Junior Security Interest definition
Examples of Junior Security Interest in a sentence
Secured Party acknowledges and agrees that the amount of the Commodity Intermediary Indebtedness may be increased or decreased and the terms thereof may be extended, amended or otherwise modified from time to time without notice to or consent of Secured Party and without affecting the relative priority of the Junior Security Interest and Senior Security Interest.
Secured Party acknowledges and agrees that the amount of the Indebtedness may be increased or decreased by ADMIS and the terms thereof may be extended, amended or otherwise modified from time to time without notice to or consent of Secured Party and without affecting the relative priority of the Junior Security Interest and Senior Security Interest.
No amendment of the documents evidencing or relating to the Junior Obligations shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the Junior Obligations or the subordination of the Junior Security Interest that the Junior Creditor may have in any property of the Borrowers.
This Agreement is effective from the date hereof until the earlier of (i) payment in full of the Senior Obligations and (ii) release by the Junior Creditor of the Junior Security Interest.
Further, notwithstanding the respective dates of attachment or perfection of the Junior Security Interest and the Senior Security Interest, the Senior Security Interest shall at all times be prior and superior to the Junior Security Interest.
The Trustee, on behalf of itself and the other Junior Secured Parties, agrees that, without the prior written consent of the Agent, it shall not, and shall not attempt to, exercise any rights of enforcement with respect to (A) the Senior Security Interest in the Collateral or (B) the Junior Security Interest in the Collateral, whether pursuant to the Junior Security Documents or otherwise, until the payment and satisfaction in full of the Senior Obligations.
For the avoidance of doubt, the aggregate security interest of the existing security interests in Paragraph 2 and the Junior Security Interest, notwithstanding any payoff reduction in whole or in part of the existing security interests, will be $25,000,000.
In the event that a Junior Creditor shall, despite the provisions of paragraph 6(c), below, obtain any Junior Security Interest in, to or on any Collateral, then without any further action such Junior Creditor such Junior Security Interest shall be deemed assigned to Senior Creditor as collateral security for the final and indefeasible payment in cash to Senior Creditor and performance of the Senior Obligations in full as provided in the Senior Creditor Loan Documents.
The Junior Agent, on behalf of itself and the other Junior Secured Parties, agrees that, without the prior written consent of the Senior Agent, it shall not, and shall not attempt to, exercise any rights of enforcement with respect to (A) the Senior Security Interest in the Collateral or (B) the Junior Security Interest in the Collateral, whether pursuant to the Junior Security Documents or otherwise, until the payment and satisfaction in full of the Senior Obligations.
Neither Borrower nor any Guarantor shall create, assume or suffer to exist any Lien except (a) liens pursuant to the Loan Documents, (b) existing Liens reflected in the balance sheet referred to in Section 5.7, (c) Liens described on Schedule 7.5 hereto, and (d) the Junior Security Interest (as defined in the Intercreditor Agreement); provided, however, such Junior Security Interest shall be permitted only so long as the Intercreditor Agreement is in effect.