Common use of Undertaking to procure subordination of additional debt Clause in Contracts

Undertaking to procure subordination of additional debt. Subject to clause 23.7 (Negative pledge), the Obligors undertake to procure (in terms acceptable to the Required Lenders) the subordination, in point of payment and priority, of any Financial Indebtedness attributable to any Rig Owners to any debt created pursuant to this Agreement.

Undertaking to procure subordination of additional debt. Subject to clause 23.7 Clause 9.7 (Negative pledgePledge), the Obligors undertake to procure (in terms acceptable to the Required LendersMajority) the subordination, in point of payment and priority, of any Financial Indebtedness attributable Indebtedness, which is secured by such assets subject to the Security Documents, of any Rig Owners member of the Group created on or after the date hereof, to any debt created pursuant to this Agreement.

Undertaking to procure subordination of additional debt. Subject to clause 23.7 Clause 9.10 (Negative pledgePledge), the Obligors undertake to procure (in terms acceptable to the Required LendersMajority) the subordination, in point of payment and priority, of any Financial Indebtedness attributable Indebtedness, which is secured by such assets subject to the Security Documents, of any Rig Owners member of the Group created on or after the date hereof, to any debt created pursuant to this Agreement.