COLLATERAL MORTGAGES Sample Clauses

COLLATERAL MORTGAGES. Mortgagor covenants and agrees that if Administrative Agent at any time holds additional security for any obligations secured by this Mortgage, it may enforce its rights and remedies with respect to the security, at its option, either before, concurrently or after a sale of the Mortgaged Property is made pursuant to the terms of this Mortgage. Administrative Agent may apply the proceeds of the additional security to the Secured Indebtedness without affecting or waiving any right to any other security, including the security under this Mortgage, and without waiving any breach or default of Mortgagor under this Mortgage or any other Loan Document.
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COLLATERAL MORTGAGES. Upon the failure of Borrower or Guarantor to perform any term, covenant or agreement contained in 5.4 of this Agreement, such failure shall not be deemed an Event of Default, provided that within forty-five (45) days thereof after notice thereof (or such longer period not exceeding an additional 30 days to enable Lender to complete an environmental assessment and/or appraisal, and provided further that such delay is not caused by Borrower), Borrower shall cause to be granted a first priority mortgage lien, mortgage deed or deed of trust (each, a “Collateral Mortgage”) in favor of each Lender on the Collateral Mortgage Properties to secure payment of Note. The Collateral Mortgage Properties must at all times have an aggregate Collateral Mortgage Value equal to 150% of the indebtedness evidenced by the Note (“Collateral Mortgage Loan to Value Ratio”). Each Collateral Mortgage Property shall secure a principal sum not to exceed the Collateral Mortgage Value of such property. Lender, in its sole and absolute discretion, may permit a subordinate priority mortgage lien, mortgage deed or deed of trust (each a “Subordinate Collateral Mortgage”) to be granted to each Lender on Collateral Mortgage Properties in lieu of up to one-third (⅓) of the first priority Collateral Mortgages, provided that (i) the Collateral Mortgage Value of such Collateral Mortgage Property exceeds the aggregate of all Liens and other encumbrances by a ratio of at least 2 to 1, before giving effect to such Subordinate Collateral Mortgage; (ii) the Collateral Mortgage Value of such Collateral Mortgage Property exceeds the aggregate of all Liens and other encumbrances by a ratio of at least 1 to .75, after giving effect to such Subordinate Collateral Mortgage; and (iii) Borrower maintains the required Collateral Mortgage Loan to Value Ratio, after giving effect to such Subordinate Collateral Mortgage. The form and substance of each Collateral Mortgage shall be subject to the reasonable approval of each Lender and its counsel. The execution and delivery of each Collateral Mortgage shall be subject to the prior receipt and approval of the following: (i) an appraisal satisfactory to Lender performed by a state licensed or certified appraiser approved by Lender, at Borrower’s sole cost and expense; (ii) a title report and commitment to issue a title insurance policy insuring the lien priority of the Collateral Mortgage subject only to such exceptions as counsel for Lender shall approve and payment...
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COLLATERAL MORTGAGES. The term "Collateral" as that term is defined in Article III of the Existing Loan Agreement shall incorporate and include, without limitation, all real and personal property lien interests granted by END to Bank by the following: (i) mortgage liens or deeds of trust (as applicable) encumbering END's proved producing and proved non-producing oil, gas and other leasehold and mineral interests (including, without limitation, behind-the pipe values), on a first priority basis, including without limitation, those properties situated in the States of North Dakota and Montana (the "END Mortgages"), and (ii) a first priority security interest in substantially all of END's personal property according to the terms of a certain Pledge, Security Agreement and Assignment instrument dated as even date with this First Amendment, in form and substance satisfactory to Bank (the "END Security Agreement"). The term "Mortgages" as that term is defined in Article III of the Existing Loan Agreement shall incorporate and include the END Mortgages.
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Related to COLLATERAL MORTGAGES

  • The Mortgages In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of any Mortgage and the terms of such Mortgage are inconsistent with the terms of this Agreement, then with respect to such Collateral, the terms of such Mortgage shall be controlling in the case of fixtures and real estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall be controlling in the case of all other Collateral.

  • Collateral; Collateral Security (a) The Borrower has not assigned, pledged, or otherwise conveyed or encumbered any Mortgage Loan to any other Person, and immediately prior to the pledge of any such Mortgage Loan, the Borrower was the sole owner of such Mortgage Loan and had good and marketable title thereto, free and clear of all Liens, in each case except for Liens to be released simultaneously with the Liens granted in favor of the Lender hereunder and no Person other than the Borrower has any Lien on any Mortgage Loan.

