Examples of Subordinated Security Interest in a sentence
The Subordinated Security Interest shall be subordinate only to the security interests of Lenders except as set forth below.
In addition, Seller authorizes Buyer to file such Uniform Commercial Code financing statements and to take such further action and execute such further instruments as shall reasonably be required by Buyer to confirm and continue the validity, priority, and perfection of the Subordinated Security Interest.
All title insurance policy costs and all costs of executing, delivering, filing, and recording the Security Documents (other than state fees and taxes which shall be at Buyer’s expense) in respect of the Subordinated Security Interest shall be at Seller’s expense, which in any event shall not include any legal fees of Buyer.
The Security Documents in respect of the Subordinated Security Interest shall provide that if Xxxxx acts to obtain title to the Project pursuant to the exercise of remedies thereunder, Seller shall take all steps necessary to legally transfer all authority to dispatch the operations of the Project as provided in its Required Permits to Buyer as necessary for Buyer to operate the Project, and shall diligently prosecute and cooperate in such transfers.
The Security Documents in respect of the Subordinated Security Interest shall contain financial and operating covenants (“Covenants”) reasonably necessary to preserve and maintain the value of the Subordinated Security Interest and substantially similar to those in favor of Lender in Lender’s security documents (“Xxxxxx’s Security Documents”).
The Parties shall reasonably promptly execute when requested, a lien subordination agreement (the “Subordination Agreement”) by and among each Lender, (or an agent on behalf of the Lenders), Buyer and Seller relating to the Subordinated Security Interest, in form and substance reasonably requested by the Lender and reasonably acceptable to Buyer.
The granting of the Subordinated Security Interest shall not be to the exclusion of, nor be construed to limit the amount of any further claims, causes of action or other rights accruing to Buyer by reason of any Event of Default by Seller or Early Termination Date.
Seller shall reimburse Buyer for its reasonable costs associated with the discharge and release of the Subordinated Security Interest.
The Subordinated Security Interest shall be discharged and released, and Buyer shall take any steps reasonably required by Seller to effect and record such discharge and release, upon the expiration of the Term and satisfaction by Seller of all of its obligations hereunder.
Upon or any time after the occurrence or deemed occurrence and during the continuation of an Event of Default or an Early Termination Date, Buyer may do any one or more of the following: 27 11.5 Subordinated Security Interest and Mortgage.