Prior Lien means a pre-existing mortgage, deed of trust or other Lien encumbering the Mortgaged Property.

Prior Lien shall have the meaning assigned to such term in the applicable Security Document.

Prior Lien. With respect to any Mortgage Loan which is not a first priority lien, each mortgage loan relating to the corresponding Mortgaged Property having a higher priority lien.

Examples of Prior Lien in a sentence

Nothing herein shall constitute a finding or ruling by this Court that any alleged Permitted Prior Lien is valid, senior, enforceable, prior, perfected, or non-avoidable.
There shall be reserved for a prior lien on Net Revenues such amounts for such funds as may subsequently be provided by Future Prior Lien Bond Ordinances.
It shall be demonstrated that the conditions of paragraph (A)(1) above will be met after the Proposed Prior Lien Issuance.
The right of a seller of goods to reclaim such goods under section 546(c) of the Bankruptcy Code is not a Permitted Prior Lien and is expressly subject to the DIP Liens.
The City hereby expressly reserves the right to hereafter issue Prior Lien Obligations, without limitation as to principal amount, but subject to any terms, conditions or restrictions applicable thereto under law or otherwise.

More Definitions of Prior Lien

Prior Lien means a Lien on any Collateral that has priority (whether by law or pursuant to any agreement) over the Liens of the Security Documents.

Prior Lien is defined in Section 12.

Prior Lien. With respect to any SBA Loan secured by a lien on a Mortgaged Property which is not a first priority lien, each mortgage loan relating to the corresponding Mortgaged Property having a prior priority lien.

Prior Lien. (mm) “Prior Lien” means any mortgage, lien, charge, encumbrance, security interest on or in, or pledge of, any Mortgaged Property existing both at and immediately prior to the time of the acquisition by the Company of such Mortgaged Property or created as a purchase money mortgage on such Mortgaged Property at the time of its acquisition by the Company, in each case ranking prior to or on a parity with the Lien of this Indenture.

Prior Lien means any Lien securing Secured Debt.

Prior Lien has the meaning given to that term in Section 26.

Prior Lien shall have the meaning ascribed thereto in the applicable Mortgage.