  • Collateral; Security Interest (a) Pursuant to the Custodial Agreement, the Custodian shall hold the Mortgage Loan Documents as exclusive bailee and agent for the Lender pursuant to terms of the Custodial Agreement and shall deliver to the Lender Trust Receipts (as defined in the Custodial Agreement) each to the effect that it has reviewed such Mortgage Loan Documents in the manner and to the extent required by the Custodial Agreement and identifying any deficiencies in such Mortgage Loan Documents as so reviewed.

  • Collateral Agency Agreement New Secured Party hereby acknowledges receipt of a copy of the executed Collateral Agency Agreement. New Secured Party hereby becomes (and is hereby designated by GECC) a Secured Party under the Collateral Agency Agreement. New Secured Party agrees to be bound by the terms thereof and hereby authorizes Collateral Agent to act on its behalf under the Collateral Agency Agreement with respect to its Designated Lease Assets set forth on Schedule I attached hereto.

  • Collateral Account and Security Interest At any time when Fund’s assets are below $15 million, the Advisor, for value received, hereby pledges, assigns, sets over and grants to the Trust a continuing security interest in and to an account to be established and maintained by the Advisor with the Securities Intermediary and designated as a collateral account (the “Collateral Account”), including any replacement account established with any successor, together with all dividends, interest, stock-splits, distributions, profits and all cash and non-cash proceeds thereof and any and all other rights as may now or hereafter derive or accrue therefrom (collectively, the “Collateral”) to secure the payment of any required Fund Reimbursement Payment or Liquidation Expenses (as defined in Paragraph 5 of this Agreement). For so long as this Agreement is in effect, any transfers or conveyances of Collateral to any party shall require the approval of the Board of Trustees of the Trust (the “Board”), except as specified in Section 7(a)(ii) of this Agreement, below. In addition, the Trust will not issue entitlement orders, redeem or otherwise take any action with respect to the Collateral or Collateral Account unless a Collateral Event (defined below under Section 5 of this Agreement) has occurred or is continuing.

  • Other Mortgage Liens None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.

  • Security Agreements Signed original security agreements, assignments, financing statements and fixture filings (together with collateral in which the Bank requires a possessory security interest), which the Bank requires.

  • Mortgages, etc (i) The Administrative Agent shall have received a Mortgage with respect to each Mortgaged Property, executed and delivered by a duly authorized officer of each party thereto.

  • Mortgages; Deeds of Trust The Company has provided to the Sales Agent true and complete copies of all credit agreements, mortgages, deeds of trust, guaranties, side letters, and other material documents evidencing, securing or otherwise relating to any secured or unsecured indebtedness of the Company or any of its subsidiaries, and none of the Company and its subsidiaries that is party to any such document is in default thereunder, nor has an event occurred which with the passage of time or the giving of notice, or both, would become a default by any of them under any such document.

  • Conveyance of Mortgage Pool Assets; Security Interest Concurrently with the execution and delivery hereof, the Company does hereby irrevocably sell, transfer, assign, set over and otherwise convey to the Trust, without recourse, all the Company's right, title and interest in and to the Mortgage Pool Assets, including but not limited to all scheduled payments of principal and interest due after the Cut-Off Date and received by the Company with respect to the Mortgage Loans at any time, and all Principal Prepayments received by the Company after the Cut-Off Date with respect to the Mortgage Loans (such transfer and assignment by the Company to be referred to herein as the "Conveyance," and the assets so transferred and assigned to be referred to herein as the "Conveyed Assets"). It is the express intent of the parties hereto that the Conveyance of the Conveyed Assets to the Trust by the Company as provided in this Section 2.04 be, and be construed as, an absolute sale of the Conveyed Assets. It is, further, not the intention of the parties that such Conveyance be deemed the grant of a security interest in the Conveyed Assets by the Company to the Trust to secure a debt or other obligation of the Company. However, in the event that, notwithstanding the intent of the parties, the Conveyed Assets are held to be the property of the Company, or if for any other reason this Agreement is held or deemed to create a security interest in the Conveyed Assets, then

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