Subordinated Lien Sample Clauses

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Subordinated Lien. This Deed of Trust has been executed and shall be subordinate to the senior lien granted by the Grantor to the Trustee in favor of the Beneficiary under that certain Deed of Trust, Mortgage, Security Agreement, Assignment of Production and Financing Statement, dated as of May , 2010, recorded in Volume , Page of Borde▇ ▇▇▇▇ty, Texas; Volume , Page of Garza ▇▇▇▇ty, Texas; and Volume , Page , Scurr▇ ▇▇▇▇ty, Texas (collectively, the “Senior Deeds of Trust”).
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Subordinated Lien. 7.5 Security is Not a Limit on Seller’s Liability. ................................................................
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Subordinated Lien. Lender acknowledges that Borrower's senior lenders have an existing security interest in the Collateral, which has been subordinated to the interests granted to Lender hereunder, to the satisfaction of Lender.
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Subordinated Lien. The Liens granted pursuant to the Senior Secured Debt Documents are effectively subordinated to the Agent’s Liens, other than certain liens in favor of The Bank of New York, as Subordinated Creditor Collateral Agent under, and as set forth in, the Intercreditor Agreement.
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Subordinated Lien. (a) Upon the Financial Closing, Seller shall grant, and does hereby grant upon the Financial Closing, to Buyer a subordinated lien on the personal property and contracts of Seller (the “Collateral”) to secure Seller’s obligations under Section 4.1 and Section 5.2 of this Master Agreement (the “Subordinated Lien”). Buyer agrees and acknowledges that the Subordinated Lien shall at all times be inferior and subordinate to any and all right or title to, security interest in or lien on the Collateral granted by Seller from time to time in favor of the Lenders. (b) Seller covenants that prior to Financial Closing it shall not grant any liens on the Collateral in favor of any third parties (“Third Party Liens”), other than construction liens, mechanics’ liens, materialmen’s liens, statutory liens, workmen's compensation liens, purchase money security interests and other ordinary course of business liens, without first granting, and does hereby grant immediately prior to the grant of any Third Party Liens, to Buyer a lien on the Collateral (the “Contingent Lien”). Buyer and Seller acknowledge and agree that, upon the Financial Closing, the Contingent Lien, if any, shall be discharged and the Subordinated Lien referred to in (a) above shall become effective. (c) Subject to the next succeeding sentence, Buyer agrees that it shall timely and promptly prepare and/or review, execute and deliver to Seller from time to time any subordination agreements and other instruments required by the Lenders or Seller to evidence and/or confirm subordination of the Subordinated Lien or any Contingent Lien. To facilitate Seller’s obtaining financing of the Facility, Buyer shall make all reasonable efforts to accommodate the Lenders’ requests, including to amend this Master Agreement and the Confirmation Agreement, to the extent that such amendments do not materially reduce Buyer’s rights or materially increase Buyer’s liabilities or obligations hereunder and thereunder, to protect the Lenders’ senior lien. (d) Buyer and Seller agree and acknowledge that the Subordinated Lien and any Contingent Lien shall be discharged, released and terminated upon the later of (i) termination of this Master Agreement and the Confirmation Agreement, and (ii) payment in full of any amounts payable under Section 4.1 and Section 5.2 of this Master Agreement; provided, however, any Contingent Lien shall be earlier discharged, released and terminated upon the discharge, release and termination of any Thir...
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Subordinated Lien. This Deed of Trust has been executed and shall be subordinate to the senior lien granted by the Grantor to the Trustee in favor of the Beneficiary under those certain Deeds of Trust, Mortgages, Security Agreements, Assignments of Production and Financing Statements, all dated as of May , 2010, recorded in Volume , Page of Hask▇▇▇ ▇▇▇nty, Texas; Volume , Page of Nola▇ ▇▇▇nty, Texas; Volume , Page , Runn▇▇▇ ▇▇▇nty, Texas, Volume , Page , Jone▇ ▇▇▇nty, Texas, Volume , Page , Reag▇▇ ▇▇▇nty, Texas, and Volume , Page , Tayl▇▇ ▇▇▇nty, Texas (collectively, the “Senior Deeds of Trust”); and that certain Subordinate Deed of Trust executed by the Grantor in favor of , as Trustee for the benefit of Baseline Capital, Inc., dated as of , recorded in .
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Subordinated Lien. Error! Bookmark not defined.
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Related to Subordinated Lien

