First Lien. Subject to the other first lien rights of Heller and Sovereign as provided in the Intercreditor Agreement, upon ▇▇▇▇▇tion and delivery of the Additional Resort Collateral Assignments and execution and recording of the Additional Resort Collateral Mortgages, Lender will have a valid first lien in the Additional Resort Collateral.
Appears in 4 contracts
Sources: Loan, Security and Agency Agreement (Silverleaf Resorts Inc), Loan, Security and Agency Agreement (Silverleaf Resorts Inc), Loan and Security Agreement (Silverleaf Resorts Inc)
First Lien. Subject to the other first lien rights of Heller and Sovereign as provided in the Intercreditor Agreement, upon ▇▇▇▇▇tion execution and delivery of the Additional Resort Collateral Assignments and execution and recording of the Additional Resort Collateral Mortgages, Lender will have a valid first lien in the Additional Resort Collateral.
Appears in 1 contract
Sources: Loan and Security Agreement (Silverleaf Resorts Inc)