SUBORDINATION OF THE DISTRICT COUNCIL SECURITY AGREEMENT. Pursuant to paragraph 7 of the standard security terms, the District Council agrees that its Security Interest will rank subordinate to the security interests of the parties listed in paragraph 3. The intent of this provision is that generally, the security interests of the following parties, will enjoy priority over the District Council’s security interest: chartered banks, trust companies or other recognized lending institutions, government funded financiers, and subject to the prior written approval of the District Council, other lenders or financiers who specifically require priority and who are providing project financing in respect of the Production.
SUBORDINATION OF THE DISTRICT COUNCIL SECURITY AGREEMENT. 7.01 The District Council acknowledges and agrees that the Security Interest will rank subordinate to security interests of the following: chartered bank, trust company or other recognized lending institution; government funded financiers, and (subject to the prior written approval of the District Council) other lenders or financiers who specifically require priority providing project financing in respect of the Production. Specifically in respect of the Production the District Council hereby acknowledges and agrees that its Security Interest hereunder ranks subordinate to the security interests, whether registered or otherwise, of the secured parties set out in the security agreement with respect to the Debtor and the Collateral.
SUBORDINATION OF THE DISTRICT COUNCIL SECURITY AGREEMENT. 7.01 The Quebec District Council acknowledges and agrees that the Security Interest will rank subordinate to security interests of the following: chartered bank, trust company or other recognized lending institution; government funded financiers, and (subject to the prior written approval of the Quebec District Council) other lenders or financiers who specifically require priority providing project financing in respect of the Production. Specifically in respect of the Production, the Quebec District Council hereby acknowledges and agrees that its Security Interest hereunder ranks subordinate to the security interests, whether registered or otherwise, of the secured parties set out in the security agreement with respect to the Debtor and the Collateral:
SUBORDINATION OF THE DISTRICT COUNCIL SECURITY AGREEMENT. The Debtor will conduct its business and affairs in a proper and efficient manner in accordance with applicable law and keep records relating to the Production in accordance with generally accepted accounting procedures. The Debtor shall pay all charges, taxes, assessments, claims, liens and encumbrances relating to Collateral or the Debtor's business and affairs when the same become due. The Debtor will deliver to the Secured Party promptly such information concerning Collateral, the Debtor and the Debtor’s business and affairs as the Secured Party may reasonably request. The District Council acknowledges and agrees that the Security Interest will rank subordinate to security interests of the following: chartered bank, trust company or other recognized lending institution; government funded financiers, and (subject to the prior written approval of the District Council) other lenders or financiers who specifically require priority providing project financing in respect of the Production. Specifically in respect of the Production the District Council hereby acknowledges and agrees that its Security Interest hereunder ranks subordinate to the security interests, whether registered or otherwise, of the secured parties set out in the security agreement with respect to the Debtor and the Collateral: The District Council further acknowledges that Producer, or its assigns, affiliates or successors, have licensed and may from time to time license certain rights in the Production to one or more distributors or licensees, which rights either have been or may be secured by security interests with respect to rights granted to them. The District Council agrees that so long as all statements of receipts and payments have been timely paid or made by such distributor or licensee to Producer with respect to the rights and territories granted to such distributor or licensee, the District Council will not disturb the peaceful and quiet enjoyment of the rights granted to such distributor or licensee, nor attempt to enjoin, impair or interfere with the exercise of its rights. In the event that the Producer defaults (as per article 8 below) and fails to adequately assert or protect its contractual or other rights to receive payments from third parties, pursuant to licensing or distribution agreements or the like, the Debtor agrees that the District Council shall have the right of subrogation and it shall be entitled to take any steps it deems necessary for the protection of suc...
