Common use of Subsequent Security Interest Clause in Contracts

Subsequent Security Interest. 90.1 If the Lender consents to a subsequent Security Interest over the Secured Portfolio and if the Lender asks, then the Security Owner must get an agreement acceptable to the Lender regarding the priority between the Mortgage and the other Security Interest. 90.2 If the Security Owner does not get both the consent of the Lender and an agreement acceptable to the Lender, the Lender: (a) may not make money available under the Agreement; and (b) may exercise any other rights that arise because the Security Owner does not do so, such as the right to sell or otherwise deal with the Secured Portfolio. 90.3 The Security Owner must ensure that the amount secured under any other Security Interest over the Secured Portfolio is not increased without the Lender’s written consent. 90.4 The Security Owner must comply on time with any obligation in connection with any other Security Interest over the Secured Portfolio.