Priority Security Interest definition

Priority Security Interest has the meaning set forth in Section 11.5.
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Priority Security Interest. With respect to the Target acquired or financed with the proceeds of a Loan, and prior to or simultaneously with the funding of such Loan, the Agent shall have been granted, for the benefit of Agent and the Lenders, a first priority Lien on and security interest in such Target thereof, subject only to Permitted Liens, and shall have received, without limitation, (a) the items described in subsection 2.1(d)(ii) and Section 4.11, and (b) duly executed uniform commercial code financing statements or amendments to existing financing statements with respect to such Target, in form and
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Priority Security Interest. With respect to the Target acquired or financed with the proceeds of a Loan, and prior to or simultaneously with the funding of such Loan, the Agent shall have been granted, for the benefit of Agent and the Lenders, a first priority Lien on and security interest in such Target thereof, subject only to Permitted Liens, and shall have received, without limitation, (a) the items described in subsection 2.1(d)(ii) and Section 4.11, and (b) duly executed uniform commercial code financing statements or amendments to existing financing statements with respect to such Target, in form and substance reasonably satisfactory to the Agent and which, upon filing, shall perfect the first priority security interest of the Agent, for the benefit of Agent and the Lenders, in such Property to the extent such security interest can be perfected by filing such
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Examples of Priority Security Interest in a sentence

  • Subject to the terms of any Priority Security Interest, the Charge is a first-ranking charge.

  • Until the indefeasible payment and performance in full of all of the Senior Priority Debt, the Priority Lender Group may dispose of any or all of the Collateral free and clear of the Junior Priority Security Interest collateralizing obligations due from Borrowers, or any of them, to Trustee, through judicial or non-judicial proceedings, in accordance with applicable law, including taking title in lieu of foreclosure.

  • Except for the Priority Security Interest and the Secondary Security Interest, the Collateral is free and clear of all mortgages, security interests, liens, encumbrances and claims of every kind (the “Encumbrances”).

  • Trustee hereby agrees that any such or other disposition by the Priority Lender Group of the Collateral shall be free and clear of the Junior Priority Security Interest granted by Borrowers or any of them, provided the entire proceeds (after deducting reasonable costs, attorneys’ fees and other expenses of sale) are applied first in reduction of the Senior Priority Debt.

  • 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.

  • Until Trustee has received written notice of termination of this Agreement, Agent, as the holder of the Senior Priority Security Interest on the Collateral insured, shall have the sole and exclusive right, as against Trustee, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of such Collateral.

  • 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.

  • 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.


More Definitions of Priority Security Interest

Priority Security Interest. With respect to the Target acquired or financed with the proceeds of such Acquisition Loan, and prior to or simultaneously with the funding of such Acquisition Loan, the Agent shall have been granted, for the benefit of Agent and the Lenders, a first priority lien on and security interest in the property of such Target, subject only to Permitted Liens, and shall have received, without limitation, (a) the items described in subsection 2.1(d)(ii) and Section 4.12, and (b) duly executed UCC financing statements or amendments to existing financing statements with respect to such Target, in form and substance reasonably satisfactory to the Agent and which, upon filing, shall perfect the first priority security interest of the Agent, for the benefit of Agent and the Lenders, in such property. In the event real property is being acquired in connection with such Acquisition, prior to or simultaneously with the funding of such Acquisition Loan, the Agent shall have received (x) in the case of owned real property being acquired, a fully executed Mortgage, in form and substance reasonably satisfactory to the Agent together with, in the case of owned real property having a fair market value of at least $1,000,000 (if requested by the Agent), an ALTA lender's title insurance policy issued by a title insurer reasonably satisfactory to the Agent, in form and substance and in an amount reasonably satisfactory to the Agent insuring that the Mortgage is a valid and enforceable first priority lien on the respective property, free and clear of all defects, encumbrances and Liens except for Permitted Liens, and (y) an environmental site assessment prepared by a qualified firm reasonably acceptable to the Agent, in form and substance reasonably satisfactory to the Agent.
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Priority Security Interest means a Security Interest of a Creditor in: (i) inventory and other goods, the acquisition or purchase of which by the Borrower was either (A) financed by a documentary or commercial letter of credit issued by the Creditor, (B) supported by a standby letter of credit issued by the Creditor, (C) financed by a direct advance from the Creditor, or (D) financed by a banker's acceptance of which the Creditor is the acceptor; (ii) Collateral of a type described in subparagraphs (i), (ii), (iii) or (iv) of paragraph l(f) as to which the Security Interest constitutes a purchase money security interest; (iii) All trading accounts, margin accounts and other hedging accounts, including all money, instruments, contracts, contract rights and other property therein or credited thereto, which result from trading or other hedging activities financed in whole or in part by that Creditor and which have been assigned to that Creditor, all cash collateral (including the accounts into which it is deposited) provided to that Creditor for such financing or for foreign exchange exposure or other Obligations of a Borrower with respect to foreign exchange contracts, and all cash collateral (including the accounts into which it is deposited) provided to that Creditor in respect of financing provided by that Creditor of an open (in whole or in part) position of a Borrower; and (iv) any accounts, letter of credit proceeds, chattel paper, goods, contract rights, general intangibles, instruments, documents, and all other cash or non-cash proceeds, arising out of the sale or other disposition of Collateral or proceeds described in this paragraph l(d) and all accessories and accessions of or to such Collateral, and all products of such Collateral.
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Related to 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.

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

  • Prior Security Interest means a valid and enforceable perfected first-priority security interest under the Uniform Commercial Code in the Collateral which is subject only to statutory Liens for taxes not yet due and payable or Purchase Money Security Interests.

  • Security Interest means any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or other restriction, right-of-way, covenant, condition, easement, encroachment, restriction on transfer, or other encumbrance of any nature whatsoever.

  • Permitted Security Interest means any Security Interest: