First Priority Mortgage definition

First Priority Mortgage means the first-priority statutory telecommunications mortgage made by the Company in favor of, and/or for the benefit of, the First Priority Collateral Trustee for the benefit of the beneficiaries of the First Priority Collateral Trust Agreement, as described on Schedule II to the First Priority Collateral Trust Agreement, as the same may be amended, supplemented, or otherwise modified from time to time.

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First Priority Mortgage means the first priority mortgage governed by the laws of the relevant Maritime Registry to be granted over the Vessel by the Leasing Company to the Finance Parties on the Effective Delivery Date.

First Priority Mortgage shall have the meaning assigned to such term in Recital H hereof.

Examples of First Priority Mortgage in a sentence

In the event of a conflict between any provision of this First Priority Mortgage and any provision of the Security Agreement, the Security Agreement shall govern.
In the event of any conflict between the terms of the Security Agreement and this First Priority Mortgage, the terms of the Security Agreement shall govern.
It is contemplated that the Issuers under the First Priority Indenture may, after the date hereof, issue (a) exchange notes and private exchange notes (the "First Priority Mortgage Exchange Notes") and (b) additional notes (the "Additional First Priority Mortgage Notes"; together with the First Priority Mortgage Exchange Notes and the First Priority Mortgage Notes, the "First Notes") pursuant to the provisions of the First Priority Indenture.
So long as the Second Mortgage, or other senior mortgages are, outstanding, Mortgagor shall not be in default hereunder for the failure to comply with any term or provision contained in this First Priority Mortgage if such compliance would result in a default under the terms and provisions of the Second Mortgage or other senior mortgages.
In the event of a conflict between any provision of this First Priority Mortgage and any provision of the Term Loan Credit Agreement, the Term Loan Credit Agreement shall govern.
Notwithstanding anything herein to the contrary, the first-priority lien and security interest granted to the Collateral Agent pursuant to this First Priority Mortgage and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the provisions of the Security Agreement.
So long as the First Mortgage, or other senior mortgages are, outstanding, Mortgagor shall not be in default hereunder for the failure to comply with any term or provision contained in this First Priority Mortgage if such compliance would result in a default under the terms and provisions of the First Mortgage or other senior mortgages.
Except as permitted hereunder, the Borrower shall do or cause to be done any act or thing which would make void or voidable the registration of the Vessel and/or the First Priority Mortgage or any Replacement First Priority Mortgage (as applicable) or the Vessel shall cease to be registered under the flag of the relevant Maritime Registry and such registration is not reinstated within two (2) Business Days.
Notwithstanding anything herein to the contrary, the second-priority lien and security interest granted to the Collateral Agent pursuant to this First Priority Mortgage and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the provisions of the Security Agreement.
Within one (1) Business Day of the Increase Effective Date or as such date may be extended by the Administrative Agent in its sole discretion, the Mortgage Amendment to the First Priority Mortgage “A” dated and duly registered on October 8, 2014 over Lay Vessel 108 in form and substance reasonably satisfactory to the Administrative Agent by Hydro Marine Services Inc.

More Definitions of First Priority Mortgage

First Priority Mortgage means any mortgage, deed of trust, leasehold mortgage, assignment of leases and rents, modifications and any other agreement, document or instrument pursuant to which a Lien on real property is granted by any Grantor to secure any First Priority Claims or under which rights or remedies with respect to any such Lien are governed.

First Priority Mortgage means that certain amended and restated Mexican statutory telecommunications mortgage, to be dated on or before the Effective Date, made by the Debtor in favor of, or for the benefit of, the collateral trustee under the First Priority Collateral Trust Agreement, as the same may be amended, supplemented or otherwise modified