Sentence examples similar to first-priority lien from inspiring English sources
Bankruptcy law stipulates that debtor-in-possession lenders are the first to be repaid and will have a first priority lien on the assets of a company in bankruptcy.
Rated BB+ buy Standard & Poor's, these bonds are secured as the prospectus states, "by a perfected first priority lien on all the existing and future assets of Wynn Las Vegas".
The notes would be secured on a second-priority lien basis on substantially all the assets owned by the company.
The subordinated noteholders argued that the fact that the second liens were expressly subordinate to the first priority liens meant the second noteholders were subordinate or junior in respect of their liens.
The D.I.P. financer gets a priority lien.
But the company has to survive to have the money to pay that super-priority lien.
Subordination is a creditor's temporary relinquishment of all or a portion of its lien priority to another party providing the other party with a priority lien on the collateral.
But since the receiver has placed a priority lien on the house, Shea can't secure a bank loan.
It gets second priority".
"First priority: to secure.
