Common use of Subordination of Security Interests and Other Liens Clause in Contracts

Subordination of Security Interests and Other Liens. Each Borrower has granted to the Junior Creditor certain security interests in and liens upon certain of its property as security for certain of the Junior Debt. All such security interests and liens, and any other security interests and liens now or hereafter granted by any Borrower in favor of the Junior Creditor, are collectively referred to as the “Junior Liens”. The Junior Creditor agrees that until all obligations of the Agent and the Senior Creditors under the Credit Agreement shall have been terminated and the Agent and the Senior Creditors shall have received indefeasible payment in full of the Senior Debt in cash, the Junior Liens shall be subject, junior and subordinate to all security interests and liens granted or purported to be granted by any Borrower in favor of the Agent for the benefit of the Banks (all such security interests and liens, and any other security interests and liens granted or purported to be granted, now or hereafter, by any Borrower in favor of the Agent for the Benefit of the Banks are collectively referred to as the “Senior Liens”), irrespective of (i) the order or method of attachment or perfection of any Senior Liens and any Junior Liens (including, without limitation, the order of filing or recording of any financing statements, deeds of trust or other security documents evidencing any such liens and any rights the Junior Creditor may have as the holder of a purchase money security interest or similar lien right), or (ii) the failure of the Agent to perfect, or to maintain the perfection of, any security interests or liens comprising any of the Senior Liens.