Examples of Subordinate Interest in a sentence
All security interests now or hereafter acquired by Silicon in any or all of the Collateral (as defined below), in which the Borrower now has or hereafter acquires any ownership, leasehold or other interest shall at all times be prior and superior to any lien, ownership interest, security interest or other interest or claim now held or hereafter acquired by the Creditor in the Collateral (the "Subordinate Interest").
Creditor represents and warrants that it has not heretofore transferred or assigned the Subordinated Debt, the Subordinate Interest or any financing statement naming Borrower as debtor and Creditor as secured party, and that it will not do so without prior written notice to Silicon and without making such transfer or assignment expressly subject to this Agreement.
On or before the date on which (x) regularly scheduled payments under a Hedge Agreement or Qualified Swap are due or (y) payments or reimbursements to an Enhancement Facility Provider are to be made, in each case relating to Subordinate Indebtedness, the Trustee shall pay to the persons entitled thereto from funds on deposit in the Subordinate Interest Account the corresponding amounts owing to such persons on such date.
Any amounts deposited in the Subordinate Sinking Fund Account and not applied within twelve (12) months of their date of deposit to the purchase or redemption of Subordinate Indebtedness (except if held in accordance with Section 11.01 hereof) shall be transferred to the Subordinate Interest Account.
Senior Creditor may, from time to time, whether before or after any termination of this Subordination Agreement, without notice to Junior Creditor, dispose of, and exercise any other rights with respect to, any or all of the Collateral, free of the Subordinate Interest; provided, however, that Junior Creditor does not waive hereby any rights that may not be waived under Applicable Law.