SUBORDINATION AND SECURITY Sample Clauses
SUBORDINATION AND SECURITY. 7.1 The parties hereby agree that repayments in respect of the Advance shall be subordinated to, inter alia, payments of principal and interest on the Current Issuer Intercompany Loan and all other payments or provisions ranking in priority to payments to be made to the Current Issuer Start-Up Loan Provider under this Agreement in accordance with the Funding Priority of Payments and the Funding Deed of Charge.
7.2 The Current Issuer Start-Up Loan Provider further agrees that, without prejudice to Clause 8 (Upon Enforcement) of the Funding Deed of Charge, its rights against Funding under this Agreement are limited to the extent that Funding has sufficient assets to meet the Current Issuer Start-Up Loan Provider's claim or any part thereof having taken into account all other liabilities, both actual and contingent, of Funding which pursuant to the Funding Deed of Charge rank pari passu with or in priority to its liabilities to the Current Issuer Start-Up Loan Provider under this Agreement and so that Funding shall not be obliged to make any payment to the Current Issuer Start-Up Loan Provider hereunder if and to the extent that the making of such payment would cause Funding to be or become unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986. However, if there are Funding Available Revenue Re▇▇▇▇▇▇ ▇vailable but Funding does not repay the Advance (including any interest capitalised pursuant to Clause 3.4) and/or interest thereon when due (to the extent of such available Funding Available Revenue Receipts), such non-repayment will constitute an event of default under this Current Issuer Start-Up Loan Agreement.
7.3 Funding undertakes that its obligations to the Current Issuer Start-Up Loan Provider hereunder shall at all times be secured by the Funding Deed of Charge.
7.4 The Current Issuer Start-Up Loan Provider hereby undertakes to be bound by the terms of the Funding Deed of Charge and the Cash Management Agreement and in particular agrees that on enforcement of the security created by the Funding Deed of Charge, all amounts of principal, interest and any other amounts due hereunder shall rank in the order of priority set out in the Funding Post-Enforcement
SUBORDINATION AND SECURITY. 3 8. Notices.................................................................5 9. Taxes...................................................................5
SUBORDINATION AND SECURITY. 7.1 The parties hereby agree that the Advance shall be subordinated to, inter alia, payments of principal and interest on any Intercompany Loan, and all other payments or provisions ranking in priority to payments to be made to the Eighth Start-up Loan Provider under this Agreement, in each case in accordance with the priority of payments or as provided in CLAUSE 8 and SCHEDULE 3 of the Funding 1 Deed of Charge.
7.2 The Eighth Start-up Loan Provider further agrees that, without prejudice to CLAUSE 8 of the Funding 1 Deed of Charge, its rights against Funding 1 under this Agreement are limited to the extent that Funding 1 has sufficient assets to meet its claims or any part thereof having taken into account all other liabilities, both actual and contingent, of Funding 1 which pursuant to the Funding 1 Deed of Charge rank pari passu with or in priority to its liabilities to the Eighth Start-up Loan Provider under this Agreement and so that Funding 1 shall not be obliged to make any payment to the Eighth Start-up Loan Provider hereunder if and to the extent that the making of such payment would cause Funding 1 to be or become unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986 (as amended). However, if there are sufficient Funding 1 Available Revenue Receipts available and the Eighth Issuer does not repay the Advance when due in accordance with the terms hereof, such non-repayment will constitute an event of default under this Eighth Start-up Loan Agreement.
SUBORDINATION AND SECURITY. You hereby acknowledge that the payment of principal and interest on the Bond will be subordinated in right of payment to the extent of the principal amount of (and premium, if any), and interest on, all senior indebtedness (however defined in any debt instrument) of the Company outstanding at any time during the term of the Bond, and you hereby acknowledge that the indebtedness hereunder is unsecured. You further acknowledge that the Bond is unsecured and that no sinking fund is being established by the Company for the retirement of the indebtedness.
SUBORDINATION AND SECURITY. You hereby acknowledge that the ---------------------------- payment of principal and interest on the Note will be subordinated in right of payment to the extent of the principal amount of (and premium, if any), and interest on, all senior indebtedness (however defined in any debt instrument) of the Company outstanding at any time during the term of the Note, and you hereby acknowledge that the indebtedness hereunder is unsecured. You further acknowledge that the Note is unsecured and that no sinking fund is being established by the Company for the retirement of the indebtedness.
SUBORDINATION AND SECURITY. (a) All obligations owing to the Holder pursuant to this Note are and shall be subordinate to the Senior Obligations (as defined in the Intercreditor Agreement) in accordance with the terms of the Intercreditor Agreement.
(b) All obligations owing to the Holder pursuant to this Note are being guaranteed by NEM Purchaser, LLC (the “Guarantor”) pursuant to the Guaranty.
(c) All obligations owing to the Holder pursuant to this Note, if any, shall be secured by a security interest in, and lien on, all assets or property of Guarantor and the Company and its subsidiaries as provided in the Security Agreement, which security interest and lien shall be subordinate to the security interest and lien securing the Senior Obligations as provided in the Intercreditor Agreement.
SUBORDINATION AND SECURITY. (a) All obligations owing to the Holder pursuant to this Note are and shall be subordinate to the Senior Indebtedness (as defined in the Intercreditor Agreement) in accordance with the terms of the Intercreditor Agreement. If the Company would violate a covenant under the Senior Indebtedness by making a payment to the Holder pursuant to this Note, the Company shall pay as much of the amount then due as possible without causing a covenant violation with respect to the Senior Indebtedness, and the unpaid amount shall accrue interest until paid as soon as possible without causing a covenant violation under the Senior Indebtedness.
(b) All obligations owing to the Holder pursuant to this Note are being guaranteed by TotalStone, LLC (the “Guarantor”) pursuant to the Guaranty.
(c) All obligations owing to the Holder pursuant to this Note shall be secured by a security interest in, and lien on, all assets or property of Guarantor and the Company and its subsidiaries as provided in the Security Agreement, which security interest and lien shall be subordinate to the security interest and lien securing the Senior Obligations as provided in the Intercreditor Agreement.
SUBORDINATION AND SECURITY