PRIOR SECURITY INTERESTS Sample Clauses

PRIOR SECURITY INTERESTS. The Liens in the Collateral granted to the Administrative Agent for the benefit of the Lenders pursuant to the Collateral Documents constitute and will continue to constitute first priority, perfected security interests, except in the case of (a) Permitted Liens, to the extent any such Permitted Liens would have priority over Liens in favor of the Administrative Agent pursuant to any applicable law and (b) Liens perfected only by possession, to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral. All filing fees and other expenses in connection with the perfection of such Liens have been or will be paid by the Loan Parties.

PRIOR SECURITY INTERESTS. HTFC acknowledges that its security interest in the Collateral, and HTFC's rights under this Agreement, are subject and subordinate to (a) a security interest held by the "Senior Lender" identified on the cover page, to secure funds that were loaned to Shareholder or that may, in the future, be advanced to Shareholder; and (b) extensions, renewals and replacements of such security interest without regard to the amount secured, provided only that HTFC's security interest shall not be subordinate to more than one such security interest at any time. The holder of such superior security interest is called the Senior Lender, even though such security interest may be held by a successor to the Senior Lender identified on the cover page or by another lender entirely. HTFC acknowledges that its security interest is and will also be subordinate to a security interest afforded to the Cooperative Corporation to secure fulfillment of Shareholder's obligations under the Proprietary Lease. WHEN RECAPTURE OCCURS. The date on which the Recapture Obligation becomes due and payable is sometimes called the "Recapture Date". As described below, in certain cases the Recapture Obligation becomes due and payable (an event that is sometimes referred to in this Agreement as "recapture") without the necessity of notice or action by HOME LPA or HTFC, while in other cases HOME LPA or HTFC must give notice to effect recapture. The Recapture Obligation shall become immediately due and payable in any one or more of the following events: Upon prior notice by HOME LPA or HTFC to Shareholder that Shareholder failed to make any payment due to the Senior Lender within sixty (60) days after the date on which it was due and Shareholder does not make such payments within thirty (30) days after such notice; Upon prior notice by HOME LPA or HTFC to Shareholder that Senior Lender has notified Shareholder that Shareholder has defaulted with respect to any material obligation imposed on Shareholder by the loan documents evidencing and securing Senior Lender's loan, and Shareholder has not cured such default within any period provided in such loan documents for the cure of such default; Without the need for notice or action by HOME LPA or HTFC, if Shareholder sells or otherwise transfers the Shares, or assigns Shareholder's leasehold under the Proprietary Lease, other than to an "Approved Resale Purchaser" as described below; Upon prior notice to Shareholder by HOME LPA or HTFC that Shareholder has s...

PRIOR SECURITY INTERESTS. (a) In addition to the Mortgagee’s powers under Clause 9.3 (Mortgagee’s powers), the Mortgagee may: (i) redeem any prior Security Interest against any Collateral; (ii) procure the transfer of the Security Interest to it; or (iii) settle and pass the accounts of the holder of the Security Interest, and those accounts will be, in the absence of manifest error, conclusive and binding on the Mortgagor. (b) The Mortgagor must pay the Mortgagee, immediately on demand, any reasonable and documented out-of-pocket cost or expense (including any principal or interest) incurred by it in connection with any redemption or transfer.

PRIOR SECURITY INTERESTS. This Security Agreement constitutes an amendment, restatement and modification of that certain Sixth Amended and Restated Security Agreement and Assignment from Debtor, Equity Compression Services Corporation, Equity Compressors, Inc. and Sunterra Energy Corporation, as debtors, granting liens and security interests in all of such Debtors' properties and assets to Bank of Oklahoma, National Association ("BOK") as collateral agent and Secured Party, dated as of December 19, 1997, together with the Prior Security Agreements therein described, as such prior liens and security interests were transferred and assigned by BOK to Secured Party on even date herewith pursuant to an Assignment of Note, Liens and Related Documents. Debtor hereby ratifies, confirms and adopts said prior liens and security interests which shall be extended, renewed and carried forward under the terms of this Security Agreement. None of the rights, titles and interests existing and to exist in favor of BOK and its assignees and other lenders in connection with said prior liens and security interests are hereby released, diminished or impaired, and any existing financing statements covering the Collateral shall continue to preserve, protect and perfect all such existing rights, titles and interests.

PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security interest or encumbrance on the Property, ▇▇▇▇▇▇▇▇▇ agrees: A. To make all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that ▇▇▇▇▇▇▇▇▇ receives from the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without ▇▇▇▇▇▇’s prior written consent except for transactions with the State of South Dakota Board of Economic Development or Comerica. MANITEX LOAD KING, INC. South Dakota Mortgage Initials

PRIOR SECURITY INTERESTS. (a) The Secured Party agrees that, the terms of this Agreement to the contrary notwithstanding, the Collateral, including without limitation, the Company's accounts receivable, is subject to the prior security interests listed on Schedule C attached hereto, and that any rights of the Secured Party set ---------- forth in this Agreement are subject to the rights of such prior secured creditors. The Secured Party has been provided with a copy of the Security Agreement dated January 27, 1999 between the Company's predecessor, Optivision, Inc. and Credit Managers Association of California ("Credit Managers"). --------------- Paragraph 3 of such agreement provides for the subordination of Credit Managers' security interest to the Secured Party's security interest as follows: (a) Any security interest to secure an obligation for financial accommodations made to Debtor, including buy not limited to loans, factoring agreements, and other Sales of Accounts." (b) The Company represents and warrants that the UCC Financing Statements listed on Schedule D reflect obligations which have been paid in full ---------- and satisfied in all respects and that no amounts are owing to any secured party with respect to the transactions which are the subject of such financing statements. The Company further covenants that it will use its best efforts to obtain from the secured parties listed on Schedule D termination statements on ---------- Form-3 under the UCC releasing such secured parties' respective security interests in the Collateral.

PRIOR SECURITY INTERESTS. After an Event of Default occurs, the Chargee may pay any money it thinks fit in full or partial discharge of the money secured by any Security Interest having priority over this charge, and the money so paid forms part of the Secured Money. Fixed and Floating Charge H▇▇▇▇ ▇▇▇▇▇ YORK

PRIOR SECURITY INTERESTS. (i) At any time after the occurrence of an Event of Default which is continuing, the Chargee may, at the sole cost of the Chargor (payable to the Chargee on demand): (A) redeem any prior Security against any Charged Property; and/or (B) procure the transfer of that Security to itself; and/or (C) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on the Chargor. (ii) The Chargor must pay to the Chargee, the costs and expenses incurred by the Chargee in connection with any such redemption and/or transfer, including the payment of any principal or interest in accordance with Clause 23.2 (Fees, costs and expenses).

PRIOR SECURITY INTERESTS. In the event of any action, proceeding or step being taken to exercise any powers or remedies conferred by any prior ranking Lien or upon the exercise by the Trustee or any Receiver of any power of sale under this Debenture or any Mortgage the Trustee may redeem that prior Lien or procure the transfer of it to itself. The Trustee may settle and agree the accounts of the prior Lien and any accounts so settled and agreed will be conclusive and binding on the relevant Chargor. All principal monies, interest, costs, charges and expenses of and incidental to any redemption or transfer will be paid by the relevant Chargor to the Trustee on demand.