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

  • Consequently, the price of Procysbi should be lowered so that it does not exceed the publicly available list price of Cystagon in Canada and in the Comparator Countries at the time of introduction in Canada.

  • 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.

  • Id. ¶¶ 8-9.Central Mortgage also named VI Economic Development Authority/Government Development Bank as a Defendant because, upon information and belief, it may hold some interest in the Property due to a $310,000.00 mortgage on the Property given by SWJ Corporation d/b/a Schooner Bay Market Place in favor of EDA/GDB, dated and recorded on September 22, 2011, as amended by Amendment to Second Priority Mortgage to correct the name of the mortgagor toStephanie Zoe Crosier f/k/a Stefanie Z.

  • Because a default under the Canton Note was a default under the Second Priority Mortgage, the Cantons elected to foreclose their interest in the Hope Property as provided under the terms of that Mortgage.

  • In its Complaint, VIHFA alleged that Joseph had executed a First Priority Mortgage and Note on December 9, 2005 in favor of the United States for $89,600.00 and “simultaneously” executed a Second Priority Mortgage in favor of VIHFA for $53,318.46 to obtain a federal HOME Program subsidy.

  • As collateral security for the loan, Crosier executed a Second Priority Mortgage on the Property on September 22, 2011 and, to further secure the loan, Crosier signed a Personal Guaranty personally guaranteeing SWJ’s loan with EDA/GDB.

  • Canton also submitted a copy of the Second Priority Mortgage on the Hope Mortgaged Property, executed by Meinrad Jagrup and Mary Jagrup on September 19, 2008, to secure payment on the Canton Note.


More Definitions of Second Priority Mortgage

Second Priority Mortgage shall have the meaning assigned to such term in Recital B hereof.
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Second Priority Mortgage means any one of them; and
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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.
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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.
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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.
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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).
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Related to Second Priority Mortgage

  • Second Priority Lien means the Liens on the Second Priority Collateral in favor of Second Priority Debt Parties under Second Priority Collateral Documents.

  • Second Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.

  • Second Priority Liens means all Liens on the Second Lien Collateral to secure the Second Lien Obligations, whether created under the Second Lien Security Documents or acquired by possession, statute, operation of law, subrogation or otherwise.

  • First Priority Lien means any Lien created by the First Priority Security Documents.

  • Facility Mortgage As defined in Section 13.1.

  • Second Priority Debt means any Indebtedness of the Borrower or any other Grantor guaranteed by the Guarantors (and not guaranteed by any Subsidiary that is not a Guarantor), including the Initial Second Priority Debt, which Indebtedness and guarantees are secured by the Second Priority Collateral on a pari passu basis (but without regard to control of remedies, other than as provided by the terms of the applicable Second Priority Debt Documents) with any other Second Priority Debt Obligations and the applicable Second Priority Debt Documents which provide that such Indebtedness and guarantees are to be secured by such Second Priority Collateral on a subordinate basis to the Senior Debt Obligations (and which is not secured by Liens on any assets of the Borrower or any other Grantor other than the Second Priority Collateral or which are not included in the Senior Collateral); provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each Senior Debt Document and Second Priority Debt Document and (ii) except in the case of the Initial Second Priority Debt hereunder, the Representative for the holders of such Indebtedness shall have become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09 hereof. Second Priority Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in exchange therefor.

  • Permitted Priority Liens means Liens permitted under any of the clauses (b), (c), (d), (e), (f) or (i) of Section 9.02.

  • Second Priority Documents means each Second Priority Agreement, each Second Priority Security Document and each Second Priority Guarantee.

  • Second Priority Secured Parties means the Second Priority Representative, the Second Priority Creditors and any other holders of the Second Priority Obligations.

  • First Priority Liens means all Liens that secure the First Priority Lien Obligations.

  • Second Priority Debt Documents means the Initial Second Priority Debt Documents and, with respect to any series, issue or class of Second Priority Debt, the promissory notes, indentures, Collateral Documents or other operative agreements evidencing or governing such Indebtedness, including the Second Priority Collateral Documents.

  • Fee Mortgage Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar document creating or evidencing a lien on Landlord’s interest in the Leased Property or any portion thereof (or an indirect interest therein, including without limitation, a lien on direct or indirect interests in Landlord) in accordance with the provisions of Article XXXI hereof.

  • Second Priority Collateral means any “Collateral” as defined in any Second Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as security for any Second Priority Debt Obligation.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • Priority Lien means a Lien granted by a Collateral Document to the Collateral Agent upon any property of the Company or any other Obligor to secure Priority Lien Obligations.

  • First Priority Secured Parties means the First Priority Representative, the First Priority Creditors and any other holders of the First Priority Obligations.

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services, in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in respect of cash management services.

  • Equal Priority Intercreditor Agreement means the Equal Priority Intercreditor Agreement substantially in the form of Exhibit G-1 among (x) the Collateral Agent and (y) one or more representatives of the holders of one or more classes of Permitted Additional Debt and/or Permitted Equal Priority Refinancing Debt, with any immaterial changes and material changes thereto in light of the prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent’s and/or Collateral Agent’s entry into such intercreditor agreement (with such changes) is reasonable and to have consented to such intercreditor agreement (with such changes) and to the Administrative Agent’s and/or Collateral Agent’s execution thereof.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • First Priority Documents means the First Priority Agreement, each First Priority Security Document and each First Priority Guarantee.

  • Second Priority Collateral Documents means the Noteholder Collateral Documents and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Second Priority Claims or under which rights or remedies with respect to such Liens are at any time governed.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Second Priority Obligations means (a) with respect to the Existing Second Priority Agreement, all “Secured Obligations” of each Loan Party as defined in the “Security Agreement” referred to in the Existing Second Priority Agreement and (b) with respect to each other Second Priority Agreement, (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all indebtedness under such Second Priority Agreement, and (ii) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable Second Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any First Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties hereunder, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Lowest Priority As of any date of determination, the Class of Subordinate Certificates then outstanding with the latest priority for payments pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates.

  • Blanket Mortgage The mortgage or mortgages encumbering a Cooperative Property.