Common use of Liens Subordinate Clause in Contracts

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Debt, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not (a) exercise or enforce any creditor’s right it may have against Borrower or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s 's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s 's assets securing payment of the DebtObligations, regardless of whether such encumbrances in favor of Guarantor or Lender Bank presently exist or are hereafter created or attachattached. Without the prior written consent of LenderBank, Guarantor shall not (a) exercise or enforce any creditor’s 's right it may have against Borrower Borrower, or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, ----------------- security interests, judgment liens, charges or other encumbrances upon Borrower’s 's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s 's assets securing payment of the DebtLiabilities, regardless of whether such encumbrances in favor of Guarantor Guarantor, the Administrative Agent or Lender the Lenders presently exist or are hereafter created or attach. Without the prior written consent of Lenderthe Lenders, Guarantor shall not (a) exercise or enforce any creditor’s 's right it may have against Borrower the Borrower, or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings proceeding (judicial or otherwise, including without limitation the commencement of, of or joinder in, in any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any lienslien, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of LenderBuyer, Guarantor shall not (ai) exercise or enforce any creditor’s right it may have against Borrower Seller, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgagesmortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower Seller securing payment of the Guarantor Claims held by Guarantor.

Liens Subordinate. Guarantor agrees that any Any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s Lessee's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s Lessee's assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender Lessor presently exist or are hereafter created or attach. Without the prior written consent of LenderLessor, Guarantor shall not (a) exercise or enforce any creditor’s 's right it may have against Borrower Lessee, or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments or other encumbrances on assets of Borrower Lessee held by Guarantor.

Liens Subordinate. Each Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s the assets of any Borrower securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon such Borrower’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of any Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, so long as both (a) any portion of the Debt shall be outstanding and (b) a Direct Assumption shall not have been consummated in accordance with the Loan Agreement, then no Guarantor shall not (ai) exercise or enforce any creditor’s right rights it may have against Borrower any Borrower, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including including, without limitation limitation, the commencement of, or the joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on the assets of any Borrower held by any Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment or performance of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not (ai) exercise or enforce any creditor’s right it may have against Borrower or any other Loan Party, (bii) create any Liens encumbering the Collateral, Borrower or any other Loan Party or any interest in either of the foregoing, other than Permitted Encumbrances, or (iii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower or any other Loan Party held by Guarantor.

Liens Subordinate. Guarantor NGSG agrees that any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSCS’s assets securing payment of the Guarantor NGSG’s Claims shall be and shall remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSCS’s assets securing payment of the Guaranteed Debt, regardless of whether such encumbrances in favor of Guarantor NGSG or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor NGSG shall not (ai) exercise or enforce any creditor’s right it may have against Borrower SCS, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower SCS held by GuarantorNGSG.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender Buyer presently exist or are hereafter created or attach. Without the prior written consent of LenderBuyer, Guarantor shall not (ai) exercise or enforce any creditor’s right it may have against Borrower Seller, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgagesmortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower Seller securing payment of the Guarantor Claims held by Guarantor.

Liens Subordinate. Guarantor agrees that any lienslien, security interestsinterest, judgment lienslien, charges charge or other encumbrances encumbrance upon Borrowerany Obligor’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any lienslien, security interestsinterest, judgment lienslien, charges charge or other encumbrances encumbrance upon Borrowersuch Obligor’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether any such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of LenderCollateral Agent, Guarantor shall not (a) exercise or enforce any creditor’s right it may have against Borrower any Obligor or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceedingBankruptcy Proceeding) to enforce any lienslien, mortgagesmortgage, deeds deed of trust, security interestsinterest, collateral rightsright, judgments judgment or other encumbrances encumbrance on assets of Borrower any Obligor held by Guarantor.

Liens Subordinate. Guarantor agrees Guarantors agree that any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor Guarantors or Lender Buyer presently exist or are hereafter created or attach. Without the prior written consent of LenderBuyer, Guarantor Guarantors shall not (ai) exercise or enforce any creditor’s right it they may have against Borrower Seller, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgagesmortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower Seller securing payment of the Guarantor Claims held by GuarantorGuarantors.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s 's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s 's assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently Agent or Lenders currently exist or are hereafter created or attach. Without the prior written consent of LenderAgent, Guarantor shall not (ai) exercise or enforce any creditor’s 's right it may have against Borrower Borrower, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any liens, mortgagesmortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor, until the entire indebtedness and all other sums due and payable under the Loan Documents have been irrevocably paid in full.

Liens Subordinate. Guarantor agrees that any Any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s any of the Lessee's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s such Lessee's assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender Lessor presently exist or are hereafter created or attach. Without the prior written consent of LenderLessor, Guarantor shall not (a) exercise or enforce any creditor’s 's right it may have against Borrower any Lessee, or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments or other encumbrances on assets of Borrower any Lessee held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Debt, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not (ai) exercise or enforce any creditor’s right it may have against Borrower Borrower, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s Company's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s Company's assets securing payment of the DebtLiabilities, regardless of whether such encumbrances in favor of Guarantor Guarantor, the Agent or Lender the Banks presently exist or are hereafter created or attach. Without the prior written consent of Lenderthe Banks, Guarantor shall not (a) exercise or enforce any creditor’s 's right it may have against Borrower the Company, or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings proceeding (judicial or otherwise, including without limitation the commencement of, of or joinder in, in any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any lienslien, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments or other encumbrances on assets of Borrower Company held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, ----------------- security interests, judgment liens, charges or other encumbrances upon Borrower’s 's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s 's assets securing payment of the DebtLiabilities, regardless of whether such encumbrances in favor of Guarantor or Lender the Bank presently exist or of are hereafter created or attach. Without the prior written consent of Lenderthe Bank, Guarantor shall not (a) exercise or enforce any creditor’s 's right it may have against Borrower the Borrower, or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings proceeding (judicial or otherwise, including without limitation the commencement of, of or joinder in, in any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any lienslien, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of LenderAdministrative Agent, Guarantor shall not (a1) exercise or enforce any creditor’s right it may have against Borrower Seller, or (b1) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgagesmortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower Seller securing payment of the Guarantor Claims held by Guarantor.

