Subordination by Creditor Sample Clauses
Subordination by Creditor. On no more than a single occasion and upon the written request of Debtor, Creditor shall subordinate its security interest in the Collateral to a security interest that Debtor may propose to grant to an institutional lender to secure a new loan to Debtor in a principal amount of not less than $1,000,000. Such subordination shall have the effect only of making Creditor's security interest in the Collateral junior to the security interest granted to such new lender notwithstanding the priority of the perfection of Creditor's security interest and shall not otherwise affect any of Creditor's rights under the Note or this Security Agreement.
Subordination by Creditor. Notwithstanding any contrary provision of the California Uniform Commercial Code or any other applicable law (including without limitation provisions governing the time or order of attachment or perfection of security interests, the time or order of filing of UCC Financing Statements or the giving or failure to give notice of the acquisition of purchase-money or other security interests), but subject to the other terms and conditions of this Agreement, the security interest of Creditor in and to the Shared Collateral shall be, and shall continue to be, subject, subordinate and inferior to the security interest of Bank therein, but only with respect to the Senior Bank Obligations.
Subordination by Creditor. Creditor hereby unconditionally and irrevocably subordinates to the Bank (i) payment by the Debtor of all or any part of the Subordinated Debt to the payment of all Senior Debt; and (ii) all security interests, liens, interests and rights (whether consensual or by operation of law) in or against the Collateral now or hereafter securing the Subordinated Debt. The Creditor agrees that the Bank's security interest, lien and rights to the Collateral are superior to those of the Creditor notwithstanding the date, manner or order of perfection of the security interest, lien or claim of the Bank or the Creditor, the Bank's failure to perfect its security interest, or any provisions of any other agreements between the Creditor and the Bank regarding the Debtor or Collateral to the contrary. Except as provided in Section 3 of this Agreement or until all Senior Debt has been paid in full and the Bank has no further obligation to make loans to the Debtor, the Creditor hereby agrees not to: (a) demand payment of, ▇▇▇ for, or receive all or any part of the Subordinated Debt; (b) request, obtain or alter any subordinate security interest, lien, right or interest in the Collateral to secure the Subordinated Debt after the date of this Agreement; (c) amend any terms of the agreements representing the Subordinated Debt; (d) set off any amount of the Subordinated Debt against any obligations owed by the Creditor to the Debtor; (e) take any action against the Collateral securing payment of the Subordinated Debt; (f) assert against the Bank any claim pursuant to the doctrine of marshalling assets or under the United States Bankruptcy Code with respect to any of the Collateral or the Senior Debt; (g) receive any amounts from the Debtor respecting any ownership of the Debtor (including, without limitation, dividends); or (h) commence or participate in the commencement of any bankruptcy, insolvency or reorganization proceedings against the Debtor, or vote in such proceedings against the Debtor, or vote in such proceedings in a manner inconsistent with the provisions hereof.