Subordination of Loan. Each Subordinate Lender hereby agrees that the Subordinate Indebtedness is and shall be subordinate, to the extent and in the manner hereinafter set forth, to the prior indefeasible payment in full of the Senior Indebtedness. Except as specifically provided in SECTION 2(F), no payment shall be made by or on behalf of Borrower for or on account of any Subordinate Indebtedness, and no Subordinate Lender shall take or receive from Borrower, directly or indirectly, in cash or other property or by setoff or in any other manner, including, without limitation, from or by way of collateral, payment of all or any of the Subordinate Indebtedness, unless and until the Senior Indebtedness shall have been indefeasibly paid in full. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the assets of Borrower or the proceeds thereof (including any assets now or hereafter securing any Subordinate Indebtedness) to creditors of Borrower or upon any indebtedness of Borrower, as a result of the liquidation, dissolution, or other winding up, partial or complete, of Borrower, or as a result of any receivership, insolvency, or bankruptcy proceeding, or assignment for the benefit of creditors or marshaling of assets, or as a result of any proceeding by or against Borrower for any relief under any bankruptcy or insolvency law or laws relating to the relief of debtors, readjustment of indebtedness, arrangements, reorganizations, compositions, or extensions, or as a result of the sale of all or substantially all of the assets of Borrower, then and in any such event:
(I) Senior Lender shall be entitled to receive payment in full of all Senior Indebtedness before any Subordinate Lender shall be entitled to receive any payment or other distributions on, or with respect to, the Subordinate Indebtedness;
(II) Any payment or distribution of any kind or character, whether in cash, securities, or other property, which but for these provisions would be payable or deliverable upon or with respect to the Subordinated Indebtedness, shall instead be paid or delivered directly to Senior Lender for the benefit of the holders of the Senior Indebtedness for application on the Senior Indebtedness, whether then due or not due, until all of the Senior Indebtedness shall have first been fully and indefeasibly paid in full and Senior Lender shall have no further commitment to extent any credit to ...
Subordination of Loan. The Authority hereby agrees that, subject to compliance by the Borrower with the covenants and conditions set forth in this Assistance Agreement, the source of payment for the Loan shall be inferior and subordinate to the security interest and source of payment for the Debt Obligations of the Borrower payable from the Revenues of the System outstanding at the time this Assistance Agreement is executed as identified in the Project Specifics. Notwithstanding the foregoing, (i) the source of payment for the Loan shall be on a parity with the security interest and source of payment for any Debt Obligations of the Borrower payable from the Revenues of the System outstanding at the time this Assistance Agreement is executed that are not identified in the Project Specifics, unless otherwise consented to in writing by an authorized representative of the Authority; (ii) the source of payment for the Loan shall be on a parity with the security interest and source of payment for any Debt Obligations of the Borrower issued after the Effective Date of this Assistance Agreement; and (iii) the Authority shall receive notice of the additional incurrence of Indebtedness by the Borrower in accordance with Section 5.6(C) hereof.
Subordination of Loan. The Authority hereby agrees that, subject to compliance by the Governmental Agency with the covenants and conditions set forth in this Assistance Agreement, the source of payment for the Loan shall be inferior and subordinate to the security interest and source of payment for the Debt Obligations of the Governmental Agency payable from the revenues of the System outstanding at the time this Assistance Agreement is executed as identified in the Project Specifics and all such Debt Obligations that may hereafter be issued on a parity with the Debt Obligations identified in the Project Specifics; provided, however, the Authority shall receive notice of any additional financings in accordance with Section 5.6(C) hereof.
Subordination of Loan. 6.1 The Loan shall be subordinated, junior and subject in right of payment, to the extent and in the manner hereinafter provided, to the prior payment of all Senior Indebtedness (as hereinafter defined) of the Company now outstanding. For purposes of this Section 6, the term "Senior Indebtedness" means (i) all indebtedness of the Company for borrowed money from banks; (ii) obligations of the Company with respect to equipment financing; and (iii) indebtedness of the Company evidenced by promissory notes issued in connection with the private placement thereof by GunnAllen Financial, Inc.
Subordination of Loan. Any rights of the Lender and payments from the Borrower to the Lender hereunder shall be subordinate to the rights of any and all other creditors of the Borrower and, except as provided in Section 7.2(c), shall be equal in priority with any payments made to Brooke (Overseas) as a member of the Borrower.
Subordination of Loan. Any rights of the Lender and payments from the Borrower to the Lender hereunder shall be subordinate to the rights of any and all other creditors of the Borrower.
Subordination of Loan. The SJH Completion Assurances shall --------------------- permit the first lien mortgage of Xxxxxxx Bank of Jacksonville, N.A., which is to be recorded at Closing encumbering the Restricted Property, to be subordinated to the exclusive rights of Buyer set forth in Section 12.10 below.
Subordination of Loan. This Loan is in fourth position on the Property, subordinate only to deeds of trust securing the following financing: 1) a loan from Citibank North America Inc., in the amount of Two Million Forty-six Thousand Seven Hundred Dollars ($2,046,700) 2) a loan from the State of California Multifamily Housing Program (MHP) in the amount of Two Million Three Hundred Sixty-two Thousand Forty-six Dollars ($2,362,046), and 3) a loan from the County of Santa Xxxxxxx HOME Consortium in the amount of Two Million One Hundred Ninety Eight Thousand Four Hundred Dollars ($2,198,400).
