Subordination of Loans and Loan Documents Sample Clauses

Subordination of Loans and Loan Documents. Notwithstanding any other provision in the Transaction Documents, each party hereto agrees to the following priority for the provisions contained in the City Lease, the Lease Agreements, the Loan Documents and any and all of the liens and encumbrances (including the B of M Assignment of Rents and the Board Assignment of Lease) created thereby and, to the extent provided herein, subordinates its respective rights and the liens and encumbrances created thereby to those rights and liens and encumbrances that are listed herein as having a priority over its rights and the liens and encumbrances created thereby:
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Subordination of Loans and Loan Documents. (a) Except as specifically provided below, prior to Permanent Loan Closing, each party hereto agrees to the following priority prior to repayment of the Bank Loan for the provisions contained in the Loan Documents and any and all liens and/or encumbrances created thereby and subordinates its respective Documents and liens and/or encumbrances created thereby to those Documents and liens and/or encumbrances that are listed as having a priority over its Documents and liens and/or encumbrances created thereby: Documents and Liens and/or Encumbrances Created Thereby Party to the Documents and Holder of Liens and/or Encumbrances Created Thereby Order of Priority Bank Loan Documents Bank 1 County Loan Documents the County 2 City Loan Documents the City 3 Beacon Interfaith Loan Documents Beacon Interfaith 4 Notwithstanding the foregoing, the Lenders acknowledge that Xxxxxxxx has entered into that certain Promissory Note Forward Commitment (“Forward Commitment Documents”) with GMHF for which the Borrower has made a deposit of Thirty Thousand and 00/100 Dollars ($30,000.00) (“Assurance Fee”). Each party consents to execution of the Forward Commitment Documents and agrees that the Assurance Fee will not be held or claimed by the Bank or any Subordinate Lenders as collateral for any obligation related to this Agreement. Each party hereto further acknowledges and consents to the Borrower entering into the GMHF Loan in connection with the repayment in full of the Bank Loan, and that the Bank Loan will be replaced by the GMHF Loan in first position at Permanent Loan Closing and the County Loan shall remain in second position, the City Loan shall remain in third position and the Beacon Interfaith Loan shall remain in fourth position. Upon the occurrence of the Permanent Loan Closing, GMHF shall be substituted for the Bank with respect to Sections 5 xxxxxxx00 of this Agreement and all references to the Bank shall be replaced with GMHF.
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Subordination of Loans and Loan Documents 
Sample 1

Related to Subordination of Loans and Loan Documents

  • Subordinate Loan Documents The executed Subordinate Loan Documents are substantially in the same form as those submit­ted to, and approved by, HUD prior to the date of this Agreement. Upon execution and delivery of the Subordinate Loan Documents, Borrower shall deliver to Senior Lender an executed copy of each of the Subordinate Loan Documents, certified to be true, correct and complete.

  • Loan Documents Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender's Security Interests; (4) evidence of insurance as required below; (5) together with all such Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender's counsel.

  • Loan Agreement This Agreement duly executed by Borrower and Lender.

  • Credit Agreement (a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the New York UCC.

  • Repayment of Loans; Evidence of Debt (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date.

  • Protection of Lender’s Interest If: (i) Borrower fails to perform the covenants and agreements contained in this Security Instrument; (ii) there is a legal proceeding or government order that might significantly affect Lender’s interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien that has priority or may attain priority over this Security Instrument, or to enforce laws or regulations); or (iii) Lender reasonably believes that Xxxxxxxx has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Xxxxxx’s interest in the Property and/or rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender’s actions may include, but are not limited to: (I) paying any sums secured by a lien that has priority or may attain priority over this Security Instrument; (II) appearing in court; and (III) paying: (A) reasonable attorneys’ fees and costs; (B) property inspection and valuation fees; and (C) other fees incurred for the purpose of protecting Lender’s interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, exterior and interior inspections of the Property, entering the Property to make repairs, changing locks, replacing or boarding up doors and windows, draining water from pipes, eliminating building or other code violations or dangerous conditions, and having utilities turned on or off. Although Lender may take action under this Section 9, Lender is not required to do so and is not under any duty or obligation to do so. Lender will not be liable for not taking any or all actions authorized under this Section 9.

  • of the Credit Agreement Section 6.02 of the Credit Agreement is hereby amended as follows:

  • SUBORDINATION OF AGREEMENT 18.1 The parties hereto and the employees of the City are governed by the provisions of applicable Federal Law, State Law, and the City Charter. When any provisions thereof are in conflict with the provisions of this Agreement, the provisions of said Federal Law, State Law, or City Charter are paramount and shall prevail.

  • Loans The Sponsor has agreed to make loans to the Company in the aggregate amount of up to $300,000 (the “Insider Loans”) pursuant to a promissory note substantially in the form annexed as an exhibit to the Registration Statement. The Insider Loans do not bear any interest and are repayable by the Company on the earlier of December 31, 2021 or the consummation of the Offering.

  • Financing Agreements The School shall comply with Ch. 37D, HRS, relating to financing agreements. “Financing agreement” means any lease purchase agreement, installment sale agreement, loan agreement, line of credit or other agreement of the department or, with the approval of the director, and any agency, to finance the improvement, use or acquisition of real or personal property that is or will be owned or operated by one or more agencies of the State, the department or any agency, or to refinance previously executed financing agreements including certificates of participation relating thereto. The School shall not act as a guarantor of any such financing agreement.

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