  • Priority and Liens At all times prior to the Exit Facility Conversion Date, (a) Each Grantor hereby covenants, represents and warrants that upon entry of each DIP Order, the Obligations of such Grantor hereunder and under the other Loan Documents: (i) pursuant to section 364(c)(1) of the Bankruptcy Code and subject to the Carve-Out, shall at all times constitute an allowed Superpriority Claim (excluding any avoidance activity under the Bankruptcy Code (but including the proceeds therefrom)); (ii) pursuant to section 364(c)(2) of the Bankruptcy Code and subject to the Carve-Out, shall at all times be secured by first priority, valid, binding, enforceable and perfected security interests in, and Liens upon, all unencumbered tangible and intangible property of such Grantor, including any such property that is subject to valid and perfected Liens in existence on the Petition Date, which Liens are thereafter released or otherwise extinguished in connection with the satisfaction of the obligations secured by such Liens (excluding any avoidance actions under the Bankruptcy Code (but including the proceeds therefrom)). (iii) pursuant to section 364(c)(3) of the Bankruptcy Code and subject to the Carve-Out, shall at all times be secured by junior, valid, binding, enforceable and perfected security interests in, and Liens upon, all (A) property of each of the Loan Parties’ estates that, on the Petition Date, was subject to a valid and perfected Lien (other than the Liens securing the Prepetition Indebtedness) or becomes subject to a valid Lien perfected (but not granted) after the Petition Date to the extent such post-Petition Date perfection in respect of prepetition claims is expressly permitted under the Bankruptcy Code (the “Permitted Prior Liens”), (B) property of each of the Grantors’ estates that is subject to valid rights of setoff, and (C) property of each of the Grantors’ estates that is subject to such other Liens as are expressly permitted under Sections 6.02(c), (d), (e), (f), (g), (h), (i) or (o) of the Credit Agreement (such Liens described in this clause (C), along with the Permitted Prior Liens, the “DIP Permitted Liens”); provided that the Liens granted under the Loan Documents shall not be subject or subordinate to (1) notwithstanding anything to the contrary in the Loan Documents or the DIP Orders, any DIP Permitted Lien or security interest that is avoided and preserved for the benefit of the Grantors and their estates, (2) except as provided in the DIP Orders and the Loan Documents, any Liens arising after the Petition Date including, any Liens or security interests granted in favor of any federal, state municipal or other governmental unit, commission, board or court for any liability of the Grantors; or (3) any intercompany or affiliate Liens of the Grantors; and (iv) pursuant to section 364(d)(1) of the Bankruptcy Code and subject only to the Carve-Out and clause (iii) above, shall at all times be secured by first priority, priming, valid, binding, enforceable and perfected security interests in, and Liens upon, all the Prepetition Collateral. (b) The Secured Parties’ Liens and Superpriority Claims as described herein and Section 2.26(a) of the Credit Agreement shall have priority over any claims arising under section 506(c) of the Bankruptcy Code, and shall be subject and subordinate only to (i) the Carve-Out and (ii) to the extent provided in the Term Loan/Revolving Facility Intercreditor Agreement, the Liens securing the Obligations under and as defined in the Revolving Facility Credit Agreement in respect of the Revolving Facility First Lien Collateral. Except as set forth herein or in the Term Loan/Revolving Facility Intercreditor Agreement, no other claim having a priority superior to or pari passu with that granted to Secured Parties by the Interim Order and Final Order, whichever is then in effect, shall be granted or approved while any Obligations under this Agreement remain outstanding. (c) Except for the Carve-Out, no costs or expenses of administration shall be imposed against Administrative Agent, Lenders, any other Secured Party or any of the Collateral under sections 105 or 506(c) of the Bankruptcy Code, or otherwise, and each of the Grantors hereby waives for itself and on behalf of its estate in bankruptcy, any and all rights under sections 105 or 506(c) of the Bankruptcy Code, or otherwise, to assert or impose or seek to assert or impose, any such costs or expenses of administration against Administrative Agent, the Lenders or any other Secured Party. (d) Except for the Carve-Out, the Superpriority Claims shall at all times be senior to the rights of each Grantor, any chapter 11 trustee and, subject to section 726 of the Bankruptcy Code, any chapter 7 trustee, or any other creditor (including, without limitation, post-petition counterparties and other post-petition creditors) in the Chapter 11 Cases or any subsequent proceedings under the Bankruptcy Code, including, without limitation, any chapter 7 cases (if any of the Grantor’s cases are converted to cases under chapter 7 of the Bankruptcy Code). (e) Notwithstanding any failure on the part of any Grantor or the Collateral Agent or the Lenders to perfect, maintain, protect or enforce the Liens and security interests in the Collateral granted hereunder, the Interim Order and the Final Order (when entered) shall automatically, and without further action by any Person, perfect such Liens and security interests against the Collateral (if and to the extent perfection may be achieved by the entry of the DIP Financing Orders).

