First Beneficiary definition

First Beneficiary means the Security Trustee to the extent only of the amounts payable to it in its capacity as such (for its own account) pursuant to the Senior Finance Documents.

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First Beneficiary means the Beneficiary (whether the primary or contingent Beneficiary) who first becomes entitled to Survivor Benefits under this Plan.

First Beneficiary means the beneficiary under the DC;

Examples of First Beneficiary in a sentence

• The original Credit, including amendments to this date, is attached and the undersigned First Beneficiary requests that you endorse an acknowledgment of this transfer on the reverse thereof.

• All amendments are to be advised directly to the Second Beneficiary without necessity of any consent of or notice to the undersigned First Beneficiary.

• The undersigned First Beneficiary requests that you notify the Second Beneficiary of this Credit in such form and manner as you deem appropriate, and the terms and conditions of the Credit as transferred.

• Notwithstanding the foregoing or anything to the contrary contained herein, the entire amount of such proceeds, awards or compensation shall be applied as provided in the First Priority Documents until the indebtedness secured by the First Deed of Trust has been repaid in full or the lien of the First Deed of Trust has been released by the First Beneficiary.

• Subject to the rights of the First Beneficiary under the First Priority Documents to the extent then in effect, if an Event of Default shall have occurred and be continuing, the Beneficiaries shall have all rights and remedies of secured parties under the Uniform Commercial Code of West Virginia, including the right to sell it at public or private sale or otherwise dispose of, lease or use it, without regard to preservation of the Property or its value and without the necessity of a court order.

• Subject to the rights of the First Beneficiary under the First Priority Documents, each of the Beneficiaries is hereby authorized, at its option, to commence, appear in and prosecute in its own or Grantor's name any action or proceeding relating to any such compensation, awards, damages, claims, rights of action and proceeds and to settle or compromise any claim in connection therewith.

• Subject to the rights of the First Beneficiary under the First Priority Documents to the extent then in effect, if an Event of Default shall have occurred, the Beneficiaries may declare all Borrower's Liabilities to be immediately due and payable, and thereupon collect Borrower's Liabilities by proper action, foreclosure of this Deed of Trust, or any other equitable proceeding.

• Subject to the rights of the First Beneficiary under the First Priority Documents to the extent then in effect, if an Event of Default shall have occurred, in addition to all other rights herein conferred, the Beneficiaries may have a receiver appointed or cause Trustee to enter on the Property, either in person or by agent, and take possession and charge of the Property, collect the Rents and have a receiver appointed for such purposes.

• Subject to the rights of the First Beneficiary under the First Priority Documents to the extent then in effect, after Borrower's Liabilities have been accelerated, Trustee, upon the written request of the Beneficiaries, shall foreclose upon and sell the Property for cash in hand on day of sale to satisfy the Borrower's Liabilities in accordance with applicable provisions of West Virginia law.

• Subject to the rights of the First Beneficiary under the First Priority Documents (as hereinafter defined), the Beneficiaries are hereby authorized and empowered, at their option, to adjust or compromise any loss under any insurance policies covering the Property and to collect and receive the proceeds from any such policy or policies in accordance with the terms of the respective Loan Agreements.

More Definitions of First Beneficiary

First Beneficiary means the Beneficiary (whether the ----------------- primary or contingent Beneficiary) who first becomes entitled to Survivor Benefits under this Plan.

First Beneficiary shall have the meaning ascribed to such term in the Preamble of this Agreement.

First Beneficiary means the Security Agent, to the extent only of the amounts payable to the Security Agent (for its own account) pursuant to the Agreement or any of the Security Agent Security Documents (which includes without limitation all amounts payable to the Security Agent in respect of third party costs and expenses but excluding amounts payable to the Security Agent in respect of its rights under Clause 5.3 (Security Agent as joint and several creditor) and the equivalent provisions of any other Finance Documents) and any other person who may be appointed as Security Agent pursuant to the provisions of the Agreement, to the extent only of the amounts payable to the Security Agent (for its own account) pursuant to the Agreement or any of the Security Agent Security Documents, in relation to the period from and including its appointment up to and including its retirement as Security Agent pursuant to the provisions of this Deed;