Common Contracts
1 similar Intercreditor and Subordination Agreement contracts
INTERCREDITOR AND SUBORDINATION AGREEMENTIntercreditor and Subordination Agreement • December 15th, 2020 • Iowa
WHEREAS, Des Moines Industrial, LLC (“Borrower”) and Bank have entered into that certain Loan Agreement (the “Loan Agreement”), dated as of the date hereof, relating to the development, construction and operation of a transload facility (the “Project”) upon the real estate described in Exhibit “A” attached hereto (the “Real Estate”) wherein, among other things, Bank has agreed to make two loans to Borrower in the respective principal amounts of $11,736,497.00 and $750,000.00 (the “Loans”), evidenced by promissory notes for like amounts (the “Notes”) of Borrower in favor of Bank and secured by, among other things, the following Collateral Assignments (collectively, the “Bank’s Loan Documents”): (i) a Collateral Assignment of Urban Renewal Development Agreement between Borrower and the City; (ii) a Collateral Assignment of Build Grant Agreement between Borrower and the Des Moines Area Metropolitan Planning Organization (“MPO”); (iii) a Collateral Assignment of Transload Development and O
