Hedge Fund Glossary

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Priority

as among two or more creditors, the ranking of their Security Interests or their rights to receive payments. Generally, unless otherwise agreed, the first Secured Party to file a financing statement or otherwise Perfect will be entitled to Priority. In a first lien/second lien transaction, the holders of second lien obligations would expressly agree in the Intercreditor Agreement that the holders of the first lien obligations are entitled to Priority upon the realization of the Collateral.

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