Junior Mortgages definition

Junior Mortgages means, in relation to the Junior Loan, the third priority mortgages on each Ship (fully subordinated and subject to any mortgage to secure the Senior Loans) in each case as security for any and all monies due to the Junior Lenders in respect of the Junior Loan and, in the singular, means any of them;

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Junior Mortgages means, collectively, those certain Mortgages made by the Borrower in favor of the Seller, which provide the Seller with a second position mortgage lien in the Real Estate (such Mortgages being junior and subject to the Mortgages in favor of the Lender in the Real Estate) in order to secure the obligations to the Seller pursuant to the Seller Notes.

Junior Mortgages means the “Mortgages” as defined in the Junior Term Loan Agreement.

Examples of Junior Mortgages in a sentence

• All Junior Mortgages existing as of the date hereof, if any, are in good standing, all principal, interest and other payments due thereunder have been paid in accordance with the terms thereof, there is no default thereunder and no event has occurred which with due notice or the lapse of time, or both, would constitute a default thereunder.

• The Borrower has delivered true, correct and complete copies of the fully-signed Acquisition Documents, the Real Estate Leases, the Seller Note, and the Junior Mortgages to the Lender on or prior to the Closing Date.

• The Borrower shall not amend, modify or supplement any of the Acquisition Documents (including, including, without limitation, the Seller Notes and the Junior Mortgages) in any manner that would or is reasonably likely to adversely affect the Lender’s interests or rights under this Agreement and the other Financing Agreements to which Borrower is a party or the likelihood that the Liabilities will be paid in full when due, without the Lender’s prior written consent.

• If there should be an Event of Default in any of the terms, conditions or obligations of any of the Additional Junior Mortgages or the Junior Assignment, such default shall constitute an Event of Default under this Mortgage.

• However, in the event that SummitBridge determines in its reasonable sole discretion that any of the SummitBridge Junior Mortgages must be divested, Purchaser shall, promptly upon SummitBridge’s request, re-execute substantially similar mortgages to replace the SummitBridge Junior Mortgages.

• Within three (3) Business Days after entering into any non-adverse amendment, modification or supplement to any of the Seller Note and the Junior Mortgages, the Borrower shall deliver to the Lender a true, complete and correct copy of such amendment, modification or supplement.

• The Borrower shall not amend, modify or supplement any of the Seller Note and the Junior Mortgages in any manner that would or is reasonably likely to adversely affect the Lender’s interests or rights under this Agreement and the other Financing Agreements to which Borrower is a party or the likelihood that the Liabilities will be paid in full when due, without the Lender’s prior written consent.

• The Borrower has delivered true, correct and complete copies of the fully-signed Real Estate Leases, the Seller Note, and the Junior Mortgages to the Lender on or prior to the Closing Date.

• SummitBridge shall use reasonable commercial efforts to deliver marketable title to the Land and to cause the issuance of title policies, subject only to the SummitBridge Junior Mortgages, existing zoning laws, restrictions of record, taxes due and payable and other items which would not interfere with the ownership and operation of the Land.

• A true, correct and complete copy of the fully-executed Seller Notes and the Junior Mortgages and any other document executed by or in favor of any Seller in connection therewith (including, without limitation, any Security Agreement).

More Definitions of Junior Mortgages

Junior Mortgages the "Second Mortgage" and the "Third Mortgage" set forth in the Mortgage hereby are deleted in their entirety, and all references to the "Junior Mortgages", the "Second Mortgage" and the "Third Mortgage" in the Mortgage and the other Loan Documents hereby are omitted; (c) All references in the Loan Documents to the "Borrower" shall be to the Borrower as herein defined; (d) Section 8(w) is renumbered as Section 8(x) and the following text is added to Section 8, as new item (w): "

Junior Mortgages means, collectively (a) mortgages covering Borrower's owned and leased real property interests in the State of Washington to be executed by Borrower in the form attached to the Senior Credit Agreement as Exhibit C, and (b)

Junior Mortgages means the second priority and/or second preferred mortgages over each Junior Vessel, in the agreed form, executed or to be executed in favour of the Security Trustee or, in respect of any Junior Vessel of a member of the SNSA Group, in favour of the Agent.

Junior Mortgages means each mortgage, deed of trust, and any other document or instrument (other than this Agreement) under which any Lien on real property owned or leased by any Grantor is granted to secure any Junior Lien Obligations or under which rights or remedies with respect to any such Liens are governed.