First Priority Interest definition
First Priority Interest means a valid and perfected ownership or security interest, free and clear of Adverse Claims.
First Priority Interest as defined in Section 3.1.
First Priority Interest as defined in and granted or purported to be granted pursuant to the Note Security Agreement.
Examples of First Priority Interest in a sentence
This Agreement creates a security interest in favor of the Administrative Agent, for the benefit of each Lender Group, in the Pool Receivables, Related Security, Collections and other Collateral and the Administrative Agent, for the benefit of each Lender Group, has a First Priority Interest in the Pool Receivables, Related Security, Collections and other Collateral (other than the Receivables set forth on Schedule VI).
The Borrowers shall (or shall cause the Servicer to) take all action necessary or desirable to establish and maintain a First Priority Interest in the Pool Receivables, the Related Security and Collections with respect thereto in favor of the Administrative Agent, for the benefit of each Lender Group.
More Definitions of First Priority Interest
First Priority Interest means a valid and perfected ownership or security interest, free and clear of Adverse Claims. “Foreign Affected Party” has the meaning set forth in Section 7.6.
First Priority Interest means a security interest or, in Non-PPSA Jurisdictions, other similar property right that, by order of registration or operation of statute, has priority over other security interests or, in Non-PPSA Jurisdictions, other similar property rights of third parties, or a security interest that does not have priority over one or more other security interests but for which all parties having priority over CIT Canada have waived or subordinated such priority in favor of CIT Canada or subjected such priority to an inter-creditor agreement or arrangement with CIT Canada; provided, however, that at Closing, Canadian Buyer shall have all rights and benefits of CIT Canada, if any, existing immediately prior to Closing, under such waivers, subordinations, inter-creditor agreements or arrangements; and (B) “Non-registered Canadian Leases” means the equipment leases forming part of the Canadian Purchased Assets for which, in accordance with Schedule 5.7, CIT Canada does not register, preserve or perfect a security or does not obtain or maintain a First Priority Interest.
First Priority Interest means a valid and perfected ownership or security interest, free and clear of Adverse Claims. “Foreign Affected Party” means an Affected Person, other than a Lender, that is not a United States Person. “Foreign Lender” means a Lender that is not a United States Person.
First Priority Interest means an ownership interest or security interest that is free and clear of any Adverse Claims and that constitutes a valid, perfected, first priority “security interest” (as defined in the UCC to include the sale of an account) under the UCC that is enforceable against all other Persons, including any current owner (in the case of a pledge) or prior owner and any creditor of or transferee from any such current or prior owner.