Second Liens Sample Clauses

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Second Liens. (1) Either (a) no consent for the Second Lien Mortgage Loan is required by the holder of the related first lien or (b) such consent has been obtained and is contained in the Mortgage File; (2) With respect to any Second Lien Mortgage Loan, the Seller has not received notice of: (a) any proceeding for the total or partial condemnation of any Mortgaged Property, (b) any subsequent, intervening mortgage, lien, attachment, lis pendens or other encumbrance affecting any Mortgaged Property or (c) any default under any mortgage, lien or other encumbrance senior to each Mortgage; (3) With respect to any Second Lien Mortgage Loan, where required or customary in the jurisdiction in which the Mortgaged Property is located, the original lender has filed of record a request for notice of any action by the senior lienholder under the related First Lien, and the original lender has notified any senior lienholder in writing of the existence of the Second Lien Mortgage Loan and requested notification of any action to be taken against the Mortgagor by the senior lienholder; (4) No Second Lien Mortgage Loan is a “home equity line of credit”; and (5) As of the related Closing Date, the Seller has not received a notice of default of a First Lien which has not been cured;
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Second Liens. With respect to each Mortgage Loan which is a Second Lien, (i) the related First Lien does not provide for negative amortization, (ii) either no consent for the Mortgage Loan is required by the holder of the First Lien or such consent has been obtained and is contained in the Mortgage File and (iii) such Second Lien is on a Residential Dwelling that is (or will be) the principal residence of the Mortgagor upon origination of the Second Lien;
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Second Liens. Where an Eligible Borrower who has a first lien loan that is modified under this Assurance, also has an equity line of credit second mortgage loan that was originated by Wachovia or World Savings Bank, and is currently serviced by ▇▇▇▇▇ Fargo’s Pick-a-Payment mortgage loan servicing group in San Antonio, Texas, ▇▇▇▇▇ Fargo will review this second lien for an appropriate modification based on the Eligible Borrower’s circumstances.
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Second Liens. Each U.S. Revolver Secured Party agrees for the benefit of the International Secured Parties, and each International Secured Party agrees for the benefit of the U.S. Revolver Secured Parties that (i) it will not challenge or question in any proceeding the validity or enforceability of any Obligations of such other Secured Parties or the validity, attachment, perfection or priority of any Lien under any U.S. Loan Document or International Loan Document, as applicable, or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Term Loan First Lien Collateral by the Controlling Pari Passu Collateral Agent, (iii) except as provided in Section 3.1, it shall have no right to (A) direct the Controlling Pari Passu Collateral Agent to exercise any right, remedy or power with respect to any Term Loan First Lien Collateral or (B) consent to the exercise by the Controlling Pari Passu Collateral Agent of any right, remedy or power with respect to any Term Loan First Lien Collateral, (iv) it will not institute any suit or assert in any suit, bankruptcy, insolvency or other proceeding any claim against the Controlling Pari Passu Collateral Agent seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Term Loan First Lien Collateral, and none of the Controlling Pari Passu Collateral Agent or other Secured Parties shall be liable for any action taken or omitted to be taken by the Controlling Pari Passu Collateral Agent or other Secured Parties with respect to any Term Loan First Lien Collateral in accordance with the provisions of this Agreement, (v) it will not seek, and hereby waives any right, to have any Term Loan First Lien Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Term Loan First Lien Collateral and (vi) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Controlling Pari Passu Collateral Agent or other Secured Party to enforce this Agreement.
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Second Liens. The Required Banks hereby agree that (a) neither the Security Agreement nor clauses (n) and (q) of Section 7.15 of the Credit Agreement shall prohibit the liens on the Company’s assets described in Sections 4(e) and (g) of this Agreement, so long as such liens are granted in compliance with the requirements of said Sections 4(e) and (g), and (b) for purposes of Section 7.16(i) of the Credit Agreement, the word “Collateral” shall be replaced by the phrase “Collateral consisting of Inventory”.
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Second Liens. (i) For any Enforcement Action after the Term Loan Obligations Payment Date has occurred taken in respect of any Term Loan First Lien Collateral, (A) only the Controlling Pari Passu Collateral Agent shall act or refrain from acting with respect to such Term Loan First Lien Collateral and (B) no Non-Controlling Collateral Agent or other Secured Party shall commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Term Loan First Lien Collateral, it being agreed that only the Controlling Pari Passu Collateral Agent shall be entitled to take any such actions or exercise any such remedies with respect to such Term Loan First Lien Collateral. No Non-Controlling Collateral Agent or other Secured Party will contest, protest or object to any foreclosure proceeding or action brought by the Controlling Pari Passu Collateral Agent or any other exercise by the Controlling Pari Passu Collateral Agent of any rights and remedies relating to the Term Loan First Lien Collateral. The foregoing shall not be construed to limit the rights and priorities of any Secured Party with respect to any Collateral not constituting Term Loan First Lien Collateral. (ii) For any Enforcement Action after the U.S. Revolver Obligations Payment Date has occurred taken in respect of any U.S. Revolver First Lien Collateral, (A) only the Term Collateral Agent (or, after the Term Loan Obligations Payment Date, the International Revolver Collateral Agent) shall act or refrain from acting with respect to such U.S. Revolver First Lien Collateral and (B) no other Agent or other Secured Party shall commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any U.S. Revolver First Lien Collateral, it being agreed that only the Term Collateral Agent (or, after the Term Loan Obligations Payment Date, the International Revolver Collat...
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Related to Second Liens

  • Existing Liens Set forth on Schedule 4.01(p) hereto is a complete and accurate list as of the date hereof of all Liens on the property or assets of any Loan Party or any of its Subsidiaries, showing the lienholder thereof, the principal amount of the obligations secured thereby and the property or assets of such Loan Party or such Subsidiary subject thereto.

  • Valid Liens Each Collateral Document delivered pursuant to Sections 4.02, 6.11 and 6.13 will, upon execution and delivery thereof, be effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Collateral described therein to the extent intended to be created thereby and (i) when financing statements and other filings in appropriate form are filed in the offices specified on Schedule 4 to the Perfection Certificate and (ii) upon the taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Agent to the extent possession or control by the Collateral Agent is required by the Security Agreement), the Liens created by the Collateral Documents shall constitute fully perfected Liens on, and security interests in (to the extent intended to be created thereby), all right, title and interest of the grantors in such Collateral to the extent perfection can be obtained by filing financing statements, in each case subject to no Liens other than Liens permitted hereunder.

  • Junior Liens It being understood that B notes secured by the same Mortgage as a Mortgage Loan are not subordinate mortgages or junior liens, except for any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan, as of the Cut-off Date there are no subordinate mortgages or junior mortgage liens encumbering the related Mortgaged Property other than Permitted Encumbrances, mechanics’ or materialmen’s liens (which are the subject of the representation in paragraph (7) above), and equipment and other personal property financing. The Mortgage Loan Seller has no knowledge of any mezzanine debt secured directly by interests in the related Mortgagor other than as set forth on Exhibit C-32-1.

  • Indebtedness and Liens Except for trade debt incurred in the normal course of business and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money, including capital leases, (b) except as allowed as a Permitted Lien, sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or encumber any of Borrower's assets, or (c) sell with recourse any of Borrower's accounts, except to Lender.

  • Title; Liens The Issuer has good, legal and marketable title to each of its respective assets, and none of such assets is subject to any Lien, except for Permitted Encumbrances and the Liens created or permitted pursuant to the Indenture.