Common use of Security Documents and Intercreditor Agreement Clause in Contracts

Security Documents and Intercreditor Agreement. (a) To secure the full and punctual payment when due, and the full and punctual performance of the Obligations of the parties hereto, the Issuer, the Guarantors and the Collateral Agent shall, on the Issue Date, enter into certain Security Documents and may enter into additional Security Documents and take or cause to be taken all such actions as may be required to create, perfect and maintain, as security for the Obligations of the Issuer and the Guarantors to the Notes Secured Parties under this Indenture, the Notes, the Guarantees and the Security Documents, a valid and enforceable perfected third-priority Lien and security interest in all of the Collateral (subject to Permitted Liens) in favor of the Collateral Agent for the benefit of the Notes Secured Parties. Each Holder, by accepting a Note, consents and agrees to the terms of the Security Documents and the Intercreditor Agreement (including the provisions providing for the possession, use, release and foreclosure of Collateral) as each may be in effect or may be amended from time to time in accordance with their terms and this Indenture and the Intercreditor Agreement. (b) On the Issue Date, the Notes Collateral Agent and the collateral agents under the Credit Agreements will enter into the Intercreditor Agreement with respect to the Collateral, which may be amended from time to time without the consent of the Holders to add other parties holding Additional Fixed Asset Obligations (as defined in the Intercreditor Agreement).

Security Documents and Intercreditor Agreement. (a) To secure On or prior to the Closing Date, except as otherwise provided for in the Security Agreement, the Indenture or the other documents entered into in connection with the Transactions, the Security Documents and the Intercreditor Agreement shall be in full force and punctual payment when dueeffect, and each document (including each Uniform Commercial Code financing statement and documentation relating to the full and punctual performance of Mortgaged Vessels) required by law or reasonably requested by the Obligations of the parties hereto, the Issuer, the Guarantors Representative and the Collateral Agent shall, to be filed or submitted for registration or recording on the Issue Date, enter into certain Security Documents and may enter into additional Security Documents and take or cause Closing Date in order to be taken all such actions as may be required to create, perfect and maintain, as security for the Obligations of the Issuer and the Guarantors to the Notes Secured Parties under this Indenture, the Notes, the Guarantees and the Security Documents, a valid and enforceable perfected third-priority Lien and security interest in all of the Collateral (subject to Permitted Liens) create in favor of the Collateral Agent for the ratable benefit of the Notes Secured Parties. Each Holdersecured parties under the Security Documents a valid, by accepting legal and perfected lien on, and security interest in, the Collateral (subject to liens securing the obligations under the New Credit Facilities, the liens securing hedging obligations and treasury management arrangements on a Notepari passu basis with the liens securing the New Credit Facilities, consents and agrees to in each case, in accordance with the terms of the Security Documents New Credit Facilities, and other Permitted Liens) shall have been delivered to the Collateral Agent. The capital stock and the Intercreditor promissory notes to be pledged under the Security Agreement (including shall be duly and validly pledged under the provisions providing Security Agreement to the Collateral Agent for the possessionratable benefit of the secured parties under the Security Documents, useand certificates representing such pledged Collateral, release accompanied by instruments of transfer and foreclosure stock powers endorsed in blank, shall have been delivered to the Administrative Agent as a gratuitous bailee of Collateral) as each may be in effect or may be amended from time to time the Collateral Agent in accordance with their terms and this Indenture and the Intercreditor Agreement. (b) On the Issue Date, the Notes Collateral Agent and the collateral agents under the Credit Agreements will enter into the Intercreditor Agreement with respect to the Collateral, which may be amended from time to time without the consent of the Holders to add other parties holding Additional Fixed Asset Obligations (as defined in the Intercreditor Agreement).