and conditions of the Intercreditor Agreement and this Mortgage, the provisions of the Intercreditor Agreement shall control.
Intercreditor Agreement; Conflicts. This Agreement is the “Senior Secured Notes Intercreditor Agreement” referred to in the ABL Credit Agreement, and the “Crossing Lien Intercreditor Agreement” referred to in the Original Cash Flow Collateral Agreement and the other Cash Flow Collateral Debt Documents. Nothing in this Agreement shall be deemed to subordinate the right of any ABL Secured Party to receive payment to the right of any Cash Flow Collateral Secured Party to receive payment or of any Cash Flow Collateral Secured Party to receive payment to the right of any ABL Secured Party to receive payment (whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the parties hereto that this Agreement shall effectuate a subordination of Liens as between the ABL Secured Parties, on the one hand, and the Cash Flow Collateral Secured Parties, on the other hand, but not a subordination of Indebtedness. Except as provided in the next sentence, if there is any conflict between this Agreement and the ABL Documents or Cash Flow Collateral Documents (including the Collateral Agency Agreement), this Agreement will control. In matters solely relating to or as between the Cash Flow Collateral Secured Parties, if there is any conflict between the Collateral Agency Agreement and this Agreement, the terms of the Collateral Agency Agreement will control. In matters solely relating to or as between the ABL Secured Parties, if there is any conflict between the ABL Credit Agreement and this Agreement, the terms of the ABL Credit Agreement will control.
Intercreditor Agreement; Conflicts. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THE LIEN AND SECURITY INTEREST GRANTED TO THE COLLATERAL AGENT PURSUANT TO THIS SECURITY AGREEMENT AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE COLLATERAL AGENT OR THE SECURED PARTIES HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND THIS SECURITY AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.
Intercreditor Agreement; Conflicts. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, (a) the Liens granted to Lender and the exercise of any right or remedy with respect to any Collateral shall be subject in all respects to the Intercreditor Agreement, and (b) in the event of any conflict between the terms and provisions of this Agreement or any other Loan Document, on the one hand, and the terms and provisions of the Intercreditor Agreement, on the other hand, the terms and provisions of the Intercreditor Agreement shall control.
Intercreditor Agreement; Conflicts. (a) Notwithstanding anything to the contrary contained herein, the Administrative Agent and each Lender acknowledges that the Lien and security interest granted to the Administrative Agent pursuant to this Agreement and the exercise of any right or remedy by the Administrative Agent and each Lender hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Credit Agreement and this Agreement, the terms of the Credit Agreement shall govern and control. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.
(b) Notwithstanding anything herein to the contrary, for so long as a Discharge of First Lien Obligations shall not have occurred and the First Lien Documents shall require the delivery of possession or control to the First Lien Agent of Collateral, any covenant hereunder requiring (or any representation or warranty hereunder to the extent that it would have the effect of requiring) the delivery of possession or control to the Administrative Agent of Collateral shall be deemed to have been satisfied (or, in the case of any representation and warranty, shall be deemed to be true) if, prior to the Discharge of First Lien Obligations, such possession or control shall have been delivered to the First Lien Agent, as provided in the Intercreditor Agreement; provided that with respect to Deposit Accounts, the Grantors shall be required to cause the delivery of control to both the First Lien Agent and the Administrative Agent.
Intercreditor Agreement; Conflicts. Anything herein to the contrary notwithstanding, the liens and security interests granted pursuant to this Security Agreement and the exercise of certain rights and/or remedies with respect thereto are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Security Agreement, the terms of the Intercreditor Agreement shall govern and control. In the event of any conflict between the obligations of any Grantor under this Agreement and any agreement relating to the Senior Lien Obligations, the terms of the agreement relating to the Senior Lien Obligations shall govern and control. All references to specific sections of the Intercreditor Agreement set forth herein shall refer to such sections as in effect on the date hereof, or as subsequently amended with the consent of the Grantors.
Intercreditor Agreement; Conflicts. The terms and conditions of this Agreement are subject to the terms and conditions of the Intercreditor Agreement in all respects, including, without limitation, with respect to Lien priorities and the application of payments and proceeds. If any term or provision of this Agreement conflicts with any term or provision of the Intercreditor Agreement, the term or provision of the Intercreditor Agreement shall control.