First Priority Pledges definition
First Priority Pledges means the pledges in favor of, and/or for the benefit of, the First Priority Collateral Trustee for the benefit of the beneficiaries of the First Priority Collateral Trust Agreement, as described on Schedule II to the First Priority Collateral Trust Agreement, by the Company, over the shares of the Company’s Subsidiairies and by the Restricted Subsidiairies over the shares of such Restricted Subsidiaries’ Subsidiaries, as the same may be amended, supplemented, or otherwise modified from time to time.