First Priority Security Interest definition

First Priority Security Interest in certain collateral to secure the obligations of the Company under the February Note and the Revolving Note; this Note is secured by a certain collateral (the “Collateral”), as more particularly described and provided herein, and is entitled to the benefits thereof. The Uniform Commercial Code (the “UCC”) financing statements on form UCC-1 filed in connection with the Notes and all other documents executed and delivered by the Company to the Holder under which the Holder is granted Liens on assets of the Company are collectively referred to as the “Security Documents.”
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First Priority Security Interest as defined in and granted or purported to be granted pursuant to the Bank US Security Agreement and Bank Canadian Security Agreement, respectively.
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First Priority Security Interest means the right to be paid before any other person from any money or other valuable consideration recovered by:• Judgment or settlement of a legal action• Settlement not due to legal action• Undisputed payment
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Examples of First Priority Security Interest in a sentence

  • On December 15, 2012, Amegy Bank National Association filed in the Bayer Suit a Notice of First Priority Security Interest, in which it opposed Eagle Lake’s motion to enforce its judgment Turnover Order and Stearns Bank’s motion to intervene.

  • Ratification by Borrower of Bank's First Priority Security Interest in Collateral.

  • TMP shall allow Distributor to grant a bank or funding source a First Priority Security Interest and in the event of such grant shall subjugate to a secondary security interest.

  • Good Title to the Collateral; First Priority Security Interest ......

  • Secured Party shall not file a financing statement or a copy of this Agreement in lieu of any such financing statement or otherwise perfect the Security Interest granted under this Agreement until after any First Priority Holder shall have filed a financing statement or otherwise perfected its First Priority Security Interest.

  • This Agreement creates a security interest in favor of the Administrative Agent, for the benefit of each Lender Group, in the Pool Receivables, Related Security, Collections and other Collateral and the Administrative Agent, for the benefit of each Lender Group, has a First Priority Security Interest in the Pool Receivables, Related Security, 162989721 Collections and other Collateral (other than the Receivables set forth on Schedule VI).

  • Foreclosure of this First Priority Security Interest by suit does not limit Secured Party's remedies under any other applicable law, including the right to sell the Collateral under the terms of this Agreement or the Uniform Commercial Code.

  • Notwithstanding this general rule, in consideration of Aemetis Xxxxx’x entering into the Security Agreement and performing its obligations under this Agreement, Xxxxxxxx agrees that so long as its security interest in the Collateral (as defined in the Security Agreement) remains a valid First Priority Security Interest, subject to the terms of this Section 3.02, Xxxxxxxx shall permit payment of the Purchase Price and Service Fee to be payable and settled [***] following the applicable delivery.

  • Other debt/future advances: The First Priority Security Interest granted herein also secures all other present and future debts and liabilities of Debtor to Secured Party, including future advances and including, but not limited to, any and all other debt and any advances made pursuant to the ERCOT Protocols and/or any other agreement.

  • This First Priority Security Interest will attach to after-acquired consumer goods only to the extent permitted by law.


More Definitions of First Priority Security Interest

First Priority Security Interest in certain collateral to secure the obligations of the Company under the February Note and the Revolving Note; this Note is secured by a certain collateral (the “Collateral”), as more particularly described and provided herein, and is entitled to the benefits thereof. The Uniform Commercial Code (the “UCC”) financing statements on form UCC-1 filed in connection with the Notes and all other documents executed and delivered by the Company to the Holder under which the Holder is granted Liens on assets of the Company are collectively referred to as the “Security Documents.” It is agreed to and understood by the parties that the Holder of the Note can elect to, upon the closing of a financing transaction with Legends Securities for units which will consist of a convertible note payable and a certain amount of warrants to purchase common shares of Z Trim Holdings, Inc. stock, convert the Holder’s investment in this Note into an investment in the units of the Legends Securities’ transaction.
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First Priority Security Interest assigned, pledged or granted by Debtor in any of the Toyota hybrid vehicles comprising the Collateral to Toyota, (any such holder of a First Priority Security Interest, a “First Priority Holder”), until such time as any such First Priority Security Interest is released. Secured Party shall not file a financing statement or a copy of this Agreement in lieu of any such financing statement or otherwise perfect the Security Interest granted under this Agreement until after any First Priority Holder shall have filed a financing statement or otherwise perfected its First Priority Security Interest. Debtor will use its best efforts to ensure that (a) the First Priority Holder’s First Priority Security Interest in the Collateral does not exceed $700,000 and (b) the First Priority Holder perfects its security interest in the Collateral on or before October ___, 2008. If the Security Interest granted under this Agreement is perfected prior to the perfection of any First Priority Security Interest or otherwise becomes senior to any such First Priority Security Interest prior to the date that such First Priority Security Interest is released, Secured Party shall immediately and without notice or demand from Debtor execute such documentation and take such other acts and steps as are necessary to immediately subordinate the Security Interest to the First Priority Security Interest or to otherwise cause the Security Interest to be junior and subject to any First Priority Security Interest.
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First Priority Security Interest is defined in SECTION 12.2.
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First Priority Security Interest means the right to be paid before any other person from any
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First Priority Security Interest means either the Bank First Priority Security Interest or the DFS First Priority Security Interest, depending upon the context in which such term is used.
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First Priority Security Interest means the right to be paid before any other person from any money or other valuable consideration recovered by:
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Related to First Priority Security Interest

