Security first definition

Security first means that a creditor must first exhaust all real property security through judicial process in the “one form of action” authorized by section 726—that is, a judicial foreclosure. (Schwenke, supra, 189 Cal.App.3d at p. 140.) This principle is violated when a secured creditor attempts—by judicial foreclosure or otherwise—to obtain a personal judgment against a debtor or reach unpledged assets before first exhausting all the real property security in a judicial foreclosure action. (Bernhardt, supra, § 4.6, p. 4-7; Thoryk v. San Diego Gas & Electric Company (2014) 225 Cal.App.4th 386, 398 [security first principle requires that all of the security be exhausted prior to the recovery of a personal judgment against a debtor].)

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Security first. Life is validly existing as a stock life insurance company in good standing under the laws of the State of Delaware, with power (corporate or other) to own its properties and conduct its business as described in the Prospectus, and has been duly qualified for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties, or conducts any business, so as to require such qualification;

Security first. To FirstMerit:

Examples of Security first in a sentence

• Any decision by the Collateral Advisor to sell or not to sell any Collateral Debt Security within five (5) Business Days of such Collateral Debt Security first becoming either a Defaulted Security or a Written Down Security or a Withholding Tax Security shall not thereafter be changed by the Collateral Advisor or the Issuer for any reason.

• For the purposes hereof the “Relevant Date” means the date on which the payment of principal of (or premium, if any, on) or interest or Deferred Interest, if any, on any Security first becomes due and payable but, if the full amount of the monies payable on such date has not been received by the relevant Paying Agent or as it shall have directed on or prior to such date, the “Relevant Date” means the date on which such monies shall have been so received.

• Subject to the Agreed Security Principles and any Permitted Security, first priority security over the equity interests (shares and shareholder loans) of each Original Obligor and first priority asset security from each Original Obligor will be granted immediately prior to the Closing Date.

• For the purposes hereof the "Relevant Date" means the date on which the payment of principal of (or premium, if any, on) or interest or Deferred Interest, if any, on any Security first becomes due and payable but, if the full amount of the monies payable on such date has not been received by the relevant Paying Agent or as it shall have directed on or prior to such date, the "Relevant Date" means the date on which such monies shall have been so received.

More Definitions of Security first

Security first has the requisite corporate power and authority to execute and deliver this Agreement and, except for any required approval of Security First's shareholders and the approval of the applicable Regulatory Authorities, to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized and approved by the Board of Directors of Security First and no other corporate proceedings on the part of Security First are necessary to authorize this Agreement or to consummate the transactions so contemplated, except for approval by the shareholders of Security First as provided in Section 6.1(a). This Agreement has been duly executed and delivered by, and constitutes a valid and binding obligation of, Security First, enforceable against Security First in accordance with its terms, except as enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors' rights generally and except that the availability of the equitable remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceedings may be brought, and except as enforceability hereof may be limited by laws relating to the safety and soundness of insured depository institutions as set forth in 12 U.S.C. Section 1818(b) or to the appointment of a conservator or receiver by the Federal Deposit Insurance Corporation.