First Charge definition

First Charge means this has priority for payment over all other amounts that may be due for payment;
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First Charge unless otherwise agreed in writing, any Security Interest shall be a first charge of the Secured Property.
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First Charge means the charge or mortgage described in Clause 11.1;
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Examples of First Charge in a sentence

  • The Second Charge holder is sub servient to the First Charge holder and is dependent on satisfaction of the First Charge Holder from proceeds of such assets which may not be sufficient to pay to the second charge holder.


More Definitions of First Charge

First Charge the Memorandum of Charge dated the 13th day of December, 1988 executed by the Company in favour of Intairdril Ltd. over the Property.
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First Charge. “shall mean a lien by the creditor against any funds available from the proceeds of the sale of the coffee as satisfaction of the advanced funds.
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First Charge means that no other lender ranks higher, such that the holder of the First Charge would need to be full repaid before any other creditor could have access to the equity.
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Related to First Charge

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

  • Interest Expense means, for any period, the aggregate of the interest expense of Parent and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Total Interest Expense means, for any period, the sum of (i) the aggregate amount of interest accrued during such period in respect of Indebtedness (including the interest component of rentals in respect of Capital Lease Obligations) of the Company and the Restricted Subsidiaries (determined on a consolidated basis), other than obligations under any Guarantee permitted under subparagraph (x) of Section 7.16, (ii) the aggregate amount of fees accrued in respect of the Letters of Credit hereunder during such period and (iii) the aggregate amount of Commitment Fees accrued hereunder during such period. For purposes of this definition, the amount of interest accrued in respect of Indebtedness for any period (A) shall be increased (to the extent not already treated as interest expense or income, as the case may be) by the excess, if any, of amounts payable by the Company and/or any Restricted Subsidiary arising under any interest rate Swap Contract during such period over amounts receivable by the Company and/or any Restricted Subsidiary thereunder (or reduced by the excess, if any, of such amounts receivable over such amounts payable) and interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Company to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP and (B) shall be increased or reduced, as the case may be, by the amount of interest accrued during such period in respect of Indebtedness of the Company or any Restricted Subsidiary in respect of assets acquired or disposed of (including by means of any redesignation of any Subsidiary pursuant to Section 7.08(c)) by the Company or any Restricted Subsidiary on or after the first day of such period, determined on a pro forma basis reasonably satisfactory to the Administrative Agent (it being agreed that it shall be satisfactory to the Administrative Agent that such pro forma calculations may be based upon GAAP as applied in the preparation of the financial statements for the Company, delivered in accordance with Section 7.01 rather than as applied in the financial statements of the Person whose assets were acquired and may include, in the Company’s discretion, a reasonable estimate of savings resulting from any such acquisitions or dispositions, as though the Company or such Restricted Subsidiary acquired or disposed of such assets on the first day of such period.