Priority Lien Clause Samples
A Priority Lien clause establishes that a particular lien or security interest will take precedence over other claims or liens on the same collateral. In practice, this means that if the borrower defaults, the holder of the priority lien has the first right to be paid from the proceeds of the collateral before other creditors. This clause is commonly used in financing agreements to protect a lender’s interests and ensure they are repaid ahead of others, thereby reducing their risk in the transaction.
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Priority Lien. Upon Closing, Remainderman I shall have a remainder interest in the land comprising the Dapper I Substitute Properties, all free and clear of all liens, encumbrances, charges and security interests of any nature whatsoever, except the Permitted Exceptions. Upon Closing, FFC shall have a first priority lien upon and security interest in each of the Dapper I Substitute Properties pursuant to the Dapper I Substitute Mortgages and the Dapper I Substitute UCC-1
Priority Lien. The Mortgage secures the Note, and such security is and shall remain superior to all other mortgages, liens and encumbrances on the Mortgaged Property.
Priority Lien. Debtor shall maintain good and marketable fee simple title to the Collateral, free and clear of all liens, encumbrances, charges and other exceptions to title. Debtor shall maintain good and marketable title to or valid and binding leasehold interests in, as applicable, the Premises, free and clear of all liens, encumbrances, charges and other exceptions to title.
Priority Lien. The Collateral shall be delivered so that this Agreement, together with such delivery, creates in favour of the Assignee, as Collateral Agent, for the benefit and on behalf of the Secured Parties, a first priority lien on, and first priority security interest in such Collateral.
Priority Lien. Receipt by the Agent of evidence satisfactory in form and substance to the Agent, that the Agent, on behalf of the Lenders, holds a perfected, first priority lien, subject to no other Liens other than Permitted Liens, in the Collateral.
Priority Lien. Evidence that Lender has valid, perfected and first priority security interests in and liens upon the assets acquired by Borrower pursuant to the POCI Purchase Agreements and any other property which is intended as security for the Obligations or the liability of any Obligor in respect thereto, subject only to the security interests and liens permitted in the Loan Agreement or the other Financing Agreements.
Priority Lien. The Security Agreement duly executed by Funding Recipient and evidence that the City’s Lien on the Eligible Vehicle(s) paid for or intended to be paid for with the proceeds of the Funding and other Collateral pledged by Funding Recipient as security for its obligations under the Transactional Documents is a first priority Lien. In this connection, Funding Recipient shall:
Priority Lien. The liens granted to Secured Party under this Agreement will constitute a first priority lien on the Collateral on the filing of a UCC-l Financing Statement and Debtor’s grant of such lien to Secured Party does not constitute a fraudulent conveyance under any applicable law.
Priority Lien. All filings and other actions necessary or ------------------- desirable to perfect and protect the security interest in the Properties created under the Security Documents have been duly made or taken, and the Security Documents create in favor of the Agent for the benefit of the Secured Parties a valid and, together with such filings and other actions, perfected first priority security interest in the Properties and a valid second priority security interest (only to the extent provided in the Intercreditor Agreements) in the Lessee Collateral Properties, securing the payment of the Lessee's and the other Credit Parties' obligations under the Operative Agreements, and all filings and other actions necessary or desirable to perfect and protect such security interest have been duly taken. The Lessee or another Credit Party is the legal and beneficial owner of each Property or each Lessee Collateral Property, as applicable, free and clear of any Lien, except for the liens and security interests created or permitted under the Operative Agreements and the Lessee Credit Agreement and related documents and the landlords' lien rights in respect of certain other property located in the States of Washington, Oregon and Florida and identified in the Lessee Credit Agreement.
Priority Lien. Evidence that Lender has valid, perfected and first priority security interests in and liens upon the assets acquired by Borrower pursuant to the Kennsco Purchase Agreements and any other property which is intended as security for the Obligations or the liability of any Obligor in respect thereto, subject only to the security interests and liens permitted in the Loan Agreement or the other Financing Agreements.