  • First Priority Secured Parties means, with respect to each Type of Common Collateral, the First Priority Representative and the holders of the First Priority Obligations.

  • First Priority Security Documents means each agreement or document granting or purporting to xxxxx x Xxxx on any Common Collateral to secure First Priority Obligations.

  • First Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.

  • Security Interest means any mortgage, charge, pledge, lien or other security interest including, without limitation, anything analogous to any of the foregoing under the laws of any jurisdiction;

  • First Priority Liens means all Liens that secure the First Priority Lien Obligations.

  • First Priority Lien means any Lien created by the First Priority Security Documents.

  • Permitted Security Interest means any Security Interest:

  • Second Priority Secured Parties means the Second Priority Representative, the Second Priority Creditors and any other holders of the Second Priority Obligations.

  • First Priority Collateral means all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation.

  • Second Priority means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is second in priority only to the Liens created under the ABL Loan Documents (subject to (i) in the case of Mortgages, Permitted Encumbrances) and (ii) otherwise, Permitted Liens).

  • Permitted Security Interests means (i) any Security Interest for taxes, assessments or governmental charges or levies which relate to obligations not yet due and delinquent, (ii) easements, servitudes, encroachments and other minor imperfections of title which do not, individually or in the aggregate, detract from the value of or impair the use or marketability of any real property, and (iii) undetermined or inchoate Security Interests arising or potentially arising under statutory provisions which have not at the relevant time been filed or registered in accordance with applicable laws or of which written notice has not been given in accordance with applicable laws;

  • First Priority Obligations means (a) with respect to the Existing First Priority Agreement, all “Obligations” of each Loan Party as defined in the Existing First Priority Agreement and (b) with respect to each other First Priority Agreement, all “Obligations” of each Loan Party as defined in such First Priority Agreement, and shall in any event include (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all loans made or other indebtedness issued or incurred pursuant to such First Priority Agreement, (ii) all reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to such First Priority Agreement, (iii) all Specified Swap Agreements, (iv) all Specified Cash Management Agreements and (v) all guarantee obligations, fees, expenses and other amounts payable from time to time pursuant to the applicable First Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Second Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred.

  • Prior Security Interest means a valid and enforceable perfected first-priority security interest in and to the Collateral that is subject only to Permitted Liens which have first-priority by operation of applicable Law.

  • Second Priority Liens means all Liens on the Second Lien Collateral to secure the Second Lien Obligations, whether created under the Second Lien Security Documents or acquired by possession, statute, operation of law, subrogation or otherwise.

  • Acceptable Security Interest in any Property means a Lien which (a) exists in favor of the Administrative Agent for the benefit of the Secured Parties, (b) is superior to all Liens or rights of any other Person in the Property encumbered thereby other than Permitted Subject Liens, (c) secures the Obligations, and (d) is perfected and enforceable.

  • Purchase Money Security Interest means Liens upon tangible personal property securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property.

  • Permitted Priority Liens means Liens permitted under any of the clauses (b), (c), (d), (e), (f) or (i) of Section 9.02.

  • Security Interests means the security interests in the Collateral created hereby.

  • First Priority Documents means the First Priority Agreement, each First Priority Security Document and each First Priority Guarantee.

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations described in clause (ii) or an Affiliate or Representative of such holder at the time of entry into such Hedging Obligations;

  • Lien means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

  • Lowest Priority As of any date of determination, the Class of Subordinate Certificates then outstanding with the latest priority for payments pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates.

  • Second Priority Collateral means any “Collateral” as defined in any Second Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as security for any Second Priority Debt Obligation.

  • Second Priority Lien means the Liens on the Second Priority Collateral in favor of Second Priority Debt Parties under Second Priority Collateral Documents.

  • Permitted Liens means, with respect to any Person:

  • Permitted Prior Liens means Permitted Liens described in clauses (c), (f), (g), (h), (j), (k) (to the extent permitted under the Control Agreements relating to the deposit accounts subject to the Permitted Liens described in clause (k)) and (m) of the defined term “Permitted Liens” and as set forth in the Schedule.