Common use of Loans secured by a first lien Clause in Contracts

Loans secured by a first lien. (1) When the unpaid balance of the Agency loan secured by a first lien is equal to or greater than the depreciated re- placement value of the essential build- ings, or the cost of adequate essential buildings which can be constructed for RHS, RBS, RUS, FSA, USDA § 1806.4 amounts less than the depreciated re- placement value of the existing build- ings, the essential buildings will be in- sured, to the nearest multiple of insur- ance that is available, for the lesser of

Loans secured by a first lien. (1) When the unpaid balance of the Agency loan secured by a first lien is equal to or greater than the depreciated re- placement value of the essential build- ings, or the cost of adequate essential buildings which can be constructed for RHS, RBS, RUS, FSA, USDA § 1806.4 amounts less than the depreciated re- placement value of the existing build- ings, the essential buildings will be in- sured, to the nearest multiple of insur- ance that is available, for the lesser offor