First Priority Lien definition

First Priority Lien means any Lien created by the First Priority Security Documents.
First Priority Lien means any Lien on any Type of Common Collateral securing any First Priority Obligation.
First Priority Lien means any Lien on some or all of the Collateral that ranks or is intended to rank pari passu with the Liens on the Obligations, including any Lien that ranks pari passu by virtue of any Intercreditor Agreement or any other agreement or instrument; provided further that Liens that rank pari passu with the Liens on the Collateral securing the Obligations but secure Indebtedness that is junior to the Obligations with respect to the distributions of proceeds of enforcement of Collateral shall not be First-Priority Liens.

Examples of First Priority Lien in a sentence

  • Such security interests are to be equal in priority to security interests granted for the benefit of holders of Second Priority Lien Obligations and junior in priority to security interests granted for the benefit of holders of Indebtedness that constitutes First Priority Lien Obligations.

  • Guarantors have agreed to guarantee the obligations of Company hereunder and to secure their respective Obligations by granting to Collateral Agent, for the benefit of Secured Parties, a First Priority Lien on substantially all of their respective assets, including a pledge of all of the Equity Interests of each of their respective Wholly-Owned Restricted Subsidiaries (including Company).

  • The 1.5 Lien Note obligations secured by the 1.5 Priority Lien shall not otherwise be subordinated or postponed to the obligations of the Obligors under the First Priority Lien collateral documents or to any other obligations secured by the First Priority Lien.

  • The Second Lien Note obligations secured by the Second Priority Lien shall not otherwise be subordinated or postponed to the obligations of the Obligors under the Second Lien Notes collateral documents or to any other obligations secured by the First Priority Lien or the 1.5 Priority Lien.

  • The Second Priority Lien ranks second in priority only to the First Priority Lien and the 1.5 Priority Lien, as set forth in and subject to the terms of the Second Lien Intercreditor Agreement.


More Definitions of First Priority Lien

First Priority Lien means all Liens that secure the First Priority Notes Obligations.
First Priority Lien means with respect to any Lien purported to be created in any Collateral pursuant to any Security Document, that such Lien is senior in priority to any other Lien to which such Collateral is subject, other than any Permitted Lien that is, pursuant to Applicable Law, senior to the Lien created pursuant to any Security Document.
First Priority Lien means any Lien on any asset of any U.S. Loan Party that is granted under the Senior Secured Notes Security Documents and that, pursuant and subject to the provisions of the Intercreditor Agreement, is senior in priority to the Liens of the Agent on the U.S. Collateral.
First Priority Lien means a first-priority Lien granted to the Collateral Trustee and the Lenders Collateral Trustee upon any Property of the Issuer or any Guarantor to secure First-Lien Indebtedness.
First Priority Lien means a Lien to the extent it secures First Priority Debt.
First Priority Lien means a Lien granted by the Borrower or any Guarantor under a Security Document to the Collateral Agent upon any assets or property of the Borrower or any Guarantor to secure First Priority Lien Obligations.