First mortgage debenture: Difference between revisions
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* [[Floating charge debenture]] | * [[Floating charge debenture]] | ||
* [[Mortgage ]] | * [[Mortgage ]] | ||
[[Category:Compliance_and_audit]] | |||
Latest revision as of 13:54, 8 October 2020
A debenture secured by a mortgage on a specific asset of the issuer.
It is known as a 'first' mortgage because it ranks higher than any second mortgage over the same asset, and it also ranks higher than any 'floating charge' mortgage over the assets and undertaking of the issuer more generally.
