Prior Lien

Prior Lien

A lien on an asset that has a stronger claim than other liens on the same asset. For example, the first mortgage on a house has a prior lien on the house, which takes precedent over the second and third mortgages. See also: Rule of Absolute Priority.
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9 million prior lien refunding revenue bonds, series 1989 and 1993;
With the refunding of prior lien bonds last year, the 1991 general resolution bonds now have a first claim on pledged revenues.
75% of the state's share of total revenues dedicated to prior lien bonds, and a first lien on revenues deposited into the Bond Retirement and Interest Fund (BIBRI).
53 million in outstanding parity water and sewer prior lien and refunding revenue bonds is affirmed.
2 billion prior lien revenue bonds and $155 million subordinate lien revenue bonds.
Proceeds will be used to refund outstanding debt for interest cost savings, including all prior lien debt.
In addition, approximately $40 million of prior lien senior debt is outstanding; however, MHT plans to refund the senior debt with general airport revenue bonds on parity with this current issuance.
With the defeasance of all remaining outstanding second resolution bonds, which enjoyed a prior lien to the 1991 general resolution bonds, the 1991 general resolution bonds now function as senior lien debt.
7, 2010, farebox revenues (subject to the prior lien of transportation revenue bonds, rated 'A' with a Negative Outlook by Fitch) are deposited in the payment fund up to 75% of P&I, and if the amount in the payment fund is less than 100% of P&I on Dec.
The 1991 General Resolution bond rating upgrade reflects the retirement of all prior lien second resolution debt, improved coverage due to pledged sales tax growth and lower debt service through refunding savings, and an increasingly short maturity schedule necessitated by MAC's scheduled expiration in 2008.
3 billion prior lien revenue bonds and $175 million subordinate lien revenue bonds are affirmed at 'A'.
Furthermore, MAC also covenants to limit additional issuance under the second resolution bonds, which enjoy a prior lien to the 1991 general resolution bonds, to refunding purposes only.

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