Perfected first lien

Perfected first lien

A first attachment on an asset that is duly recorded with the relevant government body so that the lender will be able to act on it should the borrower default.
References in periodicals archive ?
The bankruptcy-remote, statutorily defined nature of the issuer and a bond structure involving a perfected first lien security interest in the income tax revenues are key credit strengths that lead Fitch to consider the credit quality of the corporation's bonds as distinct from that of the village of Riverdale (IDR of CCC).
State statutes authorize the borrowing and provide for the perfected first lien on pledged revenues.
The bankruptcy-remote, statutorily defined nature of the issuer and a bond structure involving a perfected first lien security interest in the sales tax revenues are key credit strengths that lead Fitch to consider the corporation's credit quality as distinct from that of the city of Chicago (Issuer Default Rating 'BBB-', Stable Outlook).