Priority Mortgages definition

Priority Mortgages means, collectively, all mortgages, deeds of trust and deeds to secure debt granting a Priority Lien by any Grantor to or for the benefit of the Priority Securityholders in Priority Collateral constituting real property and fixtures as collateral security for the Priority Obligations with respect thereto, as such documents may be amended, supplemented or restated from time to time.
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Priority Mortgages means, collectively, all mortgages, deeds of trust and deeds to secure debt substantially in the form of Exhibit M-3 or Exhibit M-4 granting a Priority Lien by the Borrower or a Guarantor to the Priority Collateral Agent (or a trustee for the benefit of the Priority Collateral Agent) for the benefit of the Priority Secured Parties in Priority Collateral constituting real property and fixtures as collateral security for the Priority Senior Obligations, and if applicable, the Guarantors' Obligations with respect thereto, as such documents may be amended, supplemented or restated from time to time.
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Priority Mortgages means, collectively, all mortgages, deeds of trust and deeds to secure debt substantially in the form delivered on the Effective Date granting a Priority Lien by the Company or a Guarantor to the Priority Collateral Agent (or a trustee for the benefit of the Priority Collateral Agent) for the benefit of the Priority Secured Parties in Priority Collateral constituting real property and fixtures as collateral security for the Priority Senior Obligations, and if applicable, the Guarantors' Obligations with respect thereto, as such documents may be amended, supplemented or restated from time to time.
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Examples of Priority Mortgages in a sentence

  • The notice also advised that should a sale take place and the proceeds from the sale of the Property be insufficient to repay the Priority Mortgages there was a risk that the Orchard Individual Lenders may not recover the sums advanced to the Orchard Borrower.

  • The Priority Mortgages were each registered on title to the Property in January 2017, prior to the court appointment of the Trustee.

  • If the Company exercises its legal defeasance option or its covenant defeasance option, the Second Priority Lien and the Second Priority Mortgages, as they pertain to the Securities, will be released and each Subsidiary Guarantor will be released from all its obligations under its Subsidiary Guarantee, as it pertains to the Securities.

  • The Mortgagee understands and acknowledged that there is a first priority, second priority and third priority mortgage over the Mortgaged Property for the benefit of Korea Development Bank ("Priority Mortgages").

  • Should the Orchard Sale Transaction be completed for the agreed upon purchase price, following repayment of amounts owing under the Priority Mortgages and other closing costs, there will be minimal proceeds available for distribution to the Orchard Individual Lenders.

  • The Orchard Borrower provided the Trustee with a summary as of September 2020 of amounts in addition to the Priority Mortgages that it was of the view should be paid from the proceeds of the Orchard Sale Transaction in priority to the Orchard Loans.

  • Further, interest would continue to accrue on the Priority Mortgages, which would likely erode even the modest recovery for the Orchard Individual Lenders.

  • A portion of the funds required by Mr. Trump to purchase such Second Priority Mortgages Notes was obtained through a loan with an affiliate of UBS Warburg LLC, one of the initial purchasers of the TCH Notes.

  • Each of the Second Priority Mortgages, the Second Priority Subsidiary Security Agreement, the Second Priority Subsidiary Guarantee Agreements shall be in form and substance satisfactory to the Agents, shall have been duly executed by each Subsidiary Guarantor, and by or on behalf of the Second Priority Debt Parties, and shall be in full force and effect and copies of such documents shall have been delivered to the Senior Collateral Agent.

  • Furthermore, as a result of the release of the Senior Mortgages (as defined in the Original Intercreditor Agreement) contemporaneously herewith, the Instructing Party hereby (i) consents to the release of the Second Priority Mortgages and (ii) authorizes and instructs the Second Priority Collateral Trustee to execute and deliver any and all release documents reasonably requested by Rite Aid to evidence such release.


More Definitions of Priority Mortgages

Priority Mortgages means in respect of a Reference Claim those Relevant Mortgages orportions of Relevant Mortgages the aggregate principal amount of which, together with any prior ranking charges or equal ranking charges on the same Mortgaged Property, equals the product of the Minimum LTAV (if any) relating to such Reference Claim and the related Property Value, provided that the determination of such prior or equal ranking charges shall be made in accordance with the standards used by the Bank as off the Cut-Off Date for the calculation of the Minimum LTAV.
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Related to Priority Mortgages

  • Facility Mortgage As defined in Section 13.1.

