Senior Loan. Each Junior Lender, with respect only to its Junior Loan and with respect to itself only, hereby acknowledges that (i) Borrower will not ever have any liability or obligation whatsoever with respect to the Junior Notes or otherwise in connection with the payment of the Junior Loans, (ii) the Junior Loans do not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Premises or any other collateral owned by Borrower securing the Senior Loan or otherwise grant to any Junior Lender the status of a creditor of Borrower, (iii) such Junior Lender shall not assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Premises or any status as a creditor of any Borrower Party in any action or proceeding, including any Proceeding commenced by or against any Borrower Party, and (iv) such Junior Lender shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Junior Loans as having conferred upon any Junior Lender any lien or encumbrance upon, or security interest in, the Premises or any portion thereof or as having conferred upon any Junior Lender the status of a creditor of any Borrower Party.
Appears in 2 contracts
Samples: Intercreditor Agreement, Intercreditor Agreement (ESH Hospitality LLC)
Senior Loan. Each Junior Lender, with respect only to its Junior Loan and with respect to itself onlyLoan, hereby acknowledges that (i) Senior Borrower will not ever have any liability or obligation whatsoever with respect to the Junior Notes or otherwise in connection with the payment of the Junior Loans, (ii) the Junior Loans do not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Premises or any other collateral owned by Borrower securing the Senior Loan or otherwise grant to any Junior Lender the status of as a creditor of Senior Borrower, (iii) such Junior Lender they shall not assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Premises or any status as a creditor of any Senior Borrower Party in any action or proceeding, including any Proceeding insolvency or bankruptcy proceeding commenced by or against any Senior Borrower Party, and (iv) such Junior Lender they shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Junior Loans as having conferred upon any Junior Lender any lien or encumbrance upon, or security interest in, the Premises or any portion thereof or as having conferred upon any Junior Lender Lenders the status of a creditor of any Borrower PartySenior Borrower.
Appears in 2 contracts
Samples: Intercreditor Agreement (Hcp, Inc.), Intercreditor Agreement (Hcp, Inc.)
Senior Loan. Each Junior Lender, with respect only to its Junior Loan and with respect to itself onlyLoan, hereby acknowledges that (i) Senior Borrower does not and will not ever have any liability or obligation whatsoever with respect to the Junior Notes or otherwise in connection with the payment of the Junior Loans, (ii) the Junior Loans do not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in in, any portion of the Premises or any other collateral owned by Borrower securing the Senior Loan or otherwise grant to any Junior Lender the status of a creditor of Senior Borrower, (iii) such Junior Lender they shall not assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Premises or any status as a creditor of any Senior Borrower Party in any action or proceeding, including any Proceeding commenced by or against any or involving Senior Borrower Party, and (iv) such Junior Lender they shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Junior Loans as having conferred upon any Junior Lender any lien or encumbrance upon, or security interest in, the Premises or any portion thereof or as having conferred upon any Junior Lender Lenders the status of a creditor of any Borrower PartySenior Borrower.
Appears in 1 contract
Samples: Intercreditor Agreement (Harrahs Entertainment Inc)
Senior Loan. Each Junior Lender, with respect only to its Junior Loan and with respect to itself onlyLoan, hereby acknowledges that (i) Borrower will not ever have any liability or obligation whatsoever with respect to the Junior Notes or otherwise in connection with the payment of the Junior Loans, (ii) the Junior Loans do not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Premises or any other collateral owned by Borrower securing the Senior Loan or otherwise grant to any Junior Lender the status of as a creditor of Borrower, (iii) such Junior Lender they shall not assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Premises or any status as a creditor of any Borrower Party in any action or proceeding, including any Proceeding insolvency or bankruptcy proceeding commenced by or against any Borrower Party, and (iv) such Junior Lender they shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Junior Loans as having conferred upon any Junior Lender any lien or encumbrance upon, or security interest in, the Premises or any portion thereof or as having conferred upon any Junior Lender Lenders the status of a creditor of any Borrower PartyBorrower.
Appears in 1 contract
Samples: Intercreditor Agreement (KBS Real Estate Investment Trust, Inc.)
Senior Loan. Each Junior Lender, with respect only to its Junior Loan and with respect to itself only, Lender hereby acknowledges that that: (i) Borrower will not ever have any liability or obligation whatsoever with respect to the Junior Notes or otherwise in connection with the payment of the Junior Loans, ; (ii) the Junior Loans do not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in in, any portion of the Premises or any other collateral owned by Borrower securing the Senior Loan or otherwise grant to any Junior Lender the status of as a creditor of Borrower, ; (iii) such Junior Lender it shall not assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Premises or any status as a creditor of any Borrower Party in any action or proceeding, including any Proceeding insolvency or bankruptcy proceeding commenced by or against any Borrower Party, Borrower; and (iv) such Junior Lender it shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Junior Loans as having conferred upon any Junior Lender any lien or encumbrance upon, or security interest in, the Premises or any portion thereof or as having conferred upon any Junior Lender Lenders the status of a creditor of any Borrower PartyBorrower.
Appears in 1 contract
Samples: Intercreditor Agreement (KBS Real Estate Investment Trust, Inc.)