Common use of Security for Subordinate Obligations Clause in Contracts

Security for Subordinate Obligations. Neither the Borrower nor any person on its behalf shall or shall be entitled to grant, deliver or provide any Subordinate Security to the Trust, and the Trust shall not and shall not be entitled to obtain, accept or hold any Subordinate Security from the Borrower, or any person on its behalf, for payment or performance of any of the Subordinate Obligations, except for security that is expressly permitted by the Credit Agreement, subordinate to the Senior Security and of which the Administration Agent and the Senior Lenders are given prompt written notice.

Security for Subordinate Obligations. Neither the Borrower nor any person on its behalf shall or shall be entitled to grant, deliver or provide any Subordinate Security to the TrustSubordinate Lender, and the Trust Subordinate Lender shall not and shall not be entitled to obtain, accept or hold any Subordinate Security from the Borrower, or any person on its behalf, for payment or performance of any of the Subordinate Obligations, except for security that is expressly permitted by the Credit Agreement, subordinate to the Senior Security and of which the Administration Agent and the Senior Lenders are given prompt written notice.