Common use of Junior Security Interest Clause in Contracts

Junior Security Interest. (a) WFBC agrees that Gateway may take a security interest in WFBC Collateral junior to the security interest of WFBC to secure the TSA Obligations and that the granting of such junior security interest shall not be deemed to be a default under the Account Purchase Agreements. Gateway agrees that the security interest of WFBC in WFBC Collateral granted under the Asset Purchase Agreements shall be and remain senior to the security interest of Gateway granted hereby in WFBC Collateral. MPC and Gateway Companies agree that the grant of any security interest in WFBC Collateral other than the security interest to Gateway securing payment of the TSA Obligations shall be a default under the terms of the Account Purchase Agreements.

Junior Security Interest. (a) WFBC agrees that Gateway may take a security interest in WFBC Collateral junior to the security interest of WFBC to secure the TSA Obligations and that the granting of such junior security interest shall not be deemed to be a default under the Account Purchase AgreementsAgreement. Gateway agrees that the security interest of WFBC in WFBC Collateral granted under the Asset Purchase Agreements Agreement shall be and remain senior to the security interest of Gateway granted hereby in WFBC Collateral. MPC and Gateway Companies agree agrees that the grant of any security interest in WFBC Collateral other than the security interest to Gateway securing payment of the TSA Obligations shall be a default under the terms of the Account Purchase AgreementsAgreement.