Common use of Payments Before Senior Security Instrument Default Clause in Contracts

Payments Before Senior Security Instrument Default. Until Subordinate Lender receives a default notice of a Senior Security Instrument Default from Senior Lender, Subordinate Lender shall be entitled to retain for its own account all payments made under or pursuant to the Subordinate Loan Documents provided that such payments are otherwise permitted under the terms of this Agreement.

Payments Before Senior Security Instrument Default. Until Subordinate Lender receives Lenders receive a default notice of a Senior Security Instrument Default from Senior Lender, Subordinate Lender Lenders shall be entitled to retain for its their own account all payments made under or pursuant to the Subordinate Loan Documents provided that such payments are otherwise permitted under the terms of this Agreement.

Payments Before Senior Security Instrument Default. Until Subordinate Lender 260 receives a default notice of a Senior Security Instrument Default from Senior Lender, Subordinate 261 Lender shall be entitled to retain for its own account all payments made under or pursuant to the 262 Subordinate Loan Documents provided that such payments are otherwise permitted under the terms 263 of this Agreement.. 264