First Charge definition

First Charge means this has priority for payment over all other amounts that may be due for payment;
Sample 1Sample 2Sample 3
First Charge unless otherwise agreed in writing, any Security Interest shall be a first charge of the Secured Property.
Sample 1
First Charge means the charge or mortgage described in Clause 11.1;
Sample 1

Examples of First Charge in a sentence

  • In the above manner, the monthly SOC & MOC Charges for SLDC shall also be duly secured by a First Charge over the receivables of GRIDCO in favor of SLDC from the escrowed amount of DISCOM Utilities based on the bills served by SLDC to DISCOM Utilities with copy to GRIDCO for use of Intra-State transmission system as well as the services of SLDC.

  • This loan is further secured by First Charge in respect of other movable and immovable fixed assets of Company and personal guarantee of Shri Harish Chand Jain, Managing Director of the company.

  • First Charge on all the fixed as well as current assets of the company.(First mortgage and charge on all the immovable properties, all its tangible assets both present and future and charge over assignment of all project contracts, insurance proceeds and bank accounts and a first charge by way of hypothecation on movable assets which shall rank pari- passu with mortgages and charges created and or to be created in favor of the term loan lenders and working capital lenders.) b) Letter of Credit: a.

  • This means that the period of amortization is reset each year to be 30 years.Date of Initial Amount First Charge or(Credit) Amort.

  • First Charge by way of mortgage on the immovable properties belonging to the Corporate Debtor. Land Admeasuring 123 acres 16 cents situated in the village, Kondapalli in the sub- registration district of Ibrahimpatnam and Krishna District in the State of Andhra Pradesh; Land Admeasuring 8.18 acres and 6 cents in village Gollapudi within the Sub-registration district in Ibrahimpatnam and Krishna District in the State of Andhra Pradesh Land to the extent of 7 Acres in Revenue Survey no.

  • First Charge on the Letter of Credit (if any)/ Escrow Account, Trust and Retention Account, Debt Service Reserve Account and other reserves and any other bank accounts of the company wherever maintained.

  • Long Term Borrowings Secured (a) Term loans from banks--(Secured by First Charge on stocks & inventorySecond charge on Plant & Machinery, Building & Land from other parties - SASF (IDBI)3,794.105,582.69(Secured by First Charge on Building , Plant & Machinery & LandSecond charge on Stocks , inventory 3,794.105,582.69In case of continuing default as on the balance sheet date in repayment of loans and interest with respect to (b) (e) & (g) 1.

  • The Consolidated Revenue Fund of Canada shall be permanently charged with the Costs, Charges, and Expenses incident to the Collection, Management, and Receipt thereof, and the same shall form the First Charge thereon, subject to be reviewed and audited in such Manner as shall be ordered by the Governor General in Council until the Parliament otherwise provides.

  • Further secured by First Charge over fixed assets of the company and personal guarantee of Managing Director Shri Atul Kumar Sethi and Whole Time Director, Mrs Amita Sethi.

  • The Commission is of the opinion that as SLDC charges are First Charge on Escrow A/c of DISCOMs, and Generators are supposed to pay SLDC Charges in time (may be in advance).


More Definitions of First Charge

First Charge means that no other lender ranks higher, such that the holder of the First Charge would need to be full repaid before any other creditor could have access to the equity.
Sample 1Sample 2
First Charge. “shall mean a lien by the creditor against any funds available from the proceeds of the sale of the coffee as satisfaction of the advanced funds.
Sample 1
First Charge the Memorandum of Charge dated the 13th day of December, 1988 executed by the Company in favour of Intairdril Ltd. over the Property.
Sample 1

Related to First Charge

  • Minimum Interest Charge has the meaning given in Section 2.2(b).

  • Room charge means the charge imposed for the use or occupancy of a room, excluding charges for food, beverages, state use tax, telephone service, or like services paid in connection with the charge, and excluding reimbursement of the assessment imposed by this act.

  • Management Charge means the sum paid by the Supplier to the Authority being an amount of half (0.5) percent of all Charges for the Services invoiced to the Contracting Bodies (net of VAT) in each Month throughout the Term and thereafter until the expiry or earlier termination of any Call-Off Contract;

  • Interest Charges means, for any period, the sum of: (a) all interest, charges and related expenses payable with respect to that fiscal period to a lender in connection with borrowed money or the deferred purchase price of assets that are treated as interest in accordance with GAAP, plus (b) the portion of Capitalized Lease Obligations with respect to that fiscal period that should be treated as interest in accordance with GAAP, plus (c) all charges paid or payable (without duplication) during that period with respect to any Hedging Agreements.

  • Minimum Charge means the higher of the rate minimum and the rate applied to the Contracted Minimum Demand;

  • Debt charges means the principal, including any mandatory sinking fund deposits and mandatory redemption payments, interest, and any redemption premium, payable on securities as those payments come due and are payable. The use of "debt charges" for this purpose does not imply that any particular securities constitute debt within the meaning of the Ohio Constitution or other laws.

