Common use of Deed of Priority Clause in Contracts

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.

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 those 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 financier (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.