Prior Lien definition

Prior Lien means a pre-existing mortgage, deed of trust or other Lien encumbering the Mortgaged Property.

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Prior Lien shall have the meaning assigned to such term in the applicable Security Document.

Prior Lien. With respect to any Mortgage Loan which is not a first priority lien, each mortgage loan relating to the corresponding Mortgaged Property having a higher priority lien.

Examples of Prior Lien in a sentence

• If, and to the extent that, the proceeds of the Loan, or subsequent advances under Section 9.02, are used to pay, satisfy or discharge a Prior Lien, such Loan proceeds or advances will be deemed to have been advanced by Lender at Borrower’s request, and Lender will automatically, and without further action on its part, be subrogated to the rights, including Lien priority, of the owner or holder of the obligation secured by the Prior Lien, whether or not the Prior Lien is released.

• If, and to the extent that, the proceeds of the loan evidenced by the Note, or subsequent advances under Section 7, are used to pay, satisfy or discharge a Prior Lien, such loan proceeds or advances will be deemed to have been advanced by Lender at Borrower’s request, and Lender will automatically, and without further action on its part, be subrogated to the rights, including Lien priority, of the owner or holder of the obligation secured by the Prior Lien, whether or not the Prior Lien is released.

• If, and to the extent that, the proceeds of the loan evidenced by the Note, or subsequent advances under Section 12, are used to pay, satisfy or discharge a Prior Lien, such loan proceeds or advances shall be deemed to have been advanced by Lender at Borrower's request, and Lender shall automatically, and without further action on its part, be subrogated to the rights, including lien priority, of the owner or holder of the obligation secured by the Prior Lien, whether or not the Prior Lien is released.

• This authorization is coupled with an interest and is irrevocable until the Discharge of Prior Lien Obligations.

• If, and to the extent that, the proceeds of the loan evidenced by the Note, or subsequent advances under Section 7, are used to pay, satisfy or discharge a Prior Lien, such loan proceeds or advances will be deemed to have been advanced by ▇▇▇▇▇▇ at Borrower’s request, and ▇▇▇▇▇▇ will automatically, and without further action on its part, be subrogated to the rights, including Lien priority, of the owner or holder of the obligation secured by the Prior Lien, whether or not the Prior Lien is released.

More Definitions of Prior Lien

Prior Lien means a Lien on any Collateral that has priority (whether by law or pursuant to any agreement) over the Liens of the Security Documents.

Prior Lien is defined in Section 12.

Prior Lien. With respect to any SBA Loan secured by a lien on a Mortgaged Property which is not a first priority lien, each mortgage loan relating to the corresponding Mortgaged Property having a prior priority lien.

Prior Lien means any mortgage, lien, charge, encumbrance, security interest on or in, or pledge of, any Mortgaged Property existing both at and immediately prior to the time of the acquisition by us of such Mortgaged Property, or created as a purchase money mortgage on such Mortgaged Property at the time of its acquisition by us, in each case ranking prior to or on a parity with the lien of the Mortgage.

Prior Lien has the meaning given to that term in Section 26.

Prior Lien means any Lien securing Secured Debt.

Prior Lien shall have the meaning ascribed thereto in the applicable Mortgage.