“First Priority” means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that, subject to any Acceptable Intercreditor Agreement, such Lien is senior in priority to any other Lien to which such Collateral is subject, other than any Permitted Lien.
“First Priority” means, with respect to any Lienlien and security interest purported to be created in any Collateral pursuant to any Collateral Document, that, subject to any Acceptable Intercreditorthis Agreement, such Lienlien and security interest is the most senior in priority to any other Lienlien to which such Collateral is subject, other than any Permitted Lien.subject (subject only to liens permitted under the LOC Agreement).
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