Prior Charge definition

Prior Charge means any Security Interest over any Charged Asset ranking pari passu with or in priority to the Trustee’s Security.
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Prior Charge means a charge registered against title to the Land in priority to the Mortgage,[ including but not limited to the First Mortgage and the Second Mortgage];
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Prior Charge means any mortgage, lien, agreement for sale, encumbrance, interest in land or other charge or claim upon or with respect to the Lands which has or may have or which may acquire priority to this Mortgage.
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Examples of Prior Charge in a sentence

  • It is the intention of the parties that the Mortgagee will have the same rights and powers, but not the liabilities, as the Mortgagor under and pursuant to the terms of the Prior Charge so that the Mortgagee will be in a position to take whatever steps are necessary to bring the Prior Charge into good standing once default has occurred thereunder.

  • For the purposes of tendering any arrears or other sums payable to a holder of a Prior Charge, the Mortgagor hereby irrevocably appoints the Mortgagee its agent and irrevocably directs the Mortgagee to tender such monies upon the holder of a Prior Charge in the name of and on behalf of the Mortgagor.

  • This assignment is not intended to encompass the Mortgagor's entire interest in the Prior Charge, but only to the extent hereinbefore stipulated.

  • The Mortgagee will be entitled but not obligated to pay any arrears or other sums payable under the Prior Charge, or to pay off all or any portion of the amount thereby secured.

  • As evidence of its agreement to be bound by the terms of this instrument, the Prior Charge Holder has executed the Land Title Act Form C or D which is attached hereto and forms part of this Agreement.

  • In this regard the Mortgagor hereby assigns to the Mortgagee its equity of redemption, if any, with respect to the Prior Charge, together with the statutory right of redemption given to the Mortgagor by the provisions of Section 38 of the Law of Property Act, RSA 2000, c.L-17 , as in force and amended from time to time.

  • The Mortgagee will be entitled to pay any arrears or other sums payable under the Prior Charge, or to pay off all or any portion of the amount thereby secured.

  • This assignment is not intended to encompass the Mortgagor's entire interest in the Prior Charge, but only to the extent above stipulated.

  • In this regard the Mortgagor hereby assigns to the Mortgagee its equity of redemption, if any, with respect to the Prior Charge, together with the statutory right of redemption given to the Mortgagor by the provisions of The Law of Property Act (Alberta), as in force and amended from time to time.

  • In this regard the Mortgagor hereby assigns to the Mortgagee its equity of redemption, if any, with respect to the Prior Charge, together with the statutory right of redemption given to the Mortgagor by the provisions of Section 39 of The Law of Property Act of Alberta, as in force and amended from time to time.


More Definitions of Prior Charge

Prior Charge means a Prior Charge as defined in clause 3.6;
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Related to Prior Charge

  • User charge means a charge imposed on airlines for the provision of airport, air navigation, or aviation security facilities or services including related services and facilities.

  • Room charge means the charge imposed for the use or occupancy of a room, excluding charges for food, beverages, state use tax, telephone service, or like services paid in connection with the room charge, and reimbursement of the assessment as allowed in section 6.

  • Surrender Charge means a charge levied on the Fund Value at the time of surrender of the Policy.

  • Water Charges means service charges in respect of the provision of water.

  • Penalty Charge means a penalty charge which is payable by virtue of paragraph 3(1) and (2) of Schedule 3 to this Act;