Payments Made to Second Lien Creditors. Notwithstanding anything to the contrary in this Agreement, each Second Lien Creditor shall be entitled to receive and retain payments of principal and interest made by Borrower to such Second Lien Creditor during the term of this Agreement.
Appears in 2 contracts
Samples: Intercreditor Agreement (RS Properties I LLC), Intercreditor Agreement (Sands Brothers Venture Capital Ii LLLC)
Payments Made to Second Lien Creditors. Notwithstanding anything to the contrary in this Agreement, each Second Lien Creditor shall be entitled to receive and retain payments of principal and interest made by Borrower to such Second Lien Creditor during the term of this Agreement; provided, however, that in the event there exists a default with respect to the First Lien Obligations, no Second Lien Creditor shall be entitled to receive and retain payments of principal and interest made by Borrower to any Second Lien Creditor until such time as such default is cured.
Appears in 2 contracts
Samples: Intercreditor Agreement (Perlman Richard E), Intercreditor Agreement (RS Properties I LLC)
