First Ranking Clause Samples
The 'First Ranking' clause establishes that a particular security interest or charge takes priority over all other claims or interests in the specified asset. In practice, this means that if the asset is sold or liquidated, the holder of the first ranking security will be paid out before any other creditors or claimants. This clause is essential for lenders or secured parties, as it ensures their interests are protected and prioritized, thereby reducing their risk in the event of default or insolvency.
POPULAR SAMPLE Copied 10 times
First Ranking. The Company specifically acknowledges that all of the Security Interests created by the Company under Section 3 (Security) of this Debenture shall rank in priority to any other Security Interests created by the Company.
First Ranking. The Borrower will ensure that all Indebtedness of the Borrower under the Documents ranks first in priority.
First Ranking. The Company specifically acknowledges that all of the Security Interests created by the Company under this Debenture - Floating Charge shall rank in priority to any other Security Interests created by the Company.
First Ranking. The Pledgor specifically acknowledges and undertakes that the Security Interest created by the Pledgor under this Section 3 (Security) of this Debenture shall, at all times, rank first in priority to any other Liens created by the Pledgor, except for: (a) those certain fixed charges and floating charges on the Secured Assets, created on or around the date hereof in favor of JLL (the "JLL Charge”), with which it will rank equally in accordance with the Inter Creditor Priority Agreement, until such time as the aggregate payment to JLL equals to the Senior Cap; and for (b) a registered first ranking fixed charge and a first ranking floating charge, in favor of Mizrahi-Tefahot Bank Ltd., dated as of June 18, 2024, with respect to the Borrower’s deposit account in the amount of NIS 250,000 (the “MT Charge”).
First Ranking. The Share Pledge has first ranking priority.