Subordinated Lien Sample Clauses

Subordinated Lien. 7.5 Security is Not a Limit on Seller’s Liability. ................................................................

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.

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.

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...

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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