SUBORDINATE LIEN Sample Clauses

SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Grantor shall be permitted to grant a subordinate lien on the Trust Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITOR") as security for the obligations of Grantor under that certain Indenture between Grantor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTURE"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Deed of Trust in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Beneficiary and the Subordinated Creditor with respect to the Trust Property (the "SUBORDINATION AGREEMENT"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Grantor has executed this instrument as of the day and year first above written.
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SUBORDINATE LIEN. The lien of this Deed of Trust is junior and subordinate to the encumbrances set forth on Exhibit A - 2 or as Exhibit B may hereafter be amended by the parties to implement the provisions of the Bond Fund Contract, Art. II(E)(4).
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SUBORDINATE LIEN. The lien created by these Covenants shall run with the title to the Multi-Family Parcel but shall in all respects be subordinate to the lien of any purchase money mortgage or deed of trust imposed as a first lien pursuant to Developer’s purchase of such Multi- Family Parcel.
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SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Mortgagor shall be permitted to grant a subordinate lien on the Mortgaged Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITOR") as security for the obligations of Mortgagor under that certain Indenture between Mortgagor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTURE"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Mortgage in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Mortgagee and the Subordinated Creditor with respect to the Mortgaged Property (the "SUBORDINATION AGREEMENT"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Mortgagor has executed this instrument as of the day and year first above written. MORTGAGOR: DISCOVERY ZONE, INC., a Delaware corporation, as successor in interest to LEAPS & BOUNDS, INC. By: /s/ Xxxxxx Xxxxxx ----------------------- Name: Xxxxxx Xxxxxx Its: Sr. V.P. STATE OF NEW YORK ) COUNTY OF WESTCHESTER) On this 28 day of July, 1997, before me, the undersigned, a Notary Public in and for the State of New York, personally appeared Xxxxxx Xxxxxx, to me personally known, who, being by me duly sworn, did say that [s]he is the Sr. V.P. of Discovery Zone, Inc., a Delaware corporation; that the instrument was signed on behalf of the corporation, by authority of the corporation's Board of Directors; and that Xxxxxx Xxxxxx as that officer acknowledged execution of the instrument to be the voluntary act and deed of the corporation by it and by the officer voluntarily executed. /s/ Xxxx X. Xxxxxxxx ------------------------------------- Notary Public in the State of New York [Notarial Seal] SCHAUMBURG XXXX COUNTY, ILLINOIS PIN: 07-19-105-003-000 Address: 0000 Xxxx Xxxxxxxxxx Xxxx, Xxxxxxxxxx, XX EXHIBIT A PARCEL 1: XXX 0 XX XXXXXXX XXXXX XXXXXX, XXXXX A SUBDIVISION OF THAT PART OF THE NORTHWEST FRACTIONAL QUARTER OF SECTION 19, TOWNSHIP 41 NORTH, RANGE 10, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN XXXX COU...
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SUBORDINATE LIEN. Notwithstanding anything to the contrary contained ---------------- in this Agreement, Administrative Agent shall hold all Pledged Securities delivered to Administrative Agent hereunder for the benefit of Secured Party and for the benefit of the Trustee for the 13% Indenture, with the understanding that the security interests of Secured Party created hereunder shall be of second priority, subject only to the Lien of the Trustee for the benefit of the holders of the Notes under the 13% Indenture (to the extent such Indebtedness is permitted under the Loan Agreement) as further provided in that certain Escrow Agreement dated as of January 30, 1996 among Grantor, American Bank National Association, as Trustee under the Indenture referred to in such agreement, and Bank of America Nevada, as such agreement is amended by that certain Amendment to Escrow Agreement dated as of March 18, 1999.
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Related to SUBORDINATE LIEN

  • Subordinate Debt Each related Mortgage or other loan document relating to such Mortgage Loan does not provide for or permit, without the prior written consent of the holder of the related Mortgage Note, any related Mortgaged Property or any direct controlling interest in the Mortgagor to secure any other promissory note or debt (other than another Mortgage Loan in the Trust Fund and, if such Mortgage Loan is part of a Loan Combination, the other mortgage loan(s) that are part of such Loan Combination, as applicable).

  • Notes Subordinate to Senior Indebtedness The Company covenants and agrees, and each Holder of Notes, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article 11, the Indebtedness represented by the Notes and the payment of the principal of, premium, if any, and interest on the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article 11 to the prior payment in full in cash or Cash Equivalents or, as acceptable to the holders of Senior Indebtedness, in any other manner, of all Senior Indebtedness. This Article 11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce such provisions.