  • Subordinated Debt (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the subordination thereof to Obligations owed to Bank.

  • Priority Debt The Company will not permit Priority Debt to exceed 15% of Consolidated Total Assets (as of the end of the Company’s then most recently completed fiscal quarter) at any time.

  • ABL Intercreditor Agreement (a) Notwithstanding anything herein to the contrary, the Liens granted to the Administrative Agent under this Security Agreement and the exercise of the rights and remedies of the Administrative Agent hereunder and under any other Collateral Document are subject to the provisions of the ABL Intercreditor Agreement. In the event of any conflict between the terms of the ABL Intercreditor Agreement and this Security Agreement or any other Collateral Document, the terms of the ABL Intercreditor Agreement shall govern and control. (b) In accordance with the terms of the ABL Intercreditor Agreement, all Term Priority Collateral delivered to the First Lien Agent shall be held by the First Lien Agent as gratuitous bailee for the Administrative Agent and the Secured Parties solely for the purpose of perfecting the security interest granted under this Security Agreement. Notwithstanding anything herein to the contrary, prior to the Discharge of Term Obligations, to the extent any Grantor is required hereunder to deliver Term Priority Collateral to the Administrative Agent and is unable to do so as a result of having previously delivered such Term Priority Collateral to the First Lien Agent in accordance with the terms of the First Lien Loan Documents, such Grantor’s obligations hereunder with respect to such delivery shall be deemed satisfied by the delivery to the First Lien Agent, acting as gratuitous bailee of the Administrative Agent and the Secured Parties. (c) Furthermore, at all times prior to the Discharge of Term Obligations, the Administrative Agent is authorized by the parties hereto to effect transfers of Term Priority Collateral at any time in its possession (and any “control” or similar agreements with respect to Term Priority Collateral) to the First Lien Agent. (d) Notwithstanding anything to the contrary herein but subject to the ABL Intercreditor Agreement, in the event the First Lien Loan Documents provide for the grant of a security interest or pledge over the assets of any Grantor and such assets do not otherwise constitute Collateral under this Security Agreement or any other Loan Document, such Grantor shall (i) promptly grant a security interest in or pledge such assets to secure the Secured Obligations, (ii) promptly take any actions necessary to perfect such security interest or pledge to the extent set forth in the First Lien Loan Documents and (iii) take all other steps reasonably requested by the Administrative Agent in connection with the foregoing. (e) Nothing contained in the ABL Intercreditor Agreement shall be deemed to modify any of the provisions of this Security Agreement, which, as among the Grantors and the Administrative Agent shall remain in full force and effect in accordance with its terms.

  • Senior Debt The Loan Obligations constitute “Senior Debt” (or the equivalent thereof) under the documentation governing any Material Indebtedness of any Loan Party permitted to be incurred hereunder constituting Indebtedness that is subordinated in right of payment to the Loan Obligations.