Prior Charges. (a) Except to the extent (if any) otherwise agreed in writing by the Crown, the Principal Debtor will:
(i) ensure that, at all times, the aggregate amount of its liabilities and those of the Guarantors (actual or contingent, present or future) that are secured by Prior Charges do not exceed the lesser of:
(A) the amount permitted by the Trust Deed’s Prior Charge Ratio; or
(B) the amount actually secured by Prior Charges, in each case as at the date this Deed comes into effect;
(ii) not agree to any change in the Trust Deed’s Prior Charge Ratio, or seek or accept any waiver in respect of the Trust Deed’s Prior Charge Ratio in the Trust Deed.
(b) For the purposes of this clause 10.12:
Prior Charges. The Vendor shall pay all outstanding costs including maintenance, mooring, slipping and storage charges for the vessel incurred up to the settlement date.
Prior Charges. If there is any charge which ranks in priority to the Legal Charge over all or any part of the charged property, and the person with the benefit of such charge does anything to enforce that charge against the charged property, the Bank or any receiver may repay the money payable under that charge, or arrange for such charge to be transferred to the Bank or the receiver, and the costs of so doing shall be an expense borne by the Company in accordance with clause 2.3.
Prior Charges. 19.1 If there subsists any prior charge against the Charged Property (or any of it) and either, any step is taken to exercise any power or remedy conferred by such charge or the Lender or the Receiver exercises any power of sale pursuant to this Mortgage, the Lender may redeem such prior charge or procure the transfer of such charge to itself and may settle and pass the accounts of the person entitled to such charge.
19.2 All the principal money interest costs charges and expenses of or incidental to any such redemption or transfer shall be repaid by the Borrower (subject to the provisions of clause 19.3 below) to the Lender on demand with interest at the Default Interest Rate payable from the date of payment by the Lender until payment by the Borrower and until repayment all such sums and interest shall comprise part of the sums which the Borrower covenants in this Mortgage to pay the Lender and be secured pursuant to this Mortgage.
19.3 The maximum aggregate liability of the Borrower pursuant to clause 19.2 shall not exceed the aggregate of any gross sale proceeds received upon any subsequent realisation of the Property by the Receiver and/or the Lender.
Prior Charges. 12.1 If there is any encumbrance over any of the property charged by this Debenture which ranks in priority to this Debenture and any proceedings or steps are taken to exercise or enforce any powers or remedies conferred by such prior encumbrance the Lender or any Receiver appointed under this Debenture in respect of such property may (but without prejudice to any rights the Receiver may have under the Insolvency (NI) Order 1989) redeem such prior encumbrance or procure its transfer to itself and may settle and pass the accounts of any prior mortgagee chargee or encumbrancer. Any account so settled and passed shall be conclusive and binding on the Guarantor and all the principal interest costs charges and expenses of and incidental to such redemption or transfer shall be secured on the property charged by this Debenture and all the powers conferred by any prior encumbrance upon the encumbrancer or any receiver thereunder shall be exercisable by the Lender or a Receiver in like manner as if the same were expressly included in this Debenture.
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Prior Charges. In the event of there being a prior Security Interest to the Security and proceedings or steps being taken to exercise or enforce any powers or remedies conferred by such prior Security Interest against all or any of the Secured Assets, the Security Trustee or any Receiver appointed under this Debenture in respect of such Secured Assets may (but without prejudice to any other rights of a Receiver) redeem such prior Security Interest or procure its transfer to itself or such Receiver, as the case may be, and may settle and pass the accounts of any prior mortgagee, chargee or encumbrance. Any account so settled and passed shall be conclusive and binding on the Company and all the principal, money, interest, costs, charges and expenses of and incidental to such redemption or transfer shall be paid to the Security Trustee on demand together with interest at the Default Rate on the same from the earlier of the date of demand and the date of payment by the Security Trustee until the date of payment by the Company, whether before or after judgment. All the powers, authorities and discretions conferred by a prior Security Interest upon any prior mortgagee, chargee or encumbrancer or any receiver under such prior Security Interest shall be exercisable by the Security Trustee or a Receiver in a like manner as if the same were expressly included in this Debenture and the Security Trustee or such Receiver shall be entitled to exercise all the powers, authorities and discretions of a receiver, receiver and manager or administrative receiver appointed under such prior Security Interest.
Prior Charges in or towards payment of, or provision for, any debts or liabilities (if any) secured by any charge or security interest having priority over the security created by this Deed in respect of the Principal Money and interest under the Stock (or, in the case of Security Stock, the Priority Total Amount of the Stock), in accordance with their respective priorities; then
Prior Charges if and so long as this Mortgage is subject to any prior mortgage, encumbrance or charge the Mortgagor shall duly and punctually pay all monies secured by, and comply with the terms contained or implied in such mortgage, encumbrance or charge.
Prior Charges. No such mortgagee who has obtained title to a lot pursuant to the remedies provided in the mortgage or by deed in lieu of foreclosure will be liable for or required to pay any assessments, due or charges which accrued prior to the acquisition of title to such lot by such, mortgagee.
