First Priority Interest Sample Clauses
A First Priority Interest clause establishes that a lender or secured party has the highest-ranking claim over specified collateral, ahead of any other creditors or claimants. In practice, this means that if the borrower defaults, the holder of the first priority interest is entitled to be paid from the proceeds of the collateral before any other parties. This clause is essential for protecting the lender’s position and reducing risk, as it ensures their claim will be satisfied first in the event of insolvency or liquidation.
First Priority Interest. The Administrative Agent, for the benefit of itself, the Fronting Banks, the L/C Issuers, the L/C Administrator and the Lenders, has a first priority perfected security interest in the Collateral, if any, pledged by each Loan Party pursuant to this Agreement (if ever) or any applicable Security Agreement.
First Priority Interest. (A) Confirm the contract contains language regarding the creation of an enforceable security interest.
(B) Confirm that a Certificate of Title lists VCI, or an acceptable variation of its name, as primary lienholder or that an application for a Certificate of Title has been filed in the applicable state listing VCI, or an acceptable variation of its name, as primary lienholder.
(C) Confirm that the Obligor’s name, or an acceptable variation thereof, on the contract matches the name on the title documents.
(D) Confirm that the Vehicle Identification Number (VIN) on the contract matches the VIN on the title documents.
(E) Confirm the Receivable is listed on the Schedule of Receivables.
First Priority Interest. (A) Confirm the contract contains language regarding the creation of an enforceable security interest.
(B) Confirm that a Certificate of Title lists the Depositor as primary lienholder or that an application for a Certificate of Title has been filed in the applicable state listing the Depositor as primary lienholder.
(C) Confirm that the Obligor’s name, or an acceptable variation thereof, on the contract matches the name on the title documents.
(D) Confirm that the Vehicle Identification Number (VIN) on the contract matches the VIN on the title documents.
(E) Confirm the Receivable is listed on the Schedule of Receivables.