Subordinate Security. The Trustee, for itself and on behalf of each other Subordinate Party, covenants in favour of the Senior Parties that during the term of this Agreement it will not take or accept from the Borrower or rely upon any security for the payment of or performance of the Subordinate Debt other than the Subordinate Security delivered to the Trustee prior to or on the date hereof. The Borrower covenants in favour of the Senior Parties that during the term of this Agreement it will not provide to any Subordinate Party any security for the payment of or performance of the Subordinate Debt other than the Subordinate Security provided to the Trustee prior to or on the date hereof. The Trustee, for itself and on behalf of each other Subordinate Party, represents and warrants that as of the date hereof the only security that the Subordinate Parties have received from the Borrower is pursuant to the Indenture.
Subordinate Security. The Trustee, for itself and on behalf of each other Subordinate Party, covenants in favour of the Senior Parties that during the term of this Agreement it will not take or accept from the Borrower or any of its Subsidiaries or rely upon any security for the payment of or performance of the Subordinate Debt other than the Subordinate Security delivered to the Trustee prior to the date hereof. The Borrower and each of its Subsidiaries covenants in favour of the Senior Parties that during the term of this Agreement it will not provide to any Subordinate Party any security for the payment of or performance of the Subordinate Debt other than the Subordinate Security provided to the Trustee prior to the date hereof. The Trustee, for itself and on behalf of each other Subordinate Party, represents and warrants that as of the date hereof the only security that the Subordinate Parties have received from the Borrower or any of its Subsidiaries is attached at Annex A.
Subordinate Security. The Subordinate Lender and the Debtor each acknowledge that the Subordinate Lender has not been granted any Lien by the Debtor to secure the Subordinated Debt. The Subordinate Lender covenants in favour of the Senior Lender that during the term of this Agreement it will not hold from the Debtor any security for the payment of or performance of obligations in respect of the Subordinated Debt. The Debtor covenants in favour of Senior Lender that during the term of this Agreement, it will not deliver to the Subordinate Lender any security for the payment of or performance of obligations in respect of the Subordinated Debt. Should the Debtor breach this covenant, the Debtor and the Subordinate Lender acknowledge and agree that all such security shall be void and of no force or effect until the Senior Debt is indefeasibly paid in full.
Subordinate Security. The security granted under this Agreement is subordinate to the security granted in favour of Northeast Industrial Partners, LLC (the "Collateral Agent"), as collateral agent for the purchasers of senior secured notes issued on the date of this agreement. Any obligation on the part of the Pledgors to deliver any certificates, documents or other property under this Agreement, and any entitlement on the part of the Trustee to receive dividends or other distributions or to exercise any voting rights attached to the Pledged Securities, is subordinate to the rights of the Collateral Agent and the holders from time to time of the senior secured notes. The Company shall not be in default hereunder only by reason of its inability to deliver any such certificates, documents, dividends or other property, or to allow the Trustee to exercise any voting rights, due to the prior rights of the Collateral Agent; provided that as soon as the Collateral Agent ceases to have the right to hold any certificates, documents or other property required to be delivered to the Trustee under this Agreement or to exercise any such votes or to receive any such dividends or other distributions, the Company shall comply with its obligations under this Agreement in that regard.
Subordinate Security. The Promissory Note will be second ranking secured debt which will have second ranking over all assets and undertaking both present and future of the Corporation, ranking only second in seniority to the Corporation’s current senior secured lender, pursuant to a General Security Agreement in the form attached hereto as Schedule C. If there are multiple Closing Dates, then the Promissory Notes will nonetheless be secured by one general security agreement.
