Subordination of Security Sample Clauses

Subordination of Security. Subordinated Creditor hereby subordinates to the Senior Creditors any Security that Subordinate Creditor may have on any property of any Obligor. Notwithstanding the respective dates of attachment or perfection of the Security of Subordinated Creditor, if any, and the Security of the Senior Creditors, the Security held by or in favor of any Senior Creditor, shall at all times be prior to the Security of Subordinated Creditor. Nothing herein shall, or be deemed to, impair or prejudice the terms and restrictions under Clauses 17.3 or 17.7 of the Facility Agreement.

Subordination of Security. 3.1 The Lender hereby acknowledges and agrees that its security interest hereunder is expressly subject and subordinated to the priority liens and security interests previously granted under a General Security Agreement in favor of MFI Export, Inc. (the "MFI Security") and to the liens and security interests previously granted by the Borrower in favor of the bridge lenders listed on Schedule 3.1 annexed hereto (the "Bridge Lenders" and collectively with MFI Export, Inc., the "Senior Secured Parties"). The Lender hereby agrees that the priority among the Senior Secured Parties with respect to the repayment of all amounts secured by the respective General Security Agreements shall be determined without reference to the Land Titles Act (Ontario), the Mortgages Act (Ontario), the PPSA or to any other legal or equitable principles respecting priorities, but instead shall be determined first to MFI Export, Inc. with respect to the MFI Security, next to the Bridge Lenders in accordance with the General Security Agreements entered into between the Borrower and such Bridge Lenders, and last to the Lender under this General Security Agreement. 3.2 The Lender agrees that, in the event of a default by the Borrower pursuant to Section 8 hereof, the Senior Secured Parties shall have absolute priority over the Lender with respect to the repayment of all amounts secured by the respective General Security Agreements and that any amount repaid in respect of the respective obligations shall be paid first to MFI Export, Inc. under the MFI Security and then shared among the Bridge Lenders proportionally in accordance with the respective aggregate amounts, including principal, interest and costs, owing to each of the Senior Secured Parties by the Borrower immediately before each such repayment, prior to any payments made to the Lender hereunder. The Lender agrees that the provisions of this Section 3 shall extend to any insurance proceeds payable in respect of collateral secured under the respective security agreements with the Senior Secured Parties. 3.3 Nothing herein contained shall be construed as entitling the Lender to receive any proceeds of disposition of any of the property or assets of the Borrower in respect of which it does not have any security or in respect of which its security is invalid, unperfected or unenforceable as against third parties. If any third party shall have a valid claim to proceeds of realization from any of the property or assets of the Borrower...

Subordination of Security. The Subordinated Debt shall be unsecured.

Subordination of Security. The Subordinated Security shall for all purposes be, and at all times remain, inferior, junior, subordinate and postponed to the Senior Lenders' Security, and no amounts shall be payable or any action taken under the Subordinated Security except as permitted in this agreement. Without limiting the generality of the foregoing, the foregoing priority shall prevail in all circumstances and irrespective of:

Subordination of Security. Notwithstanding the order of filing of any mortgages, deeds of trust, assignments of leases, or financing statements, or the physical possession of any of Borrower's assets by Subordinator (or any other person, firm or corporation), or the order of granting of any security interest in the assets of Borrower, any and all rights and security interests of Subordinator, whether now existing or hereafter acquired or arising and howsoever existing, in the assets of Borrower and all products and proceeds thereof shall be and hereby are subordinated to the rights and interests of Lender therein. Subordinator shall not ask for, demand, ▇▇▇ for, take, receive, or possess from Borrower, by setoff or in any other manner, the whole or any part of the assets of Borrower or any products or proceeds thereof, or foreclose or otherwise realize upon the whole or any part of the assets of Borrower, whether by judicial action under power of sale, by self-help repossession or otherwise, unless and until all of the Senior Indebtedness of Borrower to Lender has been paid and fully satisfied, and all financing arrangements between Borrower and Lender have been terminated in writing by Lender. Subordinator further agrees that any and all instruments, documents or agreements creating, evidencing or perfecting any lien on or security interest in any asset of Borrower as security for the Subordinated Debt shall expressly state that it is subject to the terms of this Agreement.

Subordination of Security. Interest All security interests now or hereafter acquired by Silicon in any or all of the Collateral (as defined below), in which the Borrower now has or hereafter acquires any ownership, leasehold or other interest shall at all times be prior and superior to any lien, ownership interest, security interest or other interest or claim now held or hereafter acquired by the Subordinating Creditor in the Collateral (the "Subordinate Interest"). Said priority shall be applicable irrespective of the time or order of attachment or perfection of any security interest or the time or order of filing of any financing statements or other documents, or any statutes, rules or law, or court decisions to the contrary. Upon any disposition of any of the Collateral by Silicon, the Subordinating Creditor agrees, if requested by Silicon, to execute and immediately deliver any and all releases or other documents or agreements which Silicon deem necessary to accomplish a disposition thereof free of the Subordinate Interest. Subordinating Creditor represents and warrants to Silicon that Subordinating Creditor is the sole holder of all security interests perfected by that certain UCC-1 Financing Statement executed by the predecessor of Borrower, CNG Cylinder Company of North America, L.P. and Subordinating Creditor and filed in the office of the California Secretary of State on the following date, bearing the following file number: Date File No. ---- -------- November 18, 1991 91244309