Priority Mortgages definition

Priority Mortgages means, collectively, all mortgages, deeds of trust and deeds to secure debt granting a Priority Lien by any Grantor to or for the benefit of the Priority Securityholders in Priority Collateral constituting real property and fixtures as collateral security for the Priority Obligations with respect thereto, as such documents may be amended, supplemented or restated from time to time.

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Priority Mortgages means, collectively, all mortgages, deeds of trust and deeds to secure debt substantially in the form of Exhibit M-3 or Exhibit M-4 granting a Priority Lien by the Borrower or a Guarantor to the Priority Collateral Agent (or a trustee for the benefit of the Priority Collateral Agent) for the benefit of the Priority Secured Parties in Priority Collateral constituting real property and fixtures as collateral security for the Priority Senior Obligations, and if applicable, the Guarantors' Obligations with respect thereto, as such documents may be amended, supplemented or restated from time to time.

Priority Mortgages means in respect of a Reference Claim those Relevant Mortgages or

Examples of Priority Mortgages in a sentence

• Each Mortgaged Property is free of Liens which secure indebtedness for borrowed money except for the Second Priority Mortgages and as set forth on Schedule 4.15(b)(ii) (or arrangements reasonably satisfactory to the Administrative Agent have been made for the release of such Liens).

• Notwithstanding the foregoing, if the holder of the Priority Mortgages enforces its rights against the Mortgaged Property, the Mortgagee shall be entitled to participate in the distribution of the proceeds from such enforcement to the extent permitted by applicable laws.

• Each of the Second Priority Mortgages, the Second Priority Subsidiary Security Agreement, the Second Priority Subsidiary Guarantee Agreements shall be in form an substance satisfactory to the Agents, shall have been duly executed by each Subsidiary Guarantor, and by or on behalf of the Second Priority Debt Parties, shall have been delivered to the Senior Collateral Agent, and shall be in full force and effect.

• Each Mortgaged Property is free of Liens that secure indebtedness for borrowed money except for the Second Priority Mortgages and as set forth on Schedule 4.15(b)(ii) (or arrangements reasonably satisfactory to the Senior Administrative Agent have been made for the release of such Liens).

• Each Mortgaged Property is free of Liens that secure indebtedness for borrowed money except for the Second Priority Mortgages and as set forth on Schedule 4.16(b)(ii) (or arrangements reasonably satisfactory to the Senior Administrative Agent have been made for the release of such Liens).

• Furthermore, as a result of the release of the Senior Mortgages (as defined in the Original Intercreditor Agreement) contemporaneously herewith, the Instructing Party hereby (i) consents to the release of the Second Priority Mortgages and (ii) authorizes and instructs the Second Priority Collateral Trustee to execute and deliver any and all release documents reasonably requested by Rite Aid to evidence such release.

• If the Company exercises its defeasance option or its Covenant Defeasance option, each Subsidiary Guarantor, if any, shall be released from all its obligations under (i) the Second Priority Subsidiary Guarantee Agreement and the Second Priority Collateral Documents, and (ii) the Second Priority Lien and the Second Priority Mortgages, as they pertain to the Securities, shall be released.

• Notwithstanding anything to the contrary in the Senior Mortgages, the Senior Collateral Agent and the Senior Secured Parties hereby consent to the assignment of leases and rents to the Second Priority Collateral Trustee for the Second Priority Secured Parties contained in the Second Priority Mortgages for the purpose of securing and discharging the performance by the respective Subsidiary Guarantors party thereto, provided however, that such assignment is subject to the terms of this Agreement.

• The Mortgagee understands and acknowledged that there is a first priority, second priority and third priority mortgage over the Mortgaged Property for the benefit of Korea Development Bank ("Priority Mortgages").

• If the Company exercises its legal defeasance option or its covenant defeasance option, the Second Priority Lien and the Second Priority Mortgages, as they pertain to the Securities, will be released and each Subsidiary Guarantor will be released from all its obligations under its Subsidiary Guarantee, as it pertains to the Securities.

More Definitions of Priority Mortgages

Priority Mortgages means, collectively, all mortgages, deeds of trust and deeds to secure debt substantially in the form delivered on the Effective Date granting a Priority Lien by the Company or a Guarantor to the Priority Collateral Agent (or a trustee for the benefit of the Priority Collateral Agent) for the benefit of the Priority Secured Parties in Priority Collateral constituting real property and fixtures as collateral security for the Priority Senior Obligations, and if applicable, the Guarantors' Obligations with respect thereto, as such documents may be amended, supplemented or restated from time to time.