Common use of Subordination of Liens Clause in Contracts

Subordination of Liens. Creditor subordinates and makes inferior to any security interests, liens or mortgages now or hereafter securing senior debt all security interests, liens, or mortgages now or hereafter securing subordinated debt. Any foreclosure against any property securing senior debt shall foreclose, extinguish and discharge all security interests, liens and mortgages securing subordinated debt, and any purchaser at any such foreclosure sale shall take title to the property so sold free of all security interest, liens and mortgages securing subordinated debt.

Subordination of Liens. Creditor subordinates and makes inferior to any security interests, liens or mortgages now or hereafter securing senior debt all debt, any security interests, liens, or mortgages of Creditor now or hereafter securing subordinated debt. Any foreclosure sale by Lender against any property securing senior debt shall foreclose, extinguish and discharge all security interests, liens and mortgages of Creditor securing subordinated debt, and any purchaser at any such foreclosure sale shall take title to the property so sold free of all security interestinterests, liens and mortgages securing subordinated debt.