Pari Passu Mortgage definition

Pari Passu Mortgage means the Insured Mortgage and each mortgage described in Exceptions of Schedule B of the policy.
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Pari Passu Mortgage means the Mortgage securing the Pari Passu Loan and the Companion Loan.
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Pari Passu Mortgage means the Insured Mortgage and each mortgage described in specified Schedule B exceptions When two mortgages are being insured in an equal priority lien position (i.e., both first mortgages), this Endorsement insures against loss or damage resulting from the invalidity or unenforceability of the lien of the Insured Mortgage resulting solely from the provisions of a Pari Passu Mortgage or Intercreditor Agreement establishing lien priority, or the lack of equal lien priority of the Insured Mortgage to the other Pari Passu Mortgage Excludes coverage for the Pari Passu Lenders’ non-compliance with the Pari Passu Mortgage or Intercreditor Agreement, the failure of all Pari Passu Lenders to foreclose simultaneously, and any provision of the Intercreditor Agreement that creates a preference among the Pari Passu Lenders for the sharing of the Indebtedness Allows the Company to interplead the amount of a loss into court in the event of conflicting claims to all or part of the loss payable under the policy Underwriting requirements There must be at least two mortgages that are to be insured with the same lien priority Each pari passu mortgage must be insured in a separate Loan Policy ORT must be issuing a Loan Policy for each of the pari passu mortgages Each pari passu mortgage and the Intercreditor Agreement must be reviewed to confirm that it specifies the equal lien priority of the Insured Mortgage and all other pari passu mortgages, notwithstanding the order of recording of such mortgages The Intercreditor Agreement must be executed by all lenders If the equal lien priority provisions are only set forth in the Intercreditor Agreement and not the mortgages, the Intercreditor Agreement must be recorded The Insured Mortgage is to be shown on Schedule A, while the Pari Passu mortgages must be listed as exceptions on Schedule B-1 The Intercreditor Agreement, whether recorded or not, must be listed as an exception on Schedule B-1 The blanks in Paragraphs 2(a) and 2(c) of the Endorsement must be completed with the correct exception numbers
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Examples of Pari Passu Mortgage in a sentence

  • This Endorsement, subject to certain exceptions, exclusions and conditions outlined therein, insures against loss or damage sustained by the Insured by reason of the invalidity or unenforeceability of the lien of the Insured Mortgage resulting solely from the provisions of a Pari Passu Mortgage or Intercreditor Agreement establishing lien priority, or the lack of equal lien priority of the Insured Mortgage to the other Pari Passu Mortgages.

  • Not include any Subordinate Companion Loan(s) (as defined herein) with respect to any Pari Passu Mortgage Loan with Subordinate Secured Debt (as defined herein).

  • For any Mortgage Loan that is not a Pari Passu Mortgage Loan, the applicable Mortgage Loan Seller(s), on behalf of the Depositor, instructed us to use “NAP” for the “Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)” characteristic.

  • For any Mortgage Loan that is not a Pari Passu Mortgage Loan or Mortgage Loan With Subordinate Debt, the applicable Mortgage Loan Seller(s), on behalf of the Depositor, instructed us to use “<blank>” for each of the characteristics listed in i.

  • For any Mortgage Loan that is not a Pari Passu Mortgage Loan or Mortgage Loan With Subordinate Debt, the applicable Mortgage Loan Seller(s), on behalf of the Depositor, instructed us to use “NAP” for each of the characteristics listed in i.

  • Monthly Debt Service (P&I) ($), as shown on the Final Data File.For any Interest Only Pari Passu Mortgage Loan (as defined herein), the applicable Mortgage Loan Seller(s), on behalf of the Depositor, instructed us to recalculate the “Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)” as the difference between the:a.

  • ALTA 45-06 PARI PASSUThis Endorsement, subject to certain exceptions, exclusions and conditions outlined therein, insures against loss or damage sustained by the Insured by reason of the invalidity or unenforeceability of the lien of the Insured Mortgage resulting solely from the provisions of a Pari Passu Mortgage or Intercreditor Agreement establishing lien priority, or the lack of equal lien priority of the Insured Mortgage to the other Pari Passu Mortgages.

  • Monthly Debt Service (IO) ($), as shown on the Final Data File.We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.For any Mortgage Loan that is not a Pari Passu Mortgage Loan, the applicable Mortgage Loan Seller(s), on behalf of the Depositor, instructed us to use “NAP” for the “Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)” characteristic.

  • For any Mortgage Loan that is not a Pari Passu Mortgage Loan, the applicable Mortgage Loan Seller(s), on behalf of the Depositor, instructed us to use “NAP” for the “Pari Passu Companion Loan Annual Debt Service (Non-trust)” characteristic.

  • In their first assignment of error, the appellants claim that the district court erred in concluding that their premises did not sustain a direct physical loss or damage under the terms of the contract as a result of continuous contamination by the COVID-19 coronavirus.


