Waiver of Rights of Subrogation. Until such time as the Senior Loan is paid in full, the Subordinate Lender shall not exercise any right of subrogation that the Subordinate Lender may have or obtain pursuant to the exercise of any right or remedy in connection with the Subordinate Loan. Without limiting the generality of the foregoing, the Subordinate Lender agrees not to acquire, directly or indirectly, by subrogation or otherwise, any lien, estate, right or other interest which is or may be prior in right to the Senior Mortgages, including, without limitation, advances for real estate taxes.
Appears in 2 contracts
Samples: Project Loan Agreement (New York Times Co), Building Loan Agreement (New York Times Co)
Waiver of Rights of Subrogation. Until such time as the Senior Loan is paid in full, the Subordinate Lender shall not exercise any right of subrogation that the Subordinate Lender may have or obtain pursuant to the exercise of any right or remedy in connection with the Subordinate Loan. Without limiting the generality of the foregoing, the Subordinate Lender agrees not to acquire, directly or indirectly, by subrogation or otherwise, any lien, estate, right or other interest which is or may be prior in right to the Senior MortgagesMortgage, including, without limitation, advances for real estate taxes.
Appears in 2 contracts
Samples: Operating Agreement (New York Times Co), Operating Agreement (New York Times Co)
