Common use of Junior Debt Clause in Contracts

Junior Debt. all Indebtedness of the Partnership that is subject to a satisfactory subordination agreement for purposes of Rule 15c3- l, and which (i) by the express terms of the instrument creating or evidencing such indebtedness is subordinated, in right of payment and upon liquidation, to the Notes at least to the same extent and in the same manner as the Notes are subordinated to the Senior Claims of present and future creditors of the Partnership, (ii) matures not earlier than the final maturity of the Notes, and (iii) has a Weighted Average Life to Maturity at the time of the issuance thereof which is more than the Weighted Average Life to Maturity of the Notes at such time. Lien -- any interest in property securing an obligation owed to, or a claim by, any Person other than the owner of the property, whether such interest shall be based on the common law, statute or contract,

Junior Debt. all Indebtedness of the Partnership that is subject to a satisfactory subordination agreement for purposes of Rule 15c3- l15c3-1, and which (i) by the express terms of the instrument creating or evidencing such indebtedness is subordinated, in right of payment and upon liquidation, to the Notes at least to the same extent and in the same manner as the Notes are subordinated to the Senior Claims of present and future creditors of the Partnership, (ii) matures not earlier than the final maturity of the Notes, and (iii) has a Weighted Average Life to Maturity at the time of the issuance thereof which is more than the Weighted Average Life to Maturity of the Notes at such time. Lien -- any interest in property securing an obligation owed to, or a claim by, any Person other than the owner of the property, whether such interest shall be based on the common law, statute or contract,.