First Ranking Security definition

First Ranking Security means (i) the Note Security, (ii) the Bank Security to the extent it secures First Priority Debt and (iii) each and every security now or hereafter granted in respect of all other First Priority Debt and includes all contracts and documents pursuant to which such security is now or hereafter granted or which are accessory to the granting of same;
View Source
First Ranking Security means the first ranking security interests created by the Chargor over the Secured Assets in favour of the Security Agent pursuant to the First Ranking Security Agreement;
View Source
First Ranking Security means the first ranking security created by the First Ranking Security Documents.
View Source

Examples of First Ranking Security in a sentence

  • Ensure that the Security granted by any Loan Party to the Lender remains legal, valid, binding and enforceable, as a First Ranking Security Interest over the Collateral, in accordance with its terms (subject to Applicable Laws affecting the rights of creditors generally and rules of equity of general application).

  • In case of conflict between the First Ranking Security Documents and this Agreement, the provisions of this Agreement shall prevail, provided however that this will not in any way be interpreted or applied to prejudice the legality, validity or enforceability of any First Ranking Security Document.

  • Furthermore, all the outstanding and issued Shares of such Subsidiary shall be pledged to the Lender as a First Ranking Security Interest for the Obligations.

  • The Pledgor shall ensure that such registration of the variation of the Pledge continues to be a first in time priority in any and all registers or records of the Independent Registrar and at the BVI Registry, to secure the first ranking of the Pledge as contemplated in Section 3.04 (First Ranking Security) and Section 5.01 (First Ranking Pledge) of the Participation Interest Pledge Agreement.

  • The Agent further agrees to act as security agent on behalf of the Lenders under and in connection with the First Ranking Security Documents, hereunder in connection with the signing, execution and enforcement of the First Ranking Security Documents.

  • Nothing in article 5 hereof shall confer any benefit on the Corporation or any of the Guarantors or entitle them to any notice from any Secured Party or to any delay in Demand or realization or enforcement of security by any Secured Party nor, for greater certainty, will anything in article 5 hereof entitle any Secured Party to make a Demand or realize or enforce its security in circumstances where it would not be entitled to do so under the First Ranking Security or Second Ranking Security.

  • The Agent shall keep and hold all First Ranking Security Documents received and/or executed by the Agent in connection with any of the Finance Documents, including First Ranking Security Documents executed by the Obligors or other security providers on behalf of the Finance Parties in accordance with normal banking practice, for and on behalf of the Finance Parties.

  • Following the occurrence of an Enforcement Event, the Pledgee shall, subject to rights under the First Ranking Security, be entitled to receive and retain all Dividends and Related Assets.

  • The Secured Parties agree that, except as otherwise expressly provided herein, the First Ranking Security, to the extent of the First Priority Debt, including the Notes and the Bank Liabilities, shall rank in all respects prior to the Second Ranking Security.

  • Furthermore, upon request by the Lender, all the outstanding and issued Shares of such Material Subsidiary shall be pledged to the Lender as a First Ranking Security Interest for the Obligations.


More Definitions of First Ranking Security

First Ranking Security means any security granted by the Borrower for the purposes of traditional reserve based or PDP lending against the Secured Assets.
View Source
First Ranking Security means the charges and security interests granted in favour of Purchaser pursuant to the First Ranking Security Documents;
View Source
First Ranking Security means the pledge over the Pledged Assets to Sberbank (Switzerland) AG as a continuing first ranking security, in accordance with a share pledge agreement dated 3 February 2014.
View Source
First Ranking Security means any security granted by the Borrower for the purposes of
View Source

Related to First Ranking Security

  • Existing Security means any Security granted by any Person over its Assets in respect of any Relevant Indebtedness and which is existing at the relevant Issue Date or at the time any such Person becomes a Material Subsidiary or whose business and/or activities, in whole or in part, are assumed by or vested in the Issuer or a Material Subsidiary after the relevant Issue Date (other than any Security created in contemplation thereof) or any substitute Security created over those Assets (or any part thereof) in connection with the refinancing of the Relevant Indebtedness secured on those Assets provided that the principal, nominal or capital amount secured on any such Security may not be increased;

  • voting security means a security of the Company that:

  • restricted voting security means a restricted security that carries a right to vote subject to a restriction on the number or percentage of securities that may be voted or owned by one or more persons or companies, unless the restriction is

  • Existing Secured Notes means the Company’s 5.50% Senior Secured Notes due 2028 issued pursuant to the Existing Secured Notes Indenture.

  • non-voting security means a restricted security that does not carry the right to vote generally, except for a right to vote that is mandated, in special circumstances, by law;