Second Lien definition

Second Lien. With respect to each Mortgaged Property, the lien of the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a second lien on the Mortgaged Property.

Second Lien means a Lien granted by a Second Lien Document to the Second Lien Collateral Trustee, at any time, upon any Collateral by any Grantor to secure Second Lien Obligations (including Liens on such Collateral under the security documents associated with any Second Lien Substitute Facility).

Second Lien means a Lien granted by a Security Document to the Collateral Agent for the benefit of the Second Lien Secured Parties, at any time, upon any property of the Company or any other Guarantor to secure Second Lien Obligations.

Examples of Second Lien in a sentence

• Furthermore, the holders of Senior Obligations, Second Lien Loans and Mezzanine Obligations are more diverse than ever before, including not only banks and specialist finance providers but also alternative collateral managers, specialist debt and distressed debt investors and other financial institutions.

• As referred to above, although any particular Senior Obligations, Second Lien Loans and Mezzanine Obligations often will share many similar features with other loans and obligations of its type, the actual terms of any particular Senior Obligations, Second Lien Loans and Mezzanine Obligations will have been a matter of negotiation and will thus be unique.

• Otherwise, Servicer shall solve for a second lien payment utilizing the HAMP Second Lien Modification Program (“2MP”) logic used as of January 26, 2012.

• Recoveries on both Senior Obligations, Second Lien Loans and Mezzanine Obligations may also be affected by the different bankruptcy regimes applicable in different jurisdictions, the availability of comprehensive security packages in different jurisdictions and the enforceability of claims against the Obligors thereunder.The effect of an economic downturn on default rates and the ability of finance providers to protect their investment in a default situation is uncertain.

• The returns on Senior Obligations, Second Lien Loans and/or Mezzanine Obligations therefore may not adequately reflect the risk of future defaults and the ultimate recovery rates.A non-investment grade loan or debt obligation or an interest in a non-investment grade loan is generally considered speculative in nature and may become a Defaulted Obligation for a variety of reasons.

More Definitions of Second Lien

Second Lien means any Lien created by the Second Lien Security Documents.

Second Lien means a second-priority perfected security interest in such Collateral, subject to the Intercreditor Agreement or the Arazi/Lancaster Collateral Agreement, as applicable.

Second Lien means any Lien securing any Second Lien Obligation.

Second Lien means with respect to each Mortgaged Property, the lien of the mortgage, deed of trust or other instrument securing a mortgage note which creates a second lien on the Mortgaged Property subject only to the related First Lien.

Second Lien means a Lien, junior to the Priority Liens and senior to the Junior Liens as provided in any instrument that establishes a ranking of Lien priority, granted by the Company or any Subsidiary Guarantor in favor of holders of Second Lien Debt (or any representative or collateral trustee in connection therewith), at any time, upon any property of the Company or any Subsidiary Guarantor to secure Second Lien Obligations.

Second Lien means a Lien granted, or purported to be granted, by a Security Document to the Collateral Agent, at any time, upon any property of the Company or any other Grantor to secure Second Lien Obligations.

Second Lien means the liens in favor of the Trustee, on behalf of the Holders, on the Collateral granted under the Security Documents and subject to the terms of the Intercreditor Agreement, which the Company and the Trustee agree (subject to the proper filing of the financing statements and mortgages) will as of the Issue Date rank second in priority on the Collateral (except with respect to the Liens set forth on Annex A) and thereafter will rank (a) second in priority on the Collateral to the extent any Liens permitted under Section 4.11(b)(ii)(A) remain outstanding and (b) first in priority on the Collateral to the extent no Liens permitted under Section 4.11(b)(ii)(A) remain outstanding, in each case, except with respect to (x) the Liens set forth on Annex A, (y) the Liens described in clauses (iii) — (v) and (vii) — (viii) of the definition of “Permitted Liens” and (z) solely with respect to Collateral that is not set forth on Schedule I (or improvements or repairs to the Collateral set forth on Schedule I), the Liens described in clause (vi) of the definition of “Permitted Liens”).