Acknowledgement of Subordination Sample Clauses

The Acknowledgement of Subordination clause formally establishes that one party's rights or claims are ranked below those of another party, typically in the context of debts or security interests. In practice, this means that if the debtor defaults or assets are liquidated, the subordinated party agrees to receive payment only after the senior party's claims have been fully satisfied. This clause is commonly used in loan agreements where a lender requires assurance that their loan will be repaid before other obligations. Its core function is to clarify the order of priority among creditors, thereby reducing disputes and managing risk in the event of insolvency or default.
POPULAR SAMPLE Copied 3 times
Acknowledgement of Subordination. Notwithstanding anything contained herein to the contrary, Secured Party acknowledges and agrees that its security interest in the Collateral is subordinate in all respects to the security interest of the Banks in the Collateral to the extent provided in the Intercreditor Agreement, dated as of the date hereof (the "Intercreditor Agreement"), between Secured Party and the Banks and that all rights, remedies and powers of Secured Party hereunder with respect to the Collateral (including without limitation those set forth in Sections 5, 6 and 7 hereof) shall be subject to and limited by the superior rights of the Banks to the extent provided in the Intercreditor Agreement. In furtherance of the foregoing, Secured Party agrees to execute and deliver to the Banks a subordination agreement containing such terms as the Banks may reasonably request with respect to the foregoing and any other matter to be covered thereby.
View SourceView Similar (2)
Acknowledgement of Subordination. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, by executing below, hereby acknowledges, agrees and consents to the provisions set forth in 1(h) above, and agrees that any payment received by him in respect of the Insider Debt shall, at all times when the Note is outstanding, by held by him in trust for the benefit of the Holder and the holders of the Other Notes, and promptly remitted by him to the Holder and the holders of the Other Notes for application (on a pro rata basis, based on the amounts then outstanding) to amounts due under the Notes and the Other Notes. Since the date of original issuance of the Note, no Insider Debt has been sold or otherwise transferred by ▇▇▇▇▇, and he hereby covenants not to transfer the same unless the transferee shall have acknowledged the limitations on payment set forth herein, in the Note and it the Subordination Agreement.
View SourceView Similar (2)
Acknowledgement of Subordination. The parties acknowledge that the Old Ruud Notes are subject to certain Subordination Agreements pursuant to which ADLT subordinated the payment of the Old Ruud Notes to the payment of all Superior Debt (as defined in such Subordination Agreements). The parties also agree and acknowledge that the New Ruud Notes will be subordinate to the Superior Debt in accordance with the terms of the Subordination Agreements.
View Source
Acknowledgement of Subordination. Notwithstanding anything contained herein, this Guaranty and the Trustee’s rights and remedies against the Guarantor are subject and subordinate in all respects to all liens and security interests granted by Guarantor to any Lender that has made a loan to the Company in order to provide financing or refinancing for the Project with respect to or in connection with such loan, and to all modifications, extensions, refinancings (where such liens or security interests continue) or renewals of such liens or security interests.
View Source
Acknowledgement of Subordination. Notwithstanding anything contained herein, this Lease is subject and subordinate in all respects to any Superior Security Document, to all other liens granted by the Company to the holder of such Superior Security Document with respect to or in connection with the indebtedness secured by such Superior Security Document, and to all modifications, extensions, refinancings (where such liens continue), or renewals of such lien.
View SourceView Similar (7)
Acknowledgement of Subordination. ACKNOWLEDGEMENT OF SUBORDINATION LIL REMEDIES AGREEMENT SCHEDULE 2 DISPUTE RESOLUTION PROCEDURE SCHEDULE 2 DISPUTE RESOLUTION PROCEDURE TABLE OF CONTENTS SECTION 2 ALTERNATIVE DISPUTE RESOLUTION 3 SECTION 6 EXPERT DETERMINATION PROCEDURE 10 SCHEDULE 2 DISPUTE RESOLUTION PROCEDURE
View Source
Acknowledgement of Subordination. Lender acknowledges that it hereby intentionally waives, relinquishes and subordinates the priority and superiority of the lien or charge of the Lender Security Agreement in favor of the lien or charge of the Bank One Security Interest upon the Residual Interest, and understands that in reliance upon and in consideration of this waiver, relinquishment and subordination, specific loans and advances are being and will be made and specific monetary and other obligations are being and will be entered into by third parties which would not be made or entered into but for such reliance upon this waiver, relinquishment and subordination. Lender agrees to execute such further documents as either Bank One or the Company may reasonablely request to reflect, implement or confirm such subordination.
View SourceView Similar (2)
Acknowledgement of Subordination. The Borrower and Lender acknowledge and agree that this Agreement is subject to a certain NCOP/NCOG Subordination Agreement of even date herewith in favor of Agent (on behalf of the lenders under the NCOG Syndicated Credit Facility).
View Source
Acknowledgement of Subordination. The County acknowledges that the lien of the Deed of Trust remains subordinate to the lien evidencing a loan from ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Bank, N.A. to Borrower in the approximate amount of $12,895,177 as set forth in that certain Subordination Agreement by and among Borrower, County, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Bank, N.A. dated as of October 1, 2020, and recorded in the official records of Contra Costa County as Instrument No. 2020-0243191 on October 20, 2020, and to the lien evidencing a loan from Housing Trust Silicon Valley to Borrower in the amount of $1,331,000 as set forth in that certain Subordination Agreement by and among Borrower, County, ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Bank, N.A. dated as of October 1, 2020 and recorded in the official records of Contra Costa County as Instrument No. 2020- 0243195 on October 20, 2020.
View Source

