First Lien definition

First Lien. With respect to any second lien Mortgage Loan, the mortgage loan relating to the corresponding Mortgaged Property having a first priority lien.

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First 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 first lien on the Mortgaged Property.

First Lien means a Lien granted by a Security Document to the Collateral Agent for the benefit of the holders of First Lien Debt, at any time, upon any property of the Company or any other Guarantor to secure First Lien Obligations.

Examples of First Lien in a sentence

The Company hereby consents and agrees, and shall cause each of the Subsidiary Guarantors, to be bound by the terms of the First Lien Security Documents to which they are parties, as of the Issue Date and as the same may be in effect from time to time, and agree to perform their obligations thereunder in accordance therewith.
The Company hereby agrees, and shall cause the Subsidiary Guarantors to agree, that the Collateral Trustee shall hold the Collateral (directly or through co-trustees or agents) on behalf of and for the benefit of all of the Holders and the other holders of First Lien Obligations.
Pricing Level Consolidated First Lien Net Leverage Ratio Level Term SOFR: Initial Term B Loans I Less than or equal to 2.20:1.00.
Notwithstanding anything to the contrary contained in the Collateral Trust Agreement, the Collateral Trustee will not commence any Enforcement Action or otherwise take any action or proceeding against any of the Collateral unless and until it shall have been directed by written notice from the Controlling First Lien Representative and then only in accordance with the provisions of the Collateral Trust Agreement.
Each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of the Collateral Trust Agreement and any such other intercreditor agreement and (b) hereby authorizes and instructs the Collateral Agent, the Collateral Trustee and the Administrative Agent to enter into any First Lien Intercreditor Agreement and any Junior Lien Intercreditor Agreement and to subject the Liens on the Collateral securing the Obligations to the provisions thereof.

More Definitions of First Lien

First Lien means the liens on the Collateral in favor of the Secured Parties under the Collateral Documents.

First Lien means the liens on the Collateral in favor of the Secured Parties under the Collateral Documents relating to the Notes and the other Secured Parties under the other Collateral Documents.

First Lien means the Liens on the First-Lien Collateral in favor of the First-Lien Secured Parties under the First-Lien Collateral Documents.

First Lien. With respect to any Second Lien Mortgage Loan, the mortgage loan relating to the corresponding Mortgaged Property having a first priority lien. ▇▇▇▇▇▇▇ Mac: ▇▇▇▇▇▇▇ Mac, or any successor thereto.

First Lien means the most senior mortgage or deed of trust on the property that is the subject of the notice of default or notice of sale.

First Lien. With respect to any Mortgage Loan secured by a second priority lien, the mortgage loan relating to the corresponding Mortgaged Property secured by a first priority lien.

First Lien means, with respect to any Mortgage Loan which is a second priority lien, the mortgage loan relating to the corresponding Mortgaged Property having a first priority lien.