First Priority Security Interest definition

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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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.

Examples of First Priority Security Interest in a sentence

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.
Ratification by Borrower of Bank's First Priority Security Interest in Collateral.
This First Priority Security Interest will attach to after-acquired consumer goods only to the extent permitted by law.
Good Title to the Collateral; First Priority Security Interest ......
This First Priority Security Interest Agreement is entered into in accordance with, and subject to, the ERCOT Protocols as may be amended from time to time.
Neither extensions of any of the Obligation nor releases of any of the Collateral will affect the priority or validity of this 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).
All cash deposits or securities investments are held in Collateral Accounts, subject to the First Priority Security Interest of the Lender, and any additional investments comply with the limitations for liquidity and risk as agreed upon in the Loan Agreement.
Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the First Priority Security Interest granted herein.
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.

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.

First Priority Security Interest or “First Priority” means a security interest in the Collateral that is senior to any other security interests or liens, whether existing or future, ensuring that the Lender has the primary and superior right to the Collateral over all other creditors. This security interest is perfected and enforceable under Governing Law, providing the Lender with the highest claim on the Collateral in the event of the Borrower’s default, insolvency, or liquidation.

First Priority Security Interest is defined in SECTION 12.2.

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.

First Priority Security Interest means the right to be paid before any other person from any

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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