Common use of Subordination to Security Interest Clause in Contracts

Subordination to Security Interest. The Corporation hereby grants to the Trustee, for the benefit of the Trustee and the Debentureholders, and the Security Interest priority over any interest, lien, claim, encumbrance, mortgage, charge, or security interest that the Corporation may now or hereafter have in or to the Secured Assets such that the Security Interest shall have a prior claim to the Secured Assets. The Corporation hereby postpones all its right, title and interest in and to the Secured Assets with and to the intent that the interest of the Corporation therein and thereto shall be subordinate to and shall rank subsequent and subject in all respects to the rights of the Trustee in and to the Secured Assets. The priorities and postponements granted herein shall be effective notwithstanding the respective dates of crystallization of any security, the priorities or rights that might otherwise apply at law or by virtue of the respective dates or times of execution, registration, attachment, perfection, default or enforcement of the respective security or any notice or filing with respect thereto, any priority granted by any principle of law or any statute, including any legislation dealing with personal property security, and the order of any bankruptcy court having jurisdiction over Crailar US or the Secured Assets.

Subordination to Security Interest. The Corporation hereby grants to the Trustee, for the benefit of the Trustee and the Debentureholders, and the Security Interest priority over any interest, lien, claim, encumbrance, mortgage, charge, or security interest that the Corporation may now or hereafter have in or to the Secured Assets such that the Security Interest shall have a prior claim to the Secured Assets. The Corporation hereby postpones all its right, title and interest in and to the Secured Assets with and to the intent that the interest of the Corporation therein and thereto shall be subordinate to and shall rank subsequent and subject in all respects to the rights of the Trustee in and to the Secured Assets. The priorities and postponements granted herein shall be effective notwithstanding the respective dates of crystallization of any security, the priorities or rights that might otherwise apply at law or by virtue of the respective dates or times of execution, registration, attachment, perfection, default or enforcement of the respective security or any notice or filing with respect thereto, any priority granted by any principle of law or any statute, including any legislation dealing with personal property security, and the order of any bankruptcy court having jurisdiction over Crailar NAT US or the Secured Assets.

Subordination to Security Interest. The Corporation Company hereby grants to the Trustee, for the benefit of the Trustee and the Debentureholders, and the Security Interest priority over any interest, lien, claim, encumbrance, mortgage, charge, or security interest that the Corporation Company may now or hereafter have in or to the Secured Assets such that the Security Interest shall have a prior claim to the Secured Assets. The Corporation Company hereby postpones all its right, title and interest in and to the Secured Assets with and to the intent that the interest of the Corporation Company therein and thereto shall be subordinate to and shall rank subsequent and subject in all respects to the rights of the Trustee (for itself and for the Debentureholders) in and to the Secured Assets. The priorities and postponements granted herein shall be effective notwithstanding the respective dates of crystallization of any security, the priorities or rights that might otherwise apply at law or by virtue of the respective dates or times of execution, registration, attachment, perfection, default or enforcement of the respective security or any notice or filing with respect thereto, any priority granted by any principle of law or any statute, including any legislation dealing with personal property security, and the order of any bankruptcy court having jurisdiction over Crailar US the Company or the Secured Assets.