SUBORDINATE LIEN Sample Clauses
A Subordinate Lien clause establishes that a particular lien or security interest ranks below other specified liens in terms of repayment priority. In practice, this means that if the property is sold or foreclosed, the holders of senior liens will be paid first, and only after their claims are satisfied will the subordinate lienholder receive any remaining proceeds. This clause is commonly used in real estate and financing agreements to clarify the order in which creditors are repaid, thereby managing risk and expectations among multiple lenders or claimants.
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SUBORDINATE LIEN. Notwithstanding anything to the contrary contained ---------------- in this Agreement, Administrative Agent shall hold all Pledged Securities delivered to Administrative Agent hereunder for the benefit of Secured Party and for the benefit of the Trustee for the 13% Indenture, with the understanding that the security interests of Secured Party created hereunder shall be of second priority, subject only to the Lien of the Trustee for the benefit of the holders of the Notes under the 13% Indenture (to the extent such Indebtedness is permitted under the Loan Agreement) as further provided in that certain Escrow Agreement dated as of January 30, 1996 among Grantor, American Bank National Association, as Trustee under the Indenture referred to in such agreement, and Bank of America Nevada, as such agreement is amended by that certain Amendment to Escrow Agreement dated as of March 18, 1999.
SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Grantor shall be permitted to grant a subordinate lien on the Trust Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITOR") as security for the obligations of Grantor under that certain Indenture between Grantor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTURE"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Deed of Trust in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Beneficiary and the Subordinated Creditor with respect to the Trust Property (the "SUBORDINATION AGREEMENT"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Grantor has executed this instrument as of the day and year first above written.
SUBORDINATE LIEN. The lien of this Deed of Trust is junior and subordinate to the encumbrances set forth on Exhibit A - 2 or as Exhibit B may hereafter be amended by the parties to implement the provisions of the Bond Fund Contract, Art. II(E)(4).
SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Mortgagor shall be permitted to grant a subordinate lien on the Mortgaged Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITOR") as security for the obligations of Mortgagor under that certain Indenture between Mortgagor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTURE"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Mortgage in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Mortgagee and the Subordinated Creditor with respect to the Mortgaged Property (the "SUBORDINATION AGREEMENT"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Mortgagor has executed this instrument as of the day and year first above written. MORTGAGOR: DISCOVERY ZONE, INC., a Delaware corporation, as successor in interest to LEAPS & BOUNDS, INC. By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ----------------------- Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ Its: Sr. V.P. STATE OF NEW YORK ) COUNTY OF WESTCHESTER) On this 28 day of July, 1997, before me, the undersigned, a Notary Public in and for the State of New York, personally appeared ▇▇▇▇▇▇ ▇▇▇▇▇▇, to me personally known, who, being by me duly sworn, did say that [s]he is the Sr. V.P. of Discovery Zone, Inc., a Delaware corporation; that the instrument was signed on behalf of the corporation, by authority of the corporation's Board of Directors; and that ▇▇▇▇▇▇ ▇▇▇▇▇▇ as that officer acknowledged execution of the instrument to be the voluntary act and deed of the corporation by it and by the officer voluntarily executed. /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ------------------------------------- Notary Public in the State of New York [Notarial Seal] SCHAUMBURG ▇▇▇▇ COUNTY, ILLINOIS PIN: 07-19-105-003-000 Address: ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇ EXHIBIT A PARCEL 1: ▇▇▇ ▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ A SUBDIVISION OF THAT PART OF THE NORTHWEST FRACTIONAL QUARTER OF SECTION 19, TOWNSHIP 41 NORTH, RANGE 10, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN ▇▇▇▇ COU...
SUBORDINATE LIEN. The lien created by these Covenants shall run with the title to the Multi-Family Parcel but shall in all respects be subordinate to the lien of any purchase money mortgage or deed of trust imposed as a first lien pursuant to Developer’s purchase of such Multi- Family Parcel.