Loan Priority. The parties acknowledge and agree that, notwithstanding any other provisions of this Agreement or any loan document to the contrary, the Bank Loan Documents shall be first and prior to any of the Subordinate Loan Documents.
Loan Priority. If this mortgage secures Indebtedness relating to multiple Loans at any time, the Mortgagee has the right to allocate and apply all payments (including prepayments) received from or on behalf of the Mortgagor, or any other borrower or guarantor, to any Loan as the Mortgagee may determine in its sole discretion, both before and after default (regardless of any other designation or allocation of such payments by the Mortgagor or any other borrower or guarantor). The foregoing provision is however subject to terms hereof, including, for the avoidance of doubt, that (i) any Indebtedness (including, for the avoidance of doubt, without limitation, any costs and expenses with respect thereto) in respect of any Loan(s) that is/ are insured and/or financed by the Mortgagee under a NHA Program shall have priority as to payment, collection, and in respect of this mortgage, enforcement over any other Loan made by the Mortgagee to the Mortgagor from time to time pursuant to a loan agreement secured or to be secured by this mortgage that is not insured and/or financed under a NHA Program; (ii) in no event shall the Mortgagee seek an order under any bankruptcy legislation or file or prove a claim in any bankruptcy proceeding or for the appointment of any trustee in bankruptcy in respect of the Mortgagor until after the date that the outstanding Indebtedness in respect of all Loans that are insured and/or financed under a NHA Program are irrevocably discharged in full; and (iii) to the extent that all insurance proceeds and realization proceeds arising from or relating to enforcement of this mortgage are insufficient to irrevocably discharge in full all Indebtedness, the deficiency in respect of any Indebtedness other than Indebtedness in respect of Loans that are insured and/or financed under a NHA Program shall be borne by the Mortgagee and the Mortgagee shall not pursue any judgment in respect of an amount that is greater than such deficiency.
Loan Priority. During the construction and permanent phase, the Town will occupy fourth lien position behind only the third-party bank lender (for construction and permanent), which will be in first lien position and a loan from Wake County in an amount not to exceed $3,500,000 and a loan from DHIC, Inc. in an amount not to exceed $171,485.00.
Loan Priority. Except as specifically provided below, each party agrees to the following priority of the Loan Documents and any and all the liens and encumbrances created by the Loan Documents and subordinates its respective Loan Documents and the liens and encumbrances created by its respective Loan Documents to those Loan Documents and liens and encumbrances created by the Loan Documents that are listed as having a priority over its Loan Documents and the liens and encumbrances created by its respective Loan Documents: Loan Documents and Liens and Encumbrances Created by the Loan Documents Party to the Loan Documents and Holder of Liens and Encumbrances Created by the Loan Documents Order of Priority MHFA HRS (FFB) Loan Documents MHFA First City Loan Documents City Second
Loan Priority. The Loan shall be subordinate in priority to the Bank Loans and Seller Loan, and any refinancing of such loans, as may be approved by the City, such approval not to be unreasonably withheld. Borrower shall be responsible for reimbursement of costs and staff time incurred by the City in reviewing requests by the Borrower for subordination, if any.