  • First Lien Each related Mortgage is a valid and, subject to the limitations and exceptions in paragraph (v) above, enforceable first lien on the related Mortgaged Property including all improvements thereon (other than any tenant owned improvements) and appurtenances and rights related thereto, which Mortgaged Property is free and clear of all encumbrances and liens having priority over or on a parity with the first lien of such Mortgage, except for the following (collectively, the "Permitted Encumbrances"): (A) the lien for real estate taxes, water charges, sewer rents and assessments not yet due and payable; (B) covenants, conditions and restrictions, rights of way, easements and other matters that are of public record or that are omitted as exceptions in the related lender's title insurance policy (or, if not yet issued, omitted as exceptions in a fully binding pro forma title policy or title policy commitment); (C) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property; (D) condominium declarations of record and identified in the related lender's title insurance policy (or, if not yet issued, identified in a pro forma title policy or title policy commitment); and (E) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; provided that, in the case of a Trust Mortgage Loan that is part of a Loan Combination, such Mortgage also secures the other mortgage loan(s) in such Loan Combination. With respect to such Mortgage Loan, such Permitted Encumbrances do not, individually or in the aggregate, materially and adversely interfere with the benefits of the security intended to be provided by the related Mortgage, the current principal use or operation of the related Mortgaged Property or the ability of the related Mortgaged Property to generate sufficient cashflow to enable the related Mortgagor to timely pay in full the principal and interest on the related Mortgage Note (other than a Balloon Payment, which would require a refinancing). If the related Mortgaged Property is operated as a nursing facility or a hospitality property, the related Mortgage, together with any security agreement, chattel mortgage or similar agreement and UCC financing statement, if any, establishes and creates a first priority, perfected security interest (subject only to any prior purchase money security interest, revolving credit lines and any personal property leases), to the extent such security interest can be perfected by the recordation of a Mortgage or the filing of a UCC financing statement, in all material personal property owned by the Mortgagor that is used in, and is reasonably necessary to, the operation of the related Mortgaged Property as presently operated by the Mortgagor, and that is located on the related Mortgaged Property, which personal property includes, in the case of Mortgaged Properties operated by the related Mortgagor as a nursing facility or hospitality property, all furniture, fixtures, equipment and other personal property located at the subject Mortgaged Property that are owned by the related Mortgagor and reasonably necessary or material to the operation of the subject Mortgaged Property. In the case of any Mortgage Loan secured by a hotel, the related loan documents contain such provisions as are necessary and UCC financing statements have been filed as necessary, in each case, to perfect a valid first priority security interest, to the extent such security interest can be perfected by the inclusion of such provisions and the filing of a UCC financing statement, in the Mortgagor's right to receive related hotel room revenues with respect to such Mortgaged Property.

  • Priority Indebtedness The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Priority Indebtedness other than:

  • Subordination of All Guarantor Claims As used herein, the term “Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include without limitation all rights and claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations. Upon the occurrence of an Event of Default or the occurrence of an event which would, with the giving of notice or the passage of time, or both, constitute an Event of Default, Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other party any amount upon the Guarantor Claims.

  • Subordinated Debt (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the subordination thereof to Obligations owed to Bank.

  • Subordination Rights Not Impaired by Acts or Omissions of Subsidiary Guarantors or Holders of Guarantor Senior Indebtedness. No right of any present or future holders of any Guarantor Senior Indebtedness of a Subsidiary Guarantor to enforce subordination as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of such Subsidiary Guarantor or by any act or failure to act by any such holder, or by any noncompliance by such Subsidiary Guarantor with the terms of this Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. Without in any way limiting the generality of the preceding paragraph of this Section, the holders of Guarantor Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing the subordination or other benefits provided in this Article, or the obligations hereunder of the Holders of the Securities to the holders of Guarantor Senior Indebtedness, do any one or more of the following: (a) change the manner, place or terms of payment or extend the time of payment of, or renew, exchange, amend, increase or alter, Guarantor Senior Indebtedness or the term of any instrument evidencing the same or any agreement under which Guarantor Senior Indebtedness is outstanding or any liability of any obligor thereon (unless such change, extension or alteration results in such Indebtedness no longer being Guarantor Senior Indebtedness as defined in this Indenture); (b) sell, exchange, release or otherwise deal with any Property pledged, mortgaged or otherwise securing Guarantor Senior Indebtedness; (c) settle or compromise any Guarantor Senior Indebtedness or any liability of any obligor thereon or release any Person liable in any manner for the collection of Guarantor Senior Indebtedness; and (d) exercise or refrain from exercising any rights against the Company and any other Person.

  • Subordination Provisions The Company covenants and agrees, and Originator and any other holder of this Company Note (collectively, Originator and any such other holder are called the “Holder”), by its acceptance of this Company Note, likewise covenants and agrees on behalf of itself and any holder of this Company Note, that the payment of the principal amount of and interest on this Company Note is hereby expressly subordinated in right of payment to the payment and performance of the Senior Interests to the extent and in the manner set forth in the following clauses of this paragraph 9:

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