Senior Lender Encumbrances definition
Examples of Senior Lender Encumbrances in a sentence
Issuer acknowledges and agrees that the security interest granted to it by Distributor shall be subject to Permitted Encumbrances and the Senior Lender Encumbrances, provided, however, that the Senior Lender InterCreditor Agreement shall provide that Issuer shall have a first priority security interest in its share of Gross Receipts for each Funded Qualifying Project, subject to the terms of the Senior Lender InterCreditor Agreement.
The Revenue Participation Holders acknowledge and agree that the security interests granted to them by Issuer and Distributor shall be subject to Permitted Encumbrances, provided, however, that, with respect to the Senior Lender Encumbrances, the Senior Lender InterCreditor Agreement shall provide that SGF shall have a first priority security interest in its Pro Rata Amount of the Gross Receipts for each Funded Qualifying Project, subject to the terms of the Senior Lender InterCreditor Agreement.