Prior Charge definition

Prior Charge means any Security Interest over any Charged Asset ranking pari passu with or in priority to the Trustee’s Security.
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Prior Charge means a charge registered against title to the Land in priority to the Mortgage,[ including but not limited to the First Mortgage and the Second Mortgage];
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Prior Charge means a Prior Charge as defined in clause 3.6;
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Examples of Prior Charge in a sentence

  • It is the intention of the parties that the Mortgagee will have the same rights and powers, but not the liabilities, as the Mortgagor under and pursuant to the terms of the Prior Charge so that the Mortgagee will be in a position to take whatever steps are necessary to bring the Prior Charge into good standing once default has occurred thereunder.

  • For the purposes of tendering any arrears or other sums payable to a holder of a Prior Charge, the Mortgagor hereby irrevocably appoints the Mortgagee its agent and irrevocably directs the Mortgagee to tender such monies upon the holder of a Prior Charge in the name of and on behalf of the Mortgagor.

  • The Mortgagee will be entitled to pay any arrears or other sums payable under the Prior Charge, or to pay off all or any portion of the amount thereby secured.

  • This assignment is not intended to encompass the Mortgagor’s entire interest in the Prior Charge, but only to the extent above stipulated.

  • The Mortgagee will be entitled to pay any arrears or other sums payable under the Prior Charge, or to pay off all or any portion of the amounts thereby secured.

  • The Mortgagee will be entitled but not obligated to pay any arrears or other sums payable under the Prior Charge, or to pay off all or any portion of the amount thereby secured.

  • In this regard the Mortgagor hereby assigns to the Mortgagee its equity of redemption, if any, with respect to the Prior Charge, together with the statutory right of redemption given to the Mortgagor by the provisions of Section 38 of the Law of Property Act, RSA 2000, c.L-7, as in force and amended from time to time.

  • This assignment is not intended to encompass the Mortgagor's entire interest in the Prior Charge, but only to the extent hereinbefore stipulated.

  • As evidence of its agreement to be bound by the terms of this instrument, the Prior Charge Holder has executed the Land Title Act Form C or D which is attached hereto and forms part of this Agreement.

  • In this regard the Mortgagor hereby assigns to the Mortgagee its equity of redemption, if any, with respect to the Prior Charge, together with the statutory right of redemption given to the Mortgagor by the provisions of Section 38 of the Law of Property Act, RSA 2000, c.L-17 , as in force and amended from time to time.


More Definitions of Prior Charge

Prior Charge means any mortgage, lien, agreement for sale, encumbrance, interest in land or other charge or claim upon or with respect to the Lands which has or may have or which may acquire priority to this Mortgage.
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Related to Prior Charge

  • User charge means a charge imposed on airlines for the provision of airport, air navigation, or aviation security facilities or services including related services and facilities.

  • Room charge means the charge imposed for the use or occupancy of a room, excluding charges for food, beverages, state use tax, telephone service, or like services paid in connection with the charge, and excluding reimbursement of the assessment imposed by this act.

  • Surrender Charge means a charge levied on the Fund Value at the time of surrender of the Policy.

  • Water Charges means service charges in respect of the provision of water.

  • Penalty Charge means a penalty charge which is payable by virtue of paragraph 3(1) and (2) of Schedule 3 to this Act;

  • Monthly Charge shall have the meaning set forth in Article 5.

  • User Charges means a charge made to airlines by a service provider for the provision of airport, airport environmental, air navigation and aviation security facilities and services.

  • Adviser Charge : means the fee agreed with your financial adviser in remuneration for the personal recommendation received prior to submission of an Application Form.

  • SLDC Charges means the charges levied by the SLDC of the state wherein the Solar Power Project is located.

  • Service Charge means the amount charged for making a service available on line and is in addition to the actual fee for a service itself. For example, one who renews a license on line will pay the license renewal fee and a service charge.

  • Transition charge means a nonbypassable rate or charge to be imposed on a customer to pay the customer's share of transition costs.

  • Minimum Charge means the higher of the rate minimum and the rate applied to the Contracted Minimum Demand;

  • No Charge Bid When Bids are requested on a number of Products as a Group or Lot, a Bidder desiring to Bid “no charge” on a Product in the Group or Lot must clearly indicate such. Otherwise, such Bid may be considered incomplete and be rejected, in whole or in part, at the discretion of the Commissioner.

  • Penalty Charges means any amounts collected from the Borrower that represent default charges, penalty charges, late fees and/or default interest, but excluding any yield maintenance charge or prepayment premium.

  • Termination Charge means a charge levied when an unamortized balance remains and the Jurisdiction requests termination of Street Lighting Service. The charge is determined by costs of equipment, installation, removal, disposal, Capital Recovery Period, and Utility Financing Cost minus payments made to date for the specific fixtures.

  • Monthly Charges means a finance carrying charge of one and one-half of one percent (1.5%) and a storage and handling charge of one-half of one percent (0.5%), in each case of the Cost of the Inventory and/or Special Inventory and/or of the fees for the Product affected by the reschedule or cancellation (as applicable) per month until such Inventory and/or Special Inventory and/or Product is returned to the vendor, used to manufacture Product or is otherwise purchased by Customer.

  • Energy Charge means a charge for each kilowatt-hour (kWh) of electrical energy;

  • Facility Charge means one percent (1%) of the Maximum Term Loan Amount.

  • Parking Charge means the charge paid by drivers to leave a vehicle in a parking place;

  • reverse charge ’ means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub-section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of section 5 of the Integrated Goods and Services Tax Act;

  • Yield Maintenance Charge With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge or prepayment premium, if any, payable under the related Note in connection with certain prepayments.

  • Connection Charge is the sum payable by the Communications Provider in accordance with the Openreach Price List for provisioning of the Service;

  • Track Charges means the charges payable by or on behalf of the Train Operator to Network Rail, as set out in paragraph 1 of Part 2 of Schedule 7 or under the Traction Electricity Rules;

  • Cancellation Charge has the meaning given to that term in paragraph 5.1 of Part 2; "Core Operational Period" in relation to any part of the Network, means the period of the day when that part is generally open to train movements;

  • Utility Charges means water, sewer, electricity, gas and other utility charges, if any, applicable to the Real Property or the Leased Real Property;

  • Excess Penalty Charges With respect to any Serviced Loan and any Collection Period, the sum of (A) the excess of (i) any and all Penalty Charges collected in respect of such Serviced Loan during such Collection Period, over (ii) all unpaid or unreimbursed Advances and Additional Trust Fund Expenses (including, without limitation, interest on Advances to the extent not otherwise paid or reimbursed by the related Mortgagor, but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously incurred on behalf of the Trust (and, if applicable, the related Serviced Companion Loan Holder) with respect to such Serviced Loan and reimbursed from such Penalty Charges (which such Advances and Additional Trust Fund Expenses shall be reimbursed from such Penalty Charges) in accordance with Section 3.14 of this Agreement and (B) Advances and expenses previously paid or reimbursed from Penalty Charges as described in the immediately preceding clause (A), which Advances and expenses have been recovered from the related Mortgagor or otherwise.