What Is A Security Pledge Agreement

What Is A Security Pledge Agreement

requested by the administrative agent to maintain a primary and advanced coverage interest and, where applicable, control of the security held by such a grantor, subject to the privileges authorized under article 6.02 of the credit agreement, provided that nothing herein is considered an agreement to subordinate any of the administrative agent`s privileges under the loan documents to all privileges otherwise refused under Article 6.02 of the credit agreement t 6.02 of the credit agreement. 8.18. Subordination to over-indebtedness. Each Grantor agrees that all claims of such Licensor against another Licensor (each, a “Debtor”) in connection with an “Intercompany Debt” (as defined below), endorser, debtor or other guarantor of all or part of the Secured Bonds or against any of its features are subject to prior payment and are subject to a right of payment. in whole and in cash, of all covered obligations, provided that and not contrary to the foregoing, as long as no event of default or acceleration has occurred and continues, that grantor may grant and receive loans in the normal course of business in respect of such intercompany debt of each of those debtors, except as provided for in the terms of this security agreement and the other loan. documents are prohibited….