Liens Subordinate. Guarantor agrees Guarantors agree that any liens, security interests, judgment judgement liens, charges charges, or other encumbrances upon Borrower’s 's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment judgement liens, charges charges, or other encumbrances upon Borrower’s 's assets securing payment of the Guaranteed Debt, regardless of whether such encumbrances in favor of any Guarantor or Lender the Loan Parties presently exist or are hereafter created or attach. Without the prior written consent of Lenderthe Agent, no Guarantor shall not (a) exercise or enforce any creditor’s 's right it may have against Borrower Borrower, or (b) foreclose, repossess, sequester sequester, or otherwise take steps or institute any action or proceedings (judicial or otherwise, including including, without limitation limitation, the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief 's relief, or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments judgments, or other encumbrances on assets of Borrower held by any Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, neither Guarantor nor any of its Affiliates shall not (a) exercise or enforce any creditor’s right it may have against Borrower (b) create any Liens encumbering the Property, Borrower or any interest in either of the foregoing, other than Permitted Encumbrances, or (bc) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

Liens Subordinate. Guarantor Principal agrees that any lienshens, security interests, judgment liens, charges or other encumbrances upon Borrower’s Assumptor's assets securing payment of the Guarantor Claims Principal Claims! shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s Assumptor's assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor Principal or Lender Noteholder presently exist or are hereafter created or attach. Without the prior written consent of LenderNoteholder, Guarantor Principal shall not (ai) exercise or enforce any creditor’s 's right it may have against Borrower Assumptor, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments or other encumbrances on assets of Borrower Assumptor held by GuarantorPrincipal.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender Buyer presently exist or are hereafter created or attach. Without the prior written consent of LenderBuyer, Guarantor shall not (ai) exercise or enforce any creditor’s right it they may have against Borrower Seller, or (bii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgagesmortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower Seller securing payment of the Guarantor Claims held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not (ai) exercise or enforce any creditor’s right it may have against Borrower Borrower, Operating Lessee or any other Loan Party, (ii) create any Liens encumbering the Properties, Borrower, any other Loan Party or any interest in any of the foregoing, other than Permitted Encumbrances or (biii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower Borrower, Operating Lessee or any other Loan Party held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s Company's assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s Company's assets securing payment of the DebtLiabilities, regardless of whether such encumbrances in favor of Guarantor Guarantor, the Administrative Agent or Lender the Lenders presently exist or are hereafter created or attach. Without the prior written consent of Lenderthe Lenders, Guarantor shall not (a) exercise or enforce any creditor’s 's right it may have against Borrower the Company, or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (proceeding judicial or otherwise, including without limitation the commencement of, of or joinder in, in any liquidation, bankruptcy, rearrangement, debtor’s 's relief or insolvency proceeding) to enforce any lienslien, mortgages, deeds of trust, security interestsinterest, collateral rights, judgments or other encumbrances on assets of Borrower Company held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment or performance of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter created or attach. Without the prior written consent of Lender, Guarantor shall not (ai) exercise or enforce any creditor’s right it may have against Borrower Borrower, Operating Lessee or any other Loan Party, (ii) create any Liens encumbering the Properties, Borrower, Operating Lessee or any other Loan Party or any interest in either of the foregoing, other than Permitted Encumbrances, or (biii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower Borrower, Operating Lessee or any other Loan Party held by Guarantor.

Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security interests, judgment liens, charges or other encumbrances upon BorrowerSeller’s assets securing payment of the DebtGuaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender Buyer presently exist or are hereafter created or attach. Without the prior written consent of LenderBuyer, Guarantor shall not (a1) exercise or enforce any creditor’s right it may have against Borrower Seller, or (b1) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgagesmortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower Seller securing payment of the Guarantor Claims held by Guarantor.

Liens Subordinate. Each Guarantor agrees that any lienslien, security interestsinterest, judgment lienslien, charges charge or other encumbrances encumbrance upon Borrower’s assets securing payment of the Guarantor Claims of such Guarantor shall be and remain inferior and subordinate to any lienslien, security interestsinterest, judgment lienslien, charges charge or other encumbrances encumbrance upon Borrower’s assets securing payment of the Guaranteed Debt, regardless of whether such encumbrances encumbrance in favor of such Guarantor or Lender the Administrative Agent presently exist exists or are is hereafter created or attachattaches. Without the prior written consent of Lenderthe Administrative Agent, neither Guarantor shall not (a) exercise or enforce any creditor’s right it may have against Borrower or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings proceeding (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any lienslien, mortgagesmortgage, deeds deed of trust, security interestsinterest, collateral rightsright, judgments judgment or other encumbrances encumbrance on assets of Borrower held by such Guarantor.