More Definitions of Pari Passu Mortgage

Pari Passu Mortgage means that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of August 15, 2012, as amended prior to the Closing Date, by Molycorp Minerals in favor of Xxxxx Fargo Bank, National Association, as successor to First American Title Insurance Company, as trustee, for the benefit of Pari Passu Collateral Agent, as recorded in the Official Records of the County of San Bernardino, California on August 16, 2012, as document number 2012-0329064, as the same may be amended, restated, supplemented or other otherwise modified from time to time in accordance with Section 6.14.
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Pari Passu Mortgage means the Insured Mortgage and each mortgage described in Exceptions ____ of Schedule B of the policy. The Company insures against loss or damage sustained by the Insured by reason of:
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Pari Passu Mortgage means the 1290 Pari Passu Mortgage and/or the Oakbrook Center Pari Passu Mortgage as applicable.
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Pari Passu Mortgage. Collectively, the Mortgages securing the Pari Passu Loan.
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Pari Passu Mortgage. The Mortgage securing the Lomas Santa Fe Mortgage Loan and the Pari Passu Loan.
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Related to Pari Passu Mortgage

  • Pari Passu Debt means (a) any Debt of the applicable Issuer that ranks equally in right of payment with the Notes or (b) with respect to any Guarantee, any Debt that ranks equally in right of payment to such Guarantee.

  • Pari Passu Intercreditor Agreement means an intercreditor agreement among the Administrative Agent and the other parties from time to time party thereto, substantially in the form of Exhibit I.

  • Pari Passu Obligations means Unsecured Debt (exclusive of the Notes, this Agreement and any Subsidiary Guarantee) of the Company or any Subsidiary Guarantor owing to a Person that is not the Company or an Affiliate thereof.

  • Pari Passu Securities means any class or series of capital stock of the Company hereafter created specifically ranking, by its terms, on parity with the Designated Preferred Stock as to distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.

  • Permitted Pari Passu Intercreditor Agreement means, with respect to any Liens on Collateral that are intended to be pari passu with the Liens securing the Term B Loans (and other Loan Obligations that are pari passu with the Term B Loans), either (as the Borrower shall elect) (x) the First Lien/First Lien Intercreditor Agreement, (y) another intercreditor agreement not materially less favorable to the Lenders vis-à-vis such pari passu Liens than the First Lien/First Lien Intercreditor Agreement (as determined by the Borrower in good faith) or (z) another intercreditor agreement the terms of which are consistent with market terms governing security arrangements for the sharing of liens on a pari passu basis at the time such intercreditor agreement is proposed to be established in light of the type of Indebtedness to be secured by such liens, as determined by the Administrative Agent and the Borrower in the exercise of reasonable judgment.

  • Pari Passu Indebtedness means any Indebtedness of the Issuer or any Guarantor that ranks pari passu in right of payment with the Notes or the Note Guarantees, as applicable.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Permitted Pari Passu Secured Refinancing Debt means any secured Indebtedness issued or incurred by the Borrower or a Subsidiary Guarantor in the form of one or more series of senior secured notes or loans; provided that (i) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard to the control of remedies) with the Obligations and is not secured by any property or assets of the Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature or have scheduled amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase or mandatory prepayments upon a change of control, asset sale or other Disposition, casualty event or incurrence of indebtedness that is not permitted thereunder and customary acceleration rights after an event of default) prior to the Latest Maturity Date determined at the time such Indebtedness is incurred, (iv) the security agreements relating to such Indebtedness are substantially the same as the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (v) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors and (vi) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of the Pari Passu Intercreditor Agreement; provided that if such Indebtedness is the initial Permitted Pari Passu Secured Refinancing Debt incurred by the Borrower or a Subsidiary Guarantor, then the Borrower, Holdings, the Subsidiary Guarantors, the Administrative Agent and the Senior Representative for such Indebtedness shall have executed and delivered a Pari Passu Intercreditor Agreement. Permitted Pari Passu Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Subordinate Notes means the B Notes and the C Notes, individually or collectively, as the context may require.

  • Subordinate Note means each B Note.

  • Refinancing Mortgage Loan Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.

  • Note A-6 Securitization means the first sale by the Note A-6 Holder of all or a portion of Note A-6 to a depositor who will in turn include such portion of Note A-6 as part of the securitization of one or more mortgage loans.

  • Note A-5 Securitization means the first sale by the Note A-5 Holder of all or a portion of Note A-5 to a depositor who will in turn include such portion of Note A-5 as part of the securitization of one or more mortgage loans.

  • Other Pari Passu Lien Obligations means any Indebtedness or other Obligations permitted under this Indenture having Pari Passu Lien Priority relative to the Notes with respect to the Collateral; provided that an authorized representative of the holders of such Indebtedness shall have entered into, or executed a joinder to, the Pari Passu Intercreditor Agreement.

  • Note A-3 Securitization means the first sale by the Note A-3 Holder of all or a portion of Note A-3 to a depositor who will in turn include such portion of Note A-3 as part of the securitization of one or more mortgage loans.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.

  • Class P Mortgage Loan Any of the Class I-P, Class II-P or Class III-P Mortgage Loans.

  • Note A-2 Securitization means the first sale by the Note A-2 Holder of all or a portion of Note A-2 to a depositor who will in turn include such portion of Note A-2 as part of the securitization of one or more mortgage loans.

  • Note A-7 Securitization means the first sale by the Note A-7 Holder of all or a portion of Note A-7 to a depositor who will in turn include such portion of Note A-7 as part of the securitization of one or more mortgage loans.

  • Note A-4 Securitization means the first sale by the Note A-4 Holder of all or a portion of Note A-4 to a depositor who will in turn include such portion of Note A-4 as part of the securitization of one or more mortgage loans.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.