Second Priority Mortgage definition

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

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Second Priority Mortgage means a collective reference to each mortgage, deed of trust, deed to secure debt and any other document or instrument under which any Lien on real property owned by any Grantor is granted to secure any Second Priority Obligations or under which rights or remedies with respect to any such Liens are governed.

Second Priority Mortgage means the second priority mortgage to be granted over the Vessel under the laws of the relevant Maritime Registry by the Leasing Company to the Equipment Lender on the Effective Delivery Date (or at any time thereafter) as security for the Equipment Loan.

Examples of Second Priority Mortgage in a sentence

• Each of the Company and the Second Priority Agent further agrees that each Second Priority Mortgage covering any Collateral shall contain such other language as the First Priority Agent may reasonably request to reflect the subordination of such Second Priority Mortgage to the First Priority Security Document covering such Collateral pursuant to this 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 Second Priority Mortgage if such compliance would result in a default under the terms and provisions of the First Mortgage or other senior mortgages.

• In the event of any conflict between the terms of the Intercreditor Agreement and this Second Priority Mortgage, the terms of the Intercreditor Agreement shall govern.

• In the event of a conflict between any provision of this Second Priority Mortgage and any provision of the Intercreditor Agreement, the Intercreditor Agreement shall govern.

• Notwithstanding anything herein to the contrary, the second-priority lien and security interest granted to the Collateral Agent pursuant to this Second Priority Mortgage and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the provisions of the Intercreditor Agreement.

• In the event of a conflict between any provision of this Second Priority Mortgage and any provision of the Credit Agreement, the Credit Agreement shall govern.

• In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern." In addition, each Second Priority Agent agrees that each Second Priority Mortgage covering any Common Collateral shall contain such other language as the Credit Agent may reasonably request to reflect the subordination of such Second Priority Mortgage to the First Priority Collateral Document covering such Common Collateral.

• In the event of a conflict between any provision of this Second Priority Mortgage and any provision of the Revolving Facility Credit Agreement, the Revolving Facility Credit Agreement shall govern.

• In such case, Mortgagee may commence a civil action to foreclose this Second Priority Mortgage, or it may proceed and sell the Mortgaged Property to satisfy any Second Priority Debt Obligation.

• Such exercise of Mortgagee's rights and remedies under any or all of the Other Mortgages and other Second Priority Debt Documents shall not in any manner impair the indebtedness hereby secured or the lien of this Second Priority Mortgage and any exercise of the rights or remedies of Mortgagee hereunder shall not impair the lien of any of the Other Mortgages and other Second Priority Debt Documents or any of Mortgagee's rights and remedies thereunder.

More Definitions of Second Priority Mortgage

Second Priority Mortgage has the meaning assigned to that term in the First Priority Indenture.

Second Priority Mortgage shall have the meaning assigned to the term in Recital B hereof.

Second Priority Mortgage means a second priority ship mortgage and deed of covenants collateral thereto over the vessel DHT Leopard, executed and recorded by the Original Borrower in favour of the Finance Parties and the Hedging Banks in the relevant Approved Ship Registry, in form and substance satisfactory to the Security Agent (on behalf of the Finance Parties and the Hedging Banks).

Second 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 any Lien on real property is granted by any Grantor to secure any Second Priority Claims or under which rights or remedies with respect to any such Lien are governed.

Second Priority Mortgage means any one of them; and

Second Priority Mortgage means that certain second-priority 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 Second Priority Collateral Trust Agreement, and such other documents as may be required to grant a lien on substantially all of the Debtor’s and the Debtor’s restricted subsidiaries’ assets in favor of, and for the benefit of, the collateral trustee under the Second Priority Collateral Trust Agreement, as such documents may be amended, supplemented, or otherwise modified from time to time, each of the foregoing mortgage and other documents being substantially in the form set forth in the Plan Supplement.