Loan Priority Sample Clauses

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.
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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.
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Loan Priority. During the construction and permanent phase, the Town will occupy third 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.
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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
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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.
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Related to Loan Priority

  • Security Documents (a) The Guarantee and Collateral Agreement is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties (as defined in the Guarantee and Collateral Agreement), a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the Pledged Stock as defined and described in the Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock are delivered to the Administrative Agent, and in the case of the other Collateral described in the Guarantee and Collateral Agreement as of the Restatement Effective Date, when financing statements and other filings specified on Schedule 4.17 in appropriate form are filed in the offices specified on Schedule 4.17 to the extent such filings are effective to perfect a security interest in such Collateral, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement) under the laws of the United States, in each case prior and superior in right to any other Person (except (i) in the case of Collateral other than Pledged Stock, Permitted Liens and (ii) in the case of Pledged Stock, statutory Liens or nonconsensual Liens); and (b) when executed, each of the Mortgage Amendments will be effective to continue in favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof, and when the Mortgage Amendments are accepted for recording in the applicable recording offices, each such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the Mortgaged Properties and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior and superior in right to any other Person (except for any Permitted Lien other than Liens securing Indebtedness). Schedule 1.1F lists, as of the Restatement Effective Date, each parcel of owned real property and each leasehold interest in real property located in the United States and held by the Borrower or any of its Subsidiaries that has a value, in the reasonable opinion of the Borrower, in excess of $5,000,000.

  • ORDER OF PRIORITY In the case of any conflict between or within this Agreement, the following order of priority shall be utilized: 1) General Provisions, 2) Special Provisions, 3) Scope of Work, and, 4)

  • Collateral Each of the Banks represents to the Agent and each of the other Banks that it in good faith is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

  • Lien 22.1. The Company shall have a general lien on all funds held by the Company on the Client’s behalf until the satisfaction of the Client’s obligations.

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