Second Priority Mortgages definition

Second Priority Mortgages means, collectively, each 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 Mortgages means the mortgages, deeds of trust, leasehold mortgages, assignments of leases and rents, modifications and other security documents which create a Lien in favor of the Second Priority Collateral Trustee for the benefit of the Second Priority Debt Parties, delivered pursuant to the Second Priority Debt Documents, each substantially in the form of Exhibit [ ] to the RCF Facility, with such changes as are approved by the Senior Collateral Agent and the Second Priority Representatives.

Second Priority Mortgages means the mortgages, deeds of trust, leasehold mortgages, assignments of leases and rents, modifications and other security documents which create a lien in favor of the Second Priority Collateral Trustee for the benefit of the Second Priority Debt Parties, delivered pursuant to the Second Priority Debt Documents.

Examples of Second 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).

• Each of the Second Priority Mortgages, the Second Priority Subsidiary Security Agreement, the Second Priority Subsidiary Guarantee Agreements shall be in form and 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, and shall be in full force and effect and copies of such documents shall have been delivered to the Senior Collateral Agent.

• 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.

• 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 Second Priority Mortgages

Second Priority Mortgages means the "Mortgages", as defined in the Second Priority Credit Agreement.

Second Priority Mortgages shall have the meaning assigned to such term in Recital F.

Second Priority Mortgages means the Second Priority Leasehold Mortgages and the Second Priority Fee Mortgages, collectively.

Second Priority Mortgages means, in respect of each Borrower’s Vessel, the second priority statutory mortgage over the Borrowers’ Vessels together with a deed of covenants collateral thereto, each in favour of the Zeus Lender, in the Agreed Form, and “Second Priority Mortgage” means any one of them; and

Second Priority Mortgages means the "Mortgages" as defined in the 2003 Second Lien Note Indenture.

Second Priority Mortgages means collectively the Amaralina Star Second Priority Mortgage and the Laguna Star Second Priority Mortgage.