Second Mortgages definition

Second Mortgages means the two (2) second priority statutory Bahamian ship mortgages and deeds of covenants collateral thereto and the one (1) second preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders.

Second Mortgages means the two (2) second priority statutory Bahamian ship mortgages and deeds of covenants collateral thereto and the one (1) second preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders as security pursuant hereto such mortgages and deeds of covenants to be in the forms and on the terms and conditions agreed between the Lenders and the Guarantor on the date of the Sixth Supplemental Deed;

Second Mortgages means all such instruments collectively.

Examples of Second Mortgages in a sentence

• With respect to Second Mortgages, no future advances are permitted under the senior mortgage.

• For Second Mortgages, the lien of the Mortgage securing the consolidated principal amount is expressly insured as having second lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee's consolidated interest or by other title evidence acceptable to Trustee.

• It is further understood and agreed that GRMC and Buyer shall share equally in the expense of any title insurance in excess of minimum amounts required for such commitments, covering the Realty Company as the owner in amounts up to the aggregate purchase price of such real property under this Agreement and GRMC as the original holder of the Second Mortgages and Deeds of Trust in amounts aggregating up to $35 million.

• Product and reconciliation accounts may include both First and Second Mortgages.

• The Security Instruments will each create a valid and continuing lien and security interest in the Collateral in favor of GRMC, subject to no other lien, security interest or adverse claim except as described in the Second Mortgages and Deeds of Trust and the PT Leases.

More Definitions of Second Mortgages

Second Mortgages shall have the meaning set forth in Section 2.8.

Second Mortgages means the second priority mortgage and the deed of covenants collateral thereto executed or to be executed and recorded by the relevant Owner against each of the Units in the Bahamas Ship Register (or such other ship register acceptable to the Agent) in favour of the Agent as security for the obligations of the relevant Owner under the Finance Documents in relation to the Junior Facilities.

Second Mortgages means, two (2) or more Second Mortgages or, as the context may require, all of the Second Mortgages in respect of the Property.

Second Mortgages means the English Second Mortgages and the Scottish Second Mortgages;

Second Mortgages means the second preferred Xxxxxxxx Islands or Liberian ship mortgages on the Vessels, to be executed by the respective Guarantors as listed in Schedule 3 in favor of the Facility C Security Agent (as trustee for the Facility C Banks) pursuant to the Facility C Agreement;

Second Mortgages means the second priority mortgages from Borrowers to Lender pursuant to which Borrowers have conveyed the Properties as security for certain of the Obligations, namely, for each Individual Property, Borrower has conveyed to Lender a second priority Amended, Restated and Consolidated Second Priority Mortgage and Security Agreement (Subordinate Mortgage to Secure Cross Collateral Guaranty) which secures the Cross-Collateral Guaranty and the notes referenced therein and guaranteed thereby (exclusive of the Note applicable to such Individual Property).

Second Mortgages has the meaning specified in Section 4.01(h)(xv). ----------------