Second Lien definition

Second Lien. With respect to each Mortgaged Property, the lien of the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a second lien on the Mortgaged Property.

Second Lien means a Lien granted by a Second Lien Document to the Second Lien Collateral Trustee, at any time, upon any Collateral by any Grantor to secure Second Lien Obligations (including Liens on such Collateral under the security documents associated with any Second Lien Substitute Facility).

Second Lien means a Lien granted, or purported to be granted, by a Security Document to the Collateral Agent, at any time, upon any property of the Borrower or any other Grantor to secure Second Lien Obligations.

Examples of Second Lien in a sentence

• The Mortgage is a valid, subsisting, enforceable and perfected, first lien (with respect to a First Lien Loan) or second lien (with respect to a Second Lien Loan) on the Mortgaged Property, including all buildings and improvements on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing.

• With respect to any Second Lien Loan, where required or customary in the jurisdiction in which the Mortgaged Property is located, the original lender has filed for record a request for notice of any action by the related senior lienholder, and the Seller has notified the senior lienholder in writing of the existence of the Second Lien Loan and requested notification of any action to be taken against the Mortgagor by the senior lienholder.

• The parties hereto agree that it is their intention that the First Lien Collateral and the Second Lien Collateral be identical.

• Where required or customary in the jurisdiction in which the Mortgaged Property is located, the original lender has filed for record a request for notice of any action by the related senior lienholder, and the Seller has notified such senior lienholder in writing of the existence of the Second Lien Loan and requested notification of any action to be taken against the Mortgagor by such senior lienholder.

• No Mortgage Loan that is a Second Lien Loan has a CLTV greater than 100%.

More Definitions of Second Lien

Second Lien means a Lien, junior to the Priority Liens and senior to the Junior Liens as provided in any instrument that establishes a ranking of Lien priority, granted by the Company or any Subsidiary Guarantor in favor of holders of Second Lien Debt (or any representative or collateral trustee in connection therewith), at any time, upon any property of the Company or any Subsidiary Guarantor to secure Second Lien Obligations.

Second Lien means any Lien created by the Second Lien Security Documents.

Second Lien means a second-priority perfected security interest in such Collateral, subject to the Intercreditor Agreement or the Arazi/Lancaster Collateral Agreement, as applicable.

Second Lien means any Lien securing any Second Lien Obligation.

Second Lien means the liens in favor of the Trustee, on behalf of the Holders, on the Collateral granted under the Security Documents and subject to the terms of the Intercreditor Agreement, which the Company and the Trustee agree (subject to the proper filing of the financing statements and mortgages) will as of the Issue Date rank second in priority on the Collateral (except with respect to the Liens set forth on Annex A) and thereafter will rank (a) second in priority on the Collateral to the extent any Liens permitted under Section 4.11(b)(ii)(A) remain outstanding and (b) first in priority on the Collateral to the extent no Liens permitted under Section 4.11(b)(ii)(A) remain outstanding, in each case, except with respect to (x) the Liens set forth on Annex A, (y) the Liens described in clauses (iii) — (v) and (vii) — (viii) of the definition of “Permitted Liens” and (z) solely with respect to Collateral that is not set forth on Schedule I (or improvements or repairs to the Collateral set forth on Schedule I), the Liens described in clause (vi) of the definition of “Permitted Liens”).

Second Lien means a Lien granted, or purported to be granted, by a Security Document to the Collateral Agent, at any time, upon any property of the Company or any other Grantor to secure Second Lien Obligations.

Second Lien means the Liens on the Second Lien Collateral in favor of Second Lien Parties under Second Lien Collateral Documents.