Common use of Security to be Provided by Others Clause in Contracts

Security to be Provided by Others. (a) The Borrowers shall cause each holder of indebtedness which is intended to constitute Subordinated Debt to provide a subordination and postponement agreement in favour of the Agent, in form and substance satisfactory to the Agent. The provision of such subordination and postponement agreements shall constitute a condition precedent to the first Advance and each subsequent Advance hereunder, and the absence of any required such subordination and postponement agreement shall constitute an Event of Default.

Security to be Provided by Others. (a) The Borrowers Borrower shall cause each holder of indebtedness which is intended to constitute Subordinated Debt to provide a subordination and postponement agreement in favour of the Agent, in form and substance satisfactory to the Agent. The provision of such subordination and postponement agreements shall constitute a condition precedent to the first Advance and each subsequent Advance hereunderClosing Date Advance, and the absence of any required such subordination and postponement agreement shall constitute an Event of Default.

Security to be Provided by Others. (a) a. The Borrowers Borrower shall cause each holder of indebtedness which is intended to constitute Subordinated Debt to provide a subordination and postponement agreement in favour of the Agent, in form and substance satisfactory to the Agent. The provision of such subordination and postponement agreements shall constitute a condition precedent to the first Advance and each subsequent Advance hereunderOriginal Closing Date Advance, and the absence of any required such subordination and postponement agreement shall constitute an Event of Default.

Security to be Provided by Others. (a) The Borrowers Borrower shall cause each holder of indebtedness which is intended to constitute Subordinated Debt to provide a subordination and postponement agreement in favour of the Agent, in form and substance satisfactory to the Agent. The provision of such subordination and postponement agreements shall constitute a condition precedent to the first Advance and each subsequent Advance hereunderOriginal Closing Date Advance, and the absence of any required such subordination and postponement agreement shall constitute an Event of Default.