Second Security definition

Second Security. Instrument means the mortgage, deed of trust, security deed or other security instrument which is signed by Borrower together with this Loan Agreement and which secures the Second Note.

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Second Security means the Mortgage, the Assignment and the Time Charter Assignment. “Tax” means any tax (other than tax on the overall income of the Builder, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Transaction Document except for those imposed in Korea upon the payment of the Post Delivery Instalment. “Time Charterer” means Hyundai Merchant Marine Co., Ltd of Korea. “Time Charter” means the time charter dated 18 October 2007 as amended by addendum no. 1 and addendum no. 2 between the Buyer and the Time Charterer. “Time Charter Assignment” has the meaning given in Clause 3.5. “Total Loss” means: (a) actual, constructive, compromised, agreed or arranged total loss of the Vessel; (b) requisition for title or other compulsory acquisition of the Vessel otherwise than by requisition for hire; (c) capture, seizure, arrest, detention, or confiscation of the Vessel by any person, governmental authority or government or by persons acting or purporting to act on behalf of any government or any other person which deprives the Buyer of the use of the Vessel for 90 days or more after that occurrence; and (d) requisition for hire of the Vessel by any government or by persons acting or purporting to act on behalf of any government which deprives the Buyer of the use of the Vessel for a period of 90 days or more. “Transaction Documents” means the Contract, this Agreement, the Second Security, the Promissory Notes, the Letter of Guarantee, the Time Charter Assignment and the Intercreditor Deed.

Second Security means the security from time to time constituted by or pursuant to the Second Security Documents and the guarantees provided hereunder.

Examples of Second Security in a sentence

• Lender shall have no obligation to make further Loan Advances if the Lender or the Secretary determines that the lien status of the Security Instrument or the Second Security Instrument is jeopardized under State laws as described in Paragraph 12(a) of the Security Instrument or Second Security Instrument and the lien status is not extended in accordance with Paragraph 12(a).

• If the Security Instrument has been assigned to the Secretary or the Secretary notifies Lender and Borrower that Loan Advances are secured by the Second Security Instrument, Lender shall have no further obligation to make Loan Advances under this Loan Agreement, unless the Secretary accepts later reimbursement by the Lender for all Loan Advances made, earned or disbursed by the Secretary.

• If the Secretary makes Loan Advances to Borrower under the Second Security Instrument, the portion of the Principal Limit available for Loan Advances shall be the difference between the current Principal Limit and the combined Principal Balances on the Security Instrument less accrued interest and the Second Security Instrument.

• It is declared and agreed by each of the parties that the Amended and Restated Security Agreement, as amended by the First Security Agreement Amendment and this Second Security Agreement Amendment shall continue in full force and effect, and that the Amended and Restated Security Agreement, the First Security Agreement Amendment and this Second Security Agreement Amendment shall be read and construed as one instrument.

• Delivery of an executed counterpart of a signature page to this Second Security Agreement Amendment by telecopy or electronic scan shall be effective as delivery of a manually executed counterpart of this Second Security Agreement Amendment.

More Definitions of Second Security

Second Security means any Security Interest granted, or purported to be granted, by the Operator (whether before of after the date of this Agreement) in favour of TfNSW.

Second Security means the Mortgage, the Assignment and the Time Charter Assignment. “Tax” means any tax (other than tax on the overall income of the Builder, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Transaction Document except for those imposed in Korea upon the payment of the Post Delivery Instalment. “Time Charterer” means Hanjin Shipping Co., Ltd of Seoul. “Time Charter” means the time charter dated 15 November 2007 as amended by addendum no. 1 dated 19 August 2009 between the Buyer and the Time Charterer. “Time Charter Assignment” has the meaning given in Clause 4.5 “Total Loss” means: (a) actual, constructive, compromised, agreed or arranged total loss of the Vessel; (b) requisition for title or other compulsory acquisition of the Vessel otherwise than by requisition for hire; (c) capture, seizure, arrest, detention, or confiscation of the Vessel by any person, governmental authority or government or by persons acting or purporting to act on behalf of any government or any other person which deprives the Buyer of the use of the Vessel for 90 days or more after that occurrence; and (d) requisition for hire of the Vessel by any government or by persons acting or purporting to act on behalf of any government which deprives the Buyer of the use of the Vessel for a period of 90 days or more. “Transaction Documents” means the Contract, this Agreement, the Second Security, the Promissory Notes, the Letter of Guarantee, the Time Charter Assignment and the Intercreditor deed.

Second Security means any Security Interest described in the Second Security Agreement.

Second Security means fixed and floating charges between Nord Australex Nominees Pty Limited as Chargor and the Second Financier as Chargee.

Second Security means the Mortgage, the Assignment and the Time Charter Assignment.

Second Security a legal charge of that part of the Site owned by the Third Owner dated 22 July 2011 and made between (1) the Third Owner and (2) the Lender

Second Security means any Security Interest described in the Second Security Agreements, to the extent it relates to the Export Proceeds.