Subordination of Security Interests. OCAI's security interests in the Collateral (other than the Subsequently Financed Items) shall be and hereby are made junior in priority to all security interests of the Issuer in such Collateral; the Issuer's security interests in the Subsequently Financed Items shall be and hereby are made junior in priority to the security interests of OCAI in such Collateral; provided, however, that the security interests of OCAI and the Issuer in the Collateral other than the Financed Items 4 or the Subsequently Financed Items shall be pari passu in right of payment and equivalent in priority in proportion to the amounts owed by the Obligor if and for so long as the value of the Financed Items securing a Contract shall be determined, in accordance with OCAI's normal valuation procedures, to exceed at least 120% of the Principal Balance of the Contract owned by the Issuer.
Subordination of Security Interests. Notwithstanding the timing, order or manner of the grant or perfection of any of their respective Liens, the Liens now or hereafter held by Senior Lender in any Collateral to secure the Senior Indebtedness shall be senior and prior to any Liens now or hereafter held by or for the benefit of Subordinated Lender in or to any of the Collateral.
Subordination of Security Interests. Notwithstanding the timing, ----------------------------------- order or manner of the grant or perfection of any of their respective Liens, the Liens now or hereafter held by Senior Lender in any Collateral to secure the Senior Indebtedness shall be senior and prior to any Liens now or hereafter held by or for the benefit of Subordinated Lender in or to any of the Collateral. The priorities set forth in this Agreement shall be effective notwithstanding anything to the contrary contained in the Senior Loan Documents, the Subordinated Loan Documents, or any plan of reorganization or similar document filed by or on behalf of Debtor or any affiliate of Debtor under any Insolvency Proceeding of Debtor, Parent, or LCV, as the case may be, including any prior perfection of a Lien under the provisions of the Uniform Commercial Code or any other applicable law of any jurisdiction, or the existence of any present or future filing of financing statements under the Uniform Commercial Code or other applicable law of any jurisdiction in which such filing has been made, or any other recordation or filing of any document.
Subordination of Security Interests. Notwithstanding anything to the contrary contained herein, the security interest granted to Agent hereunder in all of Borrower's post-petition accounts receivable shall be and is hereby subordinated to the security interest granted to Canopy in all of Borrower's post-petition accounts receivable under the New Line.
Subordination of Security Interests. The Subordinated Lenders and the Senior Lender confirm that, regardless of the relative times and method of attachment or perfection or the order of filing of financing statements, mortgages or other security agreements or documents, or anything in the Subordinated Indebtedness or this Agreement or the Loan Agreement to the contrary, the security interests and liens granted to secure the Senior Indebtedness shall in all respects be first and senior security interests and liens, superior to any security interests and liens granted to the Subordinated Lenders. It is the express intention of the parties that, notwithstanding anything in this Agreement to the contrary, all liens and security interests granted to the Senior Lender to secure the Senior Indebtedness shall be prior and superior to any liens or security interests granted to the Subordinated Lenders to secure the Subordinated Indebtedness.
Subordination of Security Interests. In connection with any restructuring of Caraco's loan from the Economic Development Corporation of the City of Detroit (the "EDC"), Sun Global agrees to continue to subordinate its security interests in Caraco's assets to the first priority security interests of the EDC. In connection with the foregoing, Sun Global also agrees to document such subordination of its security interests to the EDC in writing at such time or times as may be requested by Caraco.
Subordination of Security Interests. Subject to the conditions set forth in this Agreement:
Subordination of Security Interests. Lenders hereby agree to authorize and instruct Agent to execute and deliver to Borrower an intercreditor lien subordination agreement in the form of Exhibit F attached hereto (an "Account Subordination Agreement") in favor of third parties in respect of specific accounts receivable sold by Borrower or any Subsidiary a party to a Security Document (each an "Account" and collectively, the "Accounts"), provided that (a) the sale of such Accounts is expressly permitted under Section 6.4(e), and (b) Borrower shall have delivered to Agent a completed Account Subordination Agreement specifying (i) the name and address of seller of the Accounts, (ii) the name and address of purchaser of the Accounts and (iii) the name(s) of the obligor(s) on each Account and the date, number and amount of the invoice giving rise to each Account. Each completed Account Subordination Agreement delivered to Agent shall be deemed to constitute a representation and warranty by Borrower that as of the date of the delivery of such Account Subordination Agreement the statements set forth in Article 4 hereof are true and correct and that no Default or Event of Default has occurred and is continuing or will occur as a result of the sale of the Accounts therein specified.
Subordination of Security Interests. Lender's security interests in the Collateral shall be subordinate to the security interests of Senior Lender in the Collateral granted by Borrower after the date hereof as security for Senior Debt.
Subordination of Security Interests. Any reference in this Debenture or any other Transaction Document to Liens permitted by any such Transaction Document and any right of the Corporation to create or suffer to exist Liens permitted by such Transaction Document are not intended to and do not and will not subordinate the Security Interest created hereunder to any such Lien or give priority to any Person over the Holder, except as specifically disclosed in such Transaction Document. The Holder will, upon request by the Corporation and so long as no Event of Default is continuing, enter into such agreements and instruments as the Corporation may reasonably request, in form and substance satisfactory to the Holder, acting reasonably, to subordinate the Security Interests created by the Security Documents, other than with respect After Acquired Property, to any Permitted Liens described in clauses (i) (including, without limitation, Liens in connection with the assumption of existing bank debt or replacement thereof in connection with the acquisition of the Riverway Terminal, provided (i) the principal amount secured by such Liens is not in excess of the purchase price of the Riverway Terminal, and (ii) such Lien extends only to the Riverway Terminal and its proceeds) and (l) of that definition.