  • Existing Mortgages means each of the mortgages, deeds of trust or other agreements made pursuant to the Existing Credit Agreement by any Loan Party in favor of the Agent for the benefit of the Agent and the Lenders.

  • Fee Mortgage Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar document creating or evidencing a lien on Landlord’s interest in the Leased Property or any portion thereof (or an indirect interest therein, including without limitation, a lien on direct or indirect interests in Landlord) in accordance with the provisions of Article XXXI hereof.

  • Mortgages means, individually and collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed and delivered by Parent or its Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber the Real Property Collateral.

  • Permitted Priority Liens means (i) Liens permitted under Section 9.02(c), (d), (e), (f), (g), and (j), and (ii) Liens permitted under Section 9.02(b) provided that such Liens are also of the type described in Section 9.02(c), (d), (e), (f), (g), and (j).

  • Existing Mortgage has the meaning specified in Section 5.02(a)(vi).

  • Senior Collateral Documents means the Security Agreement and the other “Security Documents” as defined in the Credit Agreement, the Pari Intercreditor Agreement (upon and after the initial execution and delivery thereof by the initial parties thereto) and each of the collateral agreements, security agreements and other instruments and documents executed and delivered by the Borrower or any other Grantor for purposes of providing collateral security for any Senior Obligation.

  • Facility Mortgagee means the holder of any Facility Mortgage.

  • Security Agreement Collateral means all "Collateral" as defined in the Security Agreement.

  • Additional Mortgaged Property has the meaning assigned to that term in subsection 6.9.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • Security Instruments means, collectively, (a) the Mortgages, (b) the Transfer Letters, (c) the Pledge Agreements, (d) the Security Agreements, (e) each other agreement, instrument or document executed at any time in connection with the Pledge Agreements, the Security Agreements, or the Mortgages, (f) each agreement, instrument or document executed in connection with the Cash Collateral Account; and (g) each other agreement, instrument or document executed at any time in connection with securing the Obligations.

  • Second Priority Documents means each Second Priority Agreement, each Second Priority Security Document and each Second Priority Guarantee.

  • Priority Lien means a Lien granted by a Security Document to the Collateral Trustee, at any time, upon any property of the Company or any Guarantor to secure Priority Lien Obligations.

  • First Priority Documents means the First Priority Agreement, each First Priority Security Document and each First Priority Guarantee.

  • Equal Priority Intercreditor Agreement means the Equal Priority Intercreditor Agreement substantially in the form of Exhibit G-1 among (x) the Collateral Agent and (y) one or more representatives of the holders of one or more classes of Permitted Additional Debt and/or Permitted Equal Priority Refinancing Debt, with any immaterial changes and material changes thereto in light of the prevailing market conditions, which material changes shall be posted to the Lenders not less than five Business Days before execution thereof and, if the Required Lenders shall not have objected to such changes within five Business Days after posting, then the Required Lenders shall be deemed to have agreed that the Administrative Agent’s and/or Collateral Agent’s entry into such intercreditor agreement (with such changes) is reasonable and to have consented to such intercreditor agreement (with such changes) and to the Administrative Agent’s and/or Collateral Agent’s execution thereof.

  • UCC Collateral is defined in Section 3.03.

  • Senior Collateral means any “Collateral” as defined in any Credit Agreement Loan Document or any other Senior Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document as security for any Senior Obligations.

  • Superior Lien With respect to any Mortgage Loan, any other mortgage loan relating to the corresponding Mortgaged Property which creates a lien on the Mortgaged Property which is senior to the Mortgage Loan.

  • Second Priority Debt Documents means the Initial Second Priority Debt Documents and, with respect to any series, issue or class of Second Priority Debt, the promissory notes, indentures, Collateral Documents or other operative agreements evidencing or governing such Indebtedness, including the Second Priority Collateral Documents.

  • First Mortgage means a Mortgage that constitutes a first Lien on the real property and improvements described in or covered by that Mortgage.

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

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services, in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in respect of cash management services.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

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