Subrogation to Existing Liens. The proceeds of the Loans have been used to pay indebtedness secured by certain outstanding liens, security interests, charges or prior encumbrances against the Property (including those in favor of Laurus Master Fund, Ltd. and Erato Corp.), such proceeds have been advanced at Mortgagor's request, and the Lenders (and Trustee and Mortgagee on behalf of the Lenders) shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released, and it is expressly understood that, in consideration of the payment of such indebtedness, Mortgagor hereby waives and releases all demands and causes of action for offsets and payments to, upon and in connection with the said indebtedness.
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Samples: Deed of Trust, Assignment, Security Agreement, Fixture Filing and Financing Statement (Pacific Energy Resources LTD), Deed of Trust, Assignment, Security Agreement, Fixture Filing and Financing Statement (Pacific Energy Resources LTD), Deed of Trust, Assignment, Security Agreement, Fixture Filing and Financing Statement (Pacific Energy Resources LTD)
Subrogation to Existing Liens. The To the extent that proceeds of the Loans have been Notes are used to pay indebtedness secured by certain any outstanding liensLien, privilege, security interestsinterest, charges charge or prior encumbrances encumbrance against the Property (including those in favor of Laurus Master Fund, Ltd. and Erato Corp.)Property, such proceeds have been advanced at Mortgagor's ’s request, and the Lenders (and Trustee and Mortgagee on behalf of party or parties advancing the Lenders) same shall be subrogated to any and all rights, security interests interests, privileges, and liens Liens owned by any owner or holder of such outstanding liensLiens, privileges, security interests, charges or encumbrances, irrespective of whether said liensLiens, privileges, security interests, charges or encumbrances are released, and it is expressly understood that, in consideration of the payment of such indebtedness, Mortgagor hereby waives and releases all demands and causes of action for offsets and payments to, upon and in connection with the said indebtedness.
Appears in 1 contract
Samples: Credit Agreement (Blueknight Energy Partners, L.P.)
