Existing Lien Clause Samples

Existing Lien. The Lender shall have consented in writing to (i) the acquisition of the Property by the Partnership or its designee, and (ii) the assumption of the Existing Lien by the Partnership or its designee. The loan assumption documents to be executed at Closing in connection with the assignment of the Existing Lien shall be reasonably acceptable to the Partnership in all respects. There shall be no defaults under the Existing Lien, and no Ashford Hospitality Limited Partnership/Marriott Crystal City Gateway Agreement of Purchase and Sale events shall have occurred which with the passage of time or the giving of notice would constitute an event of default under the Existing Lien. The amount of the Existing Lien at Closing shall be a credit to the Contribution Value. The Partnership shall apply for, and diligently prosecute procurement of, the consent (the “Lender Consent”) by the holder of the Existing Lien to the assumption at Closing by the Partnership of the Existing Lien and the concurrent prospective release of Contributor and any existing guarantors of all obligations under the Existing Lien arising from and after the Closing. Contributor shall cooperate at no cost or expense to Contributor in connection with procurement of the Lender Consent except as otherwise provided in Section 7.5 of this Agreement. The Partnership shall keep Contributor regularly apprised of its discussions with the holder. Each of the conditions contained in this Section are intended for the benefit of the Partnership and may be waived in whole or in part, by the Partnership, but only by an instrument in writing signed by the Partnership.
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Existing Lien. Contributor and any existing guarantor shall be released by Lender under Existing Lien for all liabilities and obligations accruing from and after Closing.
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Existing Lien. Collectively, the existing deed of trust liens in favor of Lender pursuant to those certain Deeds of Trust (as such Deeds of Trust have been amended and modified, and as the same may hereafter be amended and modified, collectively, the "Existing Deed of Trust"), as same may have been amended, affected or modified by the Cross-Default Agreement, securing that certain loan made by Lender to Stratus Properties Inc., a Delaware corporation, Stratus Properties Operating Co., L.P., a Delaware limited partnership, Circle C Land Corp., a Texas corporation, and Austin 290 Properties, Inc., a Texas corporation (collectively, the "Stratus Borrowers") governed by that certain Loan Agreement dated December 16, 1999, and evidenced by a term promissory note of even date therewith executed by the Stratus Borrowers in the original principal amount of $20,000,000.00 and by a line of credit promissory note executed by the Stratus Borrowers in the original principal amount of $10,000,000.00, which notes have been modified whereby each of said notes is now a revolving credit note and are in the respective amounts of $5,000,000.00 and $25,000,000.00, as heretofore modified and amended.
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Existing Lien. (“_________”) hereby consents and agrees to this Agreement and the Transaction Documents. The parties hereto hereby agree that all of the Obligations and the Liens securing the Obligations are hereby second, junior and subordinated solely to the obligations owing to _________, its successors, affiliates and, if permitted, assigns, pursuant to that certain Loan Agreement between _________and _________, dated as of _________.
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Existing Lien. The Existing Lien is in full force and effect and Sellers have received no written notice of any defaults which have not been cured thereunder. Sellers have paid all amounts owed by Sellers under the Existing Liens.
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Existing Lien. The lien of this Deed of Trust securing the Indebtedness may be secondary and inferior to the lien securing payment of an existing obligation to   described as: Deed of Trust dated  , filed for record in the records of  , Montana. The existing obligation has a current principal balance of approximately $  and is in the original principal amount of $ . The obligation has the following payment terms:   per month. Grantor expressly covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on such indebtedness, any default under the instruments evidencing such indebtedness, or any defaulted under any security documents for such indebtedness.
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Related to Existing Lien

  • Existing Liens Set forth on Schedule 4.01(p) hereto is a complete and accurate list as of the date hereof of all Liens on the property or assets of any Loan Party or any of its Subsidiaries, showing the lienholder thereof, the principal amount of the obligations secured thereby and the property or assets of such Loan Party or such Subsidiary subject thereto.

  • Rights in Collateral; Priority of Liens Borrower and each other Loan Party own the property granted by it as Collateral under the Collateral Documents, free and clear of any and all Liens in favor of third parties. Upon the proper filing of UCC financing statements, and the taking of the other actions required by the Required Lenders, the Liens granted pursuant to the Collateral Documents will constitute valid and enforceable first, prior and perfected Liens on the Collateral in favor of Agent, for the ratable benefit of Agent and Lenders.

  • DIP Financing (a) If the Company or any Grantor shall be subject to any Insolvency Proceeding at any time prior to the Discharge of ABL Obligations, and the ABL Collateral Agent or the ABL Secured Parties shall seek to provide the Company or any Grantor with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use of cash collateral constituting Receivables Collateral under Section 363 of the Bankruptcy Code (each, a “DIP Financing”), with such DIP Financing to be secured by all or any portion of the Receivables Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code would be Receivables Collateral) but not any other asset or any Non-Receivables Collateral, then the New First Lien Collateral Agent, on behalf of itself and the New First Lien Secured Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or use of cash collateral or to the Liens securing the same on the grounds of a failure to provide “adequate protection” for the Liens of the New First Lien Collateral Agent securing the New First Lien Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing or use of cash collateral that is Receivables Collateral, except as permitted by Section 6.3(b)), so long as (i) the New First Lien Collateral Agent retains its Lien on the Common Collateral to secure the New First Lien Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code); (ii) the terms of the DIP Financing do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms of such plan are set forth in the DIP Financing documentation or related document; and (iii) all Liens on Common Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Collateral Agent and the ABL Secured Parties securing the ABL Obligations on Common Collateral; provided, however, that nothing contained in this Agreement shall prohibit or restrict the New First Lien Collateral Agent or any New First Lien Secured Party from raising any objection or supporting any objection to such DIP Financing or use of cash collateral or to the Liens securing the same on the grounds of a failure to provide “adequate protection” for the Liens of the New First Lien Collateral Agent on Non-Receivables Collateral securing the New First Lien Obligations. (b) All Liens granted to the ABL Collateral Agent or the New First Lien Collateral Agent in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement.

  • Existing Indebtedness; Future Liens (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Parent Guarantor and its Significant Subsidiaries as of March 31, 2018 (including descriptions of the obligors and obligees, principal amounts outstanding, any collateral therefor and any Guarantees thereof, but excluding any intercompany Indebtedness), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Parent Guarantor or its Significant Subsidiaries. No Obligor nor any Significant Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of such Obligor or such Significant Subsidiary and no event or condition exists with respect to any Indebtedness of any Obligor or any Significant Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. (b) Except as disclosed in Schedule 5.15, no Obligor nor any Significant Subsidiary has agreed or consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.5. (c) No Obligor nor any Significant Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of such Obligor or such Significant Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of such Obligor, except as disclosed in Schedule 5.15.

  • Priority Debt The Company will not permit Priority Debt to exceed 15% of Consolidated Total Assets (as of the end of the Company’s then most recently completed fiscal quarter) at any time.