  • SLDC Charges means the charges levied by the SLDC of the state wherein the Solar Power Project is located;

  • Energy Charge means a charge for each kilowatt-hour (kWh) of electrical energy;

  • Monthly Charge shall have the meaning set forth in Article 5.

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • Consolidated Non-cash Charges means, with respect to any Person for any period, the aggregate depreciation, amortization (including amortization of goodwill and other intangibles) and other non-cash expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss).

  • Net Interest Expense means, for any period, the total of (a) Interest Expense for such period minus (b) Interest Expense to Affiliates for such period to the extent included in the amount referred to in clause (a) and related to (i) interest payments on Debt obligations that are subordinated to the obligations of the Borrower under this Agreement or (ii) interest on Nonrecourse Indebtedness minus (c) interest on ComEd Debt for such period.

  • Interest Expense means, for any period, the aggregate of the interest expense of Parent and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Infrastructure Charge means a Water Infrastructure Charge or a Sewerage Infrastructure Charge;

  • Hire Charge or “Hire Charges” means the rates and charges payable by You for the hire of the Equipment.

  • Account Charge means, in relation to each of the Charged Accounts, the first priority fixed charge or pledge over all such accounts given or to be given by the relevant account holder thereof in favor of and in form and substance satisfactory to the Security Trustee.

  • Contract Charges means charges that accrue during a given month as defined in Article III. “Contract Term” is defined in Article IV.

  • Consolidated Cash Interest Charges means, for any period, for the Borrower and its Restricted Subsidiaries on a consolidated basis, that portion of Consolidated Interest Charges that is either paid or required to be paid in cash during such period, but excluding prepayment or similar premiums paid in connection with any prepayment, repurchase or redemption of Consolidated Funded Indebtedness.

  • operating charge means any amount charged to a client by a registered firm in respect of the operation, transfer or termination of a client’s account and includes any federal, provincial or territorial sales taxes paid on that amount;

  • Consolidated Interest Charges means, for any period, for the Consolidated Group, all interest expense, including the amortization of debt discount and premium, the interest component under capital leases and the implied interest component under Securitization Transactions, in each case on a consolidated basis determined in accordance with GAAP.

  • Transition charge means a nonbypassable rate or charge to be imposed on a customer to pay

  • No Charge Bid When Bids are requested on a number of Products as a Group or Lot, a Bidder desiring to Bid “no charge” on a Product in the Group or Lot must clearly indicate such. Otherwise, such Bid may be considered incomplete and be rejected, in whole or in part, at the discretion of the Commissioner.

  • Consolidated Rent Expense means, for any period, the total rent expense with respect to real and personal property of the Borrower for such period, as determined on a Consolidated basis and as reported in its financial statements.

  • Retail charge agreement means that term as defined in section 2 of the retail installment sales act, MCL 445.852.

  • management expense ratio means the total fees and expenses a fund paid during a year divided by its average assets for that year.

  • Total Interest Expense means, for any period, the sum of (i) the aggregate amount of interest accrued during such period in respect of Indebtedness (including the interest component of rentals in respect of Capital Lease Obligations) of the Company and the Restricted Subsidiaries (determined on a consolidated basis), other than obligations under any Guarantee permitted under subparagraph (x) of Section 7.16, (ii) the aggregate amount of fees accrued in respect of the Letters of Credit hereunder during such period and (iii) the aggregate amount of Commitment Fees accrued hereunder during such period. For purposes of this definition, the amount of interest accrued in respect of Indebtedness for any period (A) shall be increased (to the extent not already treated as interest expense or income, as the case may be) by the excess, if any, of amounts payable by the Company and/or any Restricted Subsidiary arising under any interest rate Swap Contract during such period over amounts receivable by the Company and/or any Restricted Subsidiary thereunder (or reduced by the excess, if any, of such amounts receivable over such amounts payable) and interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Company to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP and (B) shall be increased or reduced, as the case may be, by the amount of interest accrued during such period in respect of Indebtedness of the Company or any Restricted Subsidiary in respect of assets acquired or disposed of (including by means of any redesignation of any Subsidiary pursuant to Section 7.08(c)) by the Company or any Restricted Subsidiary on or after the first day of such period, determined on a pro forma basis reasonably satisfactory to the Administrative Agent (it being agreed that it shall be satisfactory to the Administrative Agent that such pro forma calculations may be based upon GAAP as applied in the preparation of the financial statements for the Company, delivered in accordance with Section 7.01 rather than as applied in the financial statements of the Person whose assets were acquired and may include, in the Company’s discretion, a reasonable estimate of savings resulting from any such acquisitions or dispositions, as though the Company or such Restricted Subsidiary acquired or disposed of such assets on the first day of such period.