Security and Subordination. This is the Note referred to in that certain Security Agreement between the Maker and the Payee, dated March 18, 2009 (the "Security Agreement"), and is entitled to the benefits of all of the terms and conditions and the security of all of the security interests and liens granted pursuant to the Security Agreement. This Note shall be subordinated to all indebtedness, liabilities and other obligations of the Company, whether now existing or hereinafter incurred, except that this Note shall rank pari passu with the other Notes and except to the extent expressly provided in agreements relating to any such indebtedness, liabilities and other obligations.
Security and Subordination. The Obligors shall and the Company shall ensure that each relevant member of the Group will at their own expense:
Security and Subordination. The Company’s obligations under this Note are subject to a security agreement in the form attached as Exhibit B to the Agreement which secures the repayment of the Loan and grants Holder a continuing security interest in all presently existing and hereafter acquired assets and property of the Company of whatever nature and wherever located which such Security Interest is senior to all other security interests or Encumbrances against the assets and property of the Company other than Senior Indebtedness and Parity Indebtedness. The Company, in its sole discretion, may subordinate this Note to any Senior Indebtedness of the Company. .
Security and Subordination. Hedging Agreement(s)) and 20.4 (Enforcement of the Security Documents) shall apply in respect of the guarantee and indemnity granted under this Clause 19.
Security and Subordination. (a) This Bond shall be secured by a security interest in all of the Issuer's assets, including after-acquired assets, subject only to prior, perfected security interests, and to the sale of assets in the ordinary course of business provided that the proceeds of such sales are re-invested in inventory or used to pay operating expenses of the Issuer, since it is the intent of the Parties that no proceeds be used for payment of dividends or extra-ordinary compensation to the principals of the Issuer.
Security and Subordination. The debts evidenced by the Note shall be secured by a security interest in the oil and gas properties of Borrower listed on Exhibit B hereto, provided, however, that such security interest shall be subordinated to the existing security interest of Borrower's primary lender, currently R&M Oil and Gas, Ltd.
Security and Subordination. Owner’s obligation to repay the CDBG Loan will be secured by the CDBG Deed of Trust, to be recorded as a subordinate position mortgage lien against the Property. The CDBG Loan Documents will be subordinate to the Senior Loan Documents and Senior Regulatory Agreements; provided, that the subordination agreement contains written commitments reasonably designed to protect the City’s investment in the event of a default. At the Closing, the City Manager or designee will execute Subordination Agreements in a form that is consistent with applicable laws and regulations governing subordination of City loans and mutually acceptable to the City Manager or designee, the Senior Lenders, and Owner.
Security and Subordination. All amounts outstanding under the Facility are unsecured and fully subordinated to any charges or rights accrued or held by [senior lender] in connection with the [loan facility] made available to [the Borrower] under a [facility agreement] dated .
Security and Subordination. Payment of this Note by the Maker is secured by a second (2nd) lien on the Assets of Maker being acquired by Maker from Payee pursuant to the Agreement, intended to be secured by the filing of UCC Financing Statements forthwith with the appropriate state and local offices. The Loan shall be subordinated (in all respects) to bank debt of Maker, the proceeds of which are to be used by Maker for operating working capital. By acceptance of this Note, Payee agrees to execute and deliver such agreements and instruments as any such bank may require from time to time, and to such amendments to or legends on this Note, pertaining to such subordination.
Security and Subordination. This Agreement is unsecured and subordinate to that certain Credit Agreement between Auto-Graphics, Inc. and Xxxxx Fargo Bank, NA dated August 1, 2000.
