Deed of Priority Sample Clauses

A Deed of Priority is a legal agreement that establishes the order in which multiple creditors will be repaid from the assets of a debtor, particularly in the event of default or insolvency. This clause typically outlines which lender has first claim to specific collateral and how any proceeds from the sale of secured assets are distributed among the parties. For example, if a company has both a senior and a junior lender, the Deed of Priority will specify that the senior lender is paid in full before the junior lender receives any payment. Its core practical function is to prevent disputes between creditors by clearly defining their respective rights and priorities, thereby reducing uncertainty and legal risk in multi-lender financing arrangements.
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Deed of Priority. The Documents are subject to this Deed. In the event of any inconsistency between any Document and this Deed, this Deed shall prevail.
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Deed of Priority. If the Mortgagor enters into Project Financing, the Mortgagee agrees that on request by the Mortgagor it will enter into a deed of priority or deeds of priority (as appropriate) with that financier or financiers (as appropriate) on terms reasonably acceptable to the Mortgagee by which the Mortgagee will agree that the moneys owing to that financier or those financiers (as appropriate) in relation to the Project Financing will rank in priority to the Secured Money, provided that such priority will apply to the Project Financing only.
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Deed of Priority. This Deed is subject to the terms of the Deed of Priority.
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Deed of Priority. Senior Creditor and Junior Creditors hereby acknowledge and agree that the Deed of Priority is intended to supplement this Agreement, and no party shall take any action relative to the Deed of Priority that is inconsistent with the terms of this Agreement. In the event that any provision of the Deed of Priority conflicts with any provision of this Agreement, the terms of this Agreement shall control over the Deed of Priority in all respects.
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Deed of Priority. (a) Any party to the Deed of Priority (other than the Security Agent) does not comply with any provision of the Deed of Priority. (b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 15 Business Days of the earlier of: (i) the Facility Agent giving notice to the Account Party; and (ii) an Obligor becoming aware of the failure to comply. (c) The Deed of Priority or any obligation of a party (other than the Security Agent) thereunder is not or ceases to be in full force and effect or is alleged by any such party to be ineffective for any reason.
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Deed of Priority. If the Chargor enters into Project Financing, the Chargee agrees that on request by the Chargor it will enter into a deed of priority or deeds of priority (as appropriate) with that financier or those financiers (as appropriate) by which the Chargee will agree that the moneys owing to that financier or those financiers (as appropriate) in relation to the Project Financing will rank in priority to the Secured Money, provided that such priority will apply to the Project Financing only and provided that the Chargee may withhold its consent to such deeds of priority if it demonstrates the deeds of priority are not advanced on reasonable and commercial terms.
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Related to Deed of Priority

  • ORDER OF PRIORITY In the case of any conflict between or within this Agreement, the following order of priority shall be utilized: 1) General Provisions, 2) Special Provisions, 3) Scope of Work, and, 4)

  • Security Interest/Priority This Security Agreement creates a valid security interest in favor of the Agent, for the benefit of the Lenders, in the Collateral of such Obligor and, when properly perfected by filing, shall constitute a valid perfected security interest in such Collateral, to the extent such security can be perfected by filing under the UCC, free and clear of all Liens except for Permitted Liens.

  • Validity and Priority of Security Interest The provisions of this Agreement, and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Agent, for the ratable benefit of the Agent and the Lenders, and such Liens constitute perfected and continuing Liens on all the Collateral, having priority over all other Liens on the Collateral, except for those Liens identified in clauses (c), (d) and (e) of the definition of Permitted Liens securing all the Obligations, and enforceable against the Borrower and all third parties.

  • Priority of Security Interest Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

  • Perfection and Priority of Liens Receipt by the Administrative Agent of the following, all in form and substance reasonably satisfactory to the Administrative Agent: (i) searches of Uniform Commercial Code filings in the jurisdiction of formation of each Loan Party or where a filing would need to be made in order to perfect the Administrative Agent’s security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens; (ii) UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Collateral; (iii) all certificates evidencing any certificated Equity Interests pledged to the Administrative Agent pursuant to the Pledge Agreements, together with duly executed in blank and undated stock powers (or equivalent documents in any applicable jurisdiction) and other customary deliverables in connection with security over Equity Interests attached thereto; (iv) evidence (in a form and substance satisfactory to the Administrative Agent) that no restrictions on the transfer of any shares which are charged pursuant to the Pledge Agreements exist in the Organization Documents of the issuer of such shares save as otherwise agreed by the Administrative Agent; (v) searches of ownership of, and Liens on, the Intellectual Property of each Loan Party in the appropriate governmental offices; (vi) duly executed notices of grant of security interest in the form required by the Security Agreement as are necessary, in the Administrative Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Intellectual Property of the Loan Parties; (vii) subject to Section 7.21, in the case of any personal property Collateral located at a premises leased by a Loan Party, such Collateral Access Agreements as may be reasonably required by the Administrative Agent; (viii) such Deposit Account Control Agreements as shall be necessary to cause the Loan Parties to be in compliance with Section 7.16; and (ix) a duly executed promissory note with respect to the obligations under the Intercompany Irish Credit Facility, together with a duly executed in blank allonge.