Related to Acknowledgement of Subordination

  • Guarantor Acknowledgement Each Guarantor party hereto hereby (i) consents to the modifications to the Credit Agreement contemplated by this Amendment and (ii) acknowledges and agrees that its guaranty pursuant to Section 10.18 of the Credit Agreement is, and shall remain, in full force and effect after giving effect to the Amendment.

  • Acknowledgement of Rights The Company acknowledges that, with respect to any Securities held by Firstar Capital Trust or a trustee of such trust, if the Property Trustee of such Trust fails to enforce its rights under this Indenture as the holder of the Securities held 71 81 as the assets of Firstar Capital Trust any holder of Capital Securities may institute legal proceedings directly against the Company to enforce such Property Trustee's rights under this Indenture without first instituting any legal proceedings against such Property Trustee or any other person or entity. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay principal of or premium, if any, or interest on the Securities when due, the Company acknowledges that a holder of Capital Securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or premium, if any, or interest on the Securities having a principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective due date specified in the Securities.

  • ACKNOWLEDGEMENT OF ADDENDA The Bidder shall acknowledge receipt of any addenda issued to this solicitation by completing the blocks below or by completion of the applicable information on the addendum and returning it not later than the date and time for receipt of the bid. Failure to acknowledge an addendum that has a material impact on this solicitation may negatively impact the responsiveness of your bid. Material impacts include but are not limited to changes to specifications, scope of work/services, delivery time, performance period, quantities, bonds, letters of credit, insurance, or qualifications. Addendum No. , Date Addendum No. , Date Addendum No. , Date Addendum No. , Date The Bidder represents that the following principals are authorized to sign bids, negotiate and/or sign contracts and related documents to which the bidder will be duly bound. Principal is defined as an employee, officer or other technical or professional in a position capable of substantially influencing the development or outcome of an activity required to perform the covered transaction. Name Title Telephone Number/Email (Signature) (Date) (Title) (Name of Business) The Bidder shall complete and submit the following information with the bid: Partnership Non-Profit Joint Venture* Corporation Principal Place of Business (Florida Statute Chapter 607): City/County/State THE PRINCIPAL PLACE OF BUSINESS SHALL BE THE ADDRESS OF THE BIDDER’S PRINCIPAL OFFICE AS IDENTIFIED BY THE FLORIDA DIVISION OF CORPORATIONS. Federal I.D. number is: * Joint venture firms must complete and submit with their Bid Response the form titled “Information for Determining Joint Venture Eligibility”, and a copy of the formal agreement between all joint venture parties. This joint venture agreement must indicate the parties’ respective roles, responsibilities and levels of participation for the project. If proposing as a Joint Venture, the Joint Venture shall obtain and maintain all contractually required insurance in the name of the Joint Venture as required by the Contract. Individual insurance in the name of the parties to the Joint venture will not be accepted. Failure to timely submit the required form along with an attached written copy of the joint venture agreement may result in disqualification of your Bid Response List at least three (3) clients during the past ten (10) years for which you provided a comparable amount of goods or services substantially similar to those specified in the solicitation in the spaces provided below. Provide the Company name, contact person, address, email address, telephone number, and date services were performed, as described.

  • ACKNOWLEDGEMENT OF TERMS The Company hereby represents and warrants to the Investor that: (i) it is voluntarily entering into this Agreement of its own freewill, (ii) it is not entering this Agreement under economic duress, (iii) the terms of this Agreement are reasonable and fair to the Company, and (iv) the Company has had independent legal counsel of its own choosing review this Agreement, advise the Company with respect to this Agreement, and represent the Company in connection with this Agreement.

  • Acknowledgement and Consent to Bail In of EEA Financial Institutions. Solely to the extent any Lender or L/C Issuer that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an EEA Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.