First Priority Mortgage Sample Clauses

First Priority Mortgage. The Borrower has good and indefeasible title to (or valid rights to lease or use, by easement or otherwise) all real property comprising the Mortgaged Property, and good and valid title to (or valid rights to use, by easement or otherwise) all fixtures and personal property comprising the Mortgaged Property, and (i) all such Mortgaged Property is subject to the Lien of the FMB Mortgage Documents, and (ii) all such Mortgaged Property acquired by the Borrower after the respective dates of the FMB Mortgage and the Third Supplemental Indenture have become or will, upon such acquisition, become, subject to the Lien thereof. The FMB Mortgage constitutes a valid direct first deed of trust lien and security interest upon all Mortgaged Property, subject only to “Permitted Liens” (as such term is defined in the FMB Mortgage). The rights, powers, Liens and privileges purported to be created pursuant to the FMB Mortgage Documents in favor of the Administrative Agent, as the holder of the First Mortgage Bonds for the benefit of the Lenders, shall be equal and ratable with the holders of other bonds issued pursuant to the FMB Mortgage Documents. Notwithstanding anything herein to the contrary, this Section 6.19 shall not apply during any FMB Release Period.
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First Priority Mortgage. This Mortgage creates a valid, enforceable First Priority Lien and security interest against the Mortgaged Property and first priority assignment of Leases and Rents, subject in each case only to the Permitted Encumbrances, and there are no defenses or offsets to Mortgagor’s obligations pursuant to this Mortgage or the other Loan Documents. Mortgagor shall preserve and protect the First Priority Lien and security interest status of this Mortgage and the other Loan Documents. If any Lien or security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) upon Mortgagee’s request, give Mortgagee a detailed written notice of such Lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement (including the requirement of providing a bond or other security reasonably satisfactory to Mortgagee).
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First Priority Mortgage. The FMB Mortgage creates in favor of the trustee thereunder for the ratable benefit of the holders of the First Mortgage Bonds, a legally valid and enforceable first priority security interest in the Mortgaged Property existing as of the date of issuance of such First Mortgage Bonds and as of the date of any supplement thereto and constitutes a perfected security interest in all such Mortgaged Property, subject to (A) “Permitted Liens,” as defined in the FMB Mortgage, (B) the terms of the franchises, licenses, easements, leases, permits, contracts and other instruments under which the Mortgaged Property is held or operated, and (C) such other liens, prior rights and encumbrances none of which other liens, prior rights and encumbrances, with minor or insubstantial exceptions, affects from a legal standpoint the security for the First Mortgage Bonds or the Company’s right to use such properties in its business. The FMB Mortgage conforms to the requirements of the Trust Indenture Act of 1939, as amended.
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First Priority Mortgage. A first priority mortgage, in the amount of the Loan, granting to the Bank a first priority lien over the following properties located in St. Croix, U.S. Virgin Islands (the St. Croix Properties"), in which Borrower has a fee simple interest: Xxxx Xx. 0 xxx Xxxx Xx. 0 Xxxxxx Xxxxxxxxxxx Xxxx. No. 11 Prince Quarter St. Croix, Virgin Islands as more fully described on PWD Drawing No. 2279 dated 12/14/67 and Reminder of Parcel No. 2 of Estate Springfield Prince Quarter St. Croix, Virgin Islands as shown on PWD Drawing No. 1915 dated 5/28/66 and Parcel Xx. 0 xx Xxxxxx Xxxxxxxxxxx Xx. Xxxxx, Xxxxxx Xxxxxxx as shown on PWD Drawing No. 968 dated 9/8/60 and Xxxx Xx. 000 Xxxxxx Xxxxx Xxxxx Xx. Xxxxx, Xxxxxx Xxxxxxx as shown on PWD Drawing No. 304-0, dated 5/4/60 and Xxxx Xx. 00 of Parcel No. 2 Estate Plessens Register No. 12a Prince Quarter St. Croix, Virgin Islands as shown on PWD No. 1390 revised 11/27/72 as revised November 27, 1972 ] Xxxx Xx. 0 xxx Xxxx Xx. 0X xx Xxxxxx Montpellier (subdivided from Parcel Xx. 0 Xxxxxx Xxxxxxxxxxx) Xxxx. No. 12-B Prince Quarter St. Croix, Virgin Islands as shown on PWD Drawing No. 1390, revised 11/ 27/72 and A Charge, in the amount of the Loan, granted by Tortola Concrete Products Limited (the "Charger") to the Bank as Chargee granting the Bank a lien over the following property located in Tortola, British Virgin Islands, in which Charger has a fee simple interest:
Sample 1
First Priority Mortgage. The Borrower has good and indefeasible title to (or valid rights to lease or use, by easement or otherwise) all real property comprising the Mortgaged Property, and good and valid title to (or valid rights to use, by easement or otherwise) all fixtures and personal property comprising the Mortgaged Property, and (i) all such Mortgaged Property is subject to the Lien of the FMB Mortgage Documents, and (ii) all such Mortgaged Property acquired by the Borrower after the respective dates of the FMB Mortgage and the Second Supplemental Indenture have become or will, upon such acquisition, become, subject to the Lien thereof. The FMB Mortgage constitutes a valid direct first deed of trust lien and security interest upon all Mortgaged Property, subject only to “Permitted Liens” (as such term is defined in the FMB Mortgage). The rights, powers, Liens and privileges purported to be created pursuant to the FMB Mortgage Documents in favor of the Administrative Agent shall be equal and ratable with the holders of other bonds issued pursuant to the FMB Mortgage Documents.
Sample 1
First Priority Mortgage. Security Agreement, Assignment of Rents and Leases and Fixture Filing (the “Mortgage”) affecting real property and all improvements thereon, together with all furnishings, fixtures, Equipment and related rights of Borrower and all collateral associated therewith, such real property being described on Exhibit A, attached hereto;
Sample 1

Related to First Priority Mortgage

  • First Priority Security Interest The Administrative Agent, for the benefit of the Lenders, has a first priority perfected security interest in the collateral pledged by the Borrower pursuant to the Security Agreement.

  • Perfected First Priority Liens (a) This Agreement is effective to create, as collateral security for the Obligations of such Grantor, valid and enforceable Liens on such Grantor’s Security Collateral in favor of the Collateral Agent for the benefit of the Secured Parties, except as to enforcement, as may be limited by applicable domestic or foreign bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights’ generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.

  • 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.

  • Other Mortgage Liens None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.

  • Security Interest This Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller.

  • Collateral; Security Interest (a) Pursuant to the Custodial Agreement, the Custodian shall hold the Mortgage Loan Documents as exclusive bailee and agent for the Lender pursuant to terms of the Custodial Agreement and shall deliver to the Lender Trust Receipts (as defined in the Custodial Agreement) each to the effect that it has reviewed such Mortgage Loan Documents in the manner and to the extent required by the Custodial Agreement and identifying any deficiencies in such Mortgage Loan Documents as so reviewed.

  • Property Mortgaged Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the "Property"):

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • Security Interest and Collateral In order to secure the payment and performance of the Secured Obligations, the Debtor hereby grants to the Secured Party a security interest (herein called the “Security Interest”) in and to the following property (hereinafter collectively referred to as the “Collateral”): SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE.

  • Perfected Security Interest On the Closing Date, after giving effect to the filing of the FAA Filed Documents and the Financing Statements, Mortgagee shall have received a duly perfected first priority security interest in all of Owner's right, title and interest in the Aircraft, subject only to Permitted Liens.

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