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

• Each Lender (and each Person that becomes a Lender hereunder pursuant to Section 9.04) hereby authorizes and directs the Administrative Agent to appoint the Collateral Agent pursuant to the First Lien Intercreditor Agreement and acknowledges the provisions of Article VI of the First Lien Intercreditor Agreement.

• In the event of any conflict or inconsistency between the provisions of each intercreditor agreement (including the First Lien Pari Intercreditor Agreement and the Second Lien Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement shall control in all respects.

• Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Underlying Loan establishes and creates a valid, subsisting, enforceable and First Lien (or with respect to a Second Lien Loan, a Second Lien) and first (or with respect to a Second Lien Loan, second) priority security interest on the property described therein and each of Seller and Guarantor, as applicable, has full right to pledge and assign the same to Buyer.

• Except as approved by one of the Agencies, FHA, VA, RHS or HUD, no First Lien Loan has an LTV greater than 100%.

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.