Subordinate Xxxx Xxxxx definition

Subordinate Xxxx Xxxxx has the meaning set forth in the Ordinance.

Subordinate Xxxx Xxxxx means Bonds issued by the District with a lien (but not an exclusive lien) on Pledged Revenues subordinate to the lien thereon of Senior Xxxx Xxxxx and so designated in the applicable Series Indenture authorizing such Subordinate Xxxx Xxxxx.

Subordinate Xxxx Xxxxx means the Bonds designated as such by a Supplemental Indenture.

Examples of Subordinate Xxxx Xxxxx in a sentence

• The City will promptly, and in any event within five (5) Business Days, notify the Bank of the occurrence of any “Event of Default” under the Ordinance or of a default under this Agreement, any Related Document or any ordinance, indenture, agreement or other instrument pursuant to which any Subordinate Xxxx Xxxxx or Separate Lien Obligations are issued, specifying the details thereof and the action that the City proposes to take with respect thereto.

• The City has not taken any action, or omitted to take any action, which constitutes a default, or which with the passage of time or the giving of notice, or both, would constitute a default, under any ordinance, indenture, agreement or other instrument pursuant to which any outstanding Subordinate Xxxx Xxxxx or Separate Lien Obligations have been issued.

• The Subordinate Xxxx Xxxxx are scheduled to mature on May 15, 2025, and upon their final maturity, any reference to Subordinate Xxxx Xxxxx in this Agreement shall be surplusage and of no force or effect and no Subordinate Xxxx Xxxxx shall be issued thereafter.

• The City shall give written notice to the Bank as soon as practicable of the increase, decrease, withdrawal or suspension of any rating maintained by Xxxxx’x, Fitch or S&P, to the extent such Rating Agency is then maintaining a rating on the Subordinate Xxxx Xxxxx or any Separate Lien Obligations.

• The City will not create, incur, assume or suffer to exist any pledge of, Lien on or other security interest in the Pledged Revenues that is senior to the Lien on and pledge of the Pledged Revenues securing the Commercial Paper Notes, the Bank Note and the obligations of the City under this Agreement other than the respective liens on and pledges of the Pledged Revenues securing the Separate Lien Obligations and, so long as the same remain outstanding, the Subordinate Xxxx Xxxxx.

• There are no obligations of the City payable from or secured by Net Revenues on a basis senior to the Commercial Paper Notes, the Bank Note or the obligations of the City under this Agreement other than the Subordinate Xxxx Xxxxx and Separate Lien Obligations.

• The City will not issue any Notes to refund Subordinate Xxxx Xxxxx or Separate Lien Obligations without the prior written consent of the Bank.

• The City covenants and agrees that it shall not at any time withdraw any long-term unenhanced rating on the Subordinate Xxxx Xxxxx or any Separate Lien Obligations from any of Fitch, Xxxxx’x or S&P if the effect of such withdrawal would be to cure a Default or an Event of Default under this Agreement or reduce the Facility Fee.

• There are no obligations of the City payable from or secured by Net Revenues on a basis senior to the Notes or the obligations of the City under this Agreement other than the Subordinate Xxxx Xxxxx and Separate Lien Obligations.

• The City will not issue any Commercial Paper Notes to refund Subordinate Xxxx Xxxxx and Separate Lien Obligations without the prior written consent of the Bank.

More Definitions of Subordinate Xxxx Xxxxx

Subordinate Xxxx Xxxxx means, collectively and individually, the Subordinate Lien Phase II Bonds and any Additional Subordinate Xxxx Xxxxx.

Subordinate Xxxx Xxxxx means any Securities payable in whole or in part from the Sales Tax Revenues and having a lien on all or any portion of the Sales Tax Revenues which is subordinate to the lien thereon of the XXXXX Portions and the Additional XXXXX Portions but does not include any Credit Facility Obligations or Financial Products Agreements relating to any such Subordinate Xxxx Xxxxx.

Subordinate Xxxx Xxxxx means the Airports Authority’s revenue bonds or other indebtedness or obligations secured by the Subordinate Xxxx Xxxx Fund and subordinate to the Senior Xxxx Xxxxx. The term “Subordinate Xxxx Xxxxx” shall include notes, bond anticipation notes, commercial paper and other Short-Term/Demand Obligations, Regularly Scheduled Hedge Payments and other securities, contracts or obligations incurred through lease, installment purchase or other agreements or certificates of participation therein, in each case to the extent secured by the Subordinate Xxxx Xxxx Fund pursuant to a Supplemental Indenture.

Subordinate Xxxx Xxxxx shall include notes, bond anticipation notes, commercial paper and other Short-Term/Demand Obligations, Regularly Scheduled Hedge Payments and other securities, contracts or obligations incurred through lease, installment purchase or other agreements or certificates of participation therein, in each case to the extent secured by the Subordinate Xxxx Xxxx Fund pursuant to a Supplemental Indenture.

Subordinate Xxxx Xxxxx means the Borrower’s revenue bonds or other indebtedness or obligations secured by the Subordinate Xxxx Xxxx Fund under the Indenture and subordinate to the First Senior Xxxx Xxxxx and the Second Senior Xxxx Xxxxx.