Terms of Subordination. All Indebtedness (such term and other capitalized terms used herein, unless otherwise defined herein, shall have the meaning specified in the Credit Agreement to which this Schedule 5.12 is attached) incurred by the Borrower, other than the Senior Obligations (as defined below), shall be subject to the following terms and conditions, which shall be incorporated in a written agreement (each, a “Subordination Agreement”) between the Borrower and each Person (or an agent acting on behalf of such Person) (such Person, a “Subordinated Lender”) to which any such Indebtedness is owed.
Terms of Subordination. Unless and until the Senior Debt shall have been irrevocably paid in full and the Senior Creditor shall have no commitment to extend further Senior Debt, the payment and performance of the Subordinated Debt is hereby made expressly subordinate and junior in right of payment and performance to the prior payment and performance of all obligations and liabilities under the Senior Debt to the extent and in the manner set forth in this Section 2.
Terms of Subordination. For the purpose of calculating the financial covenants under this clause 18, the Borrower may procure any Inter-Group Borrowing or any Third Party Borrowing be deemed and treated as Subordinated Indebtedness pursuant to a Group Subordination Deed or, as the case may be, a Third Party Subordination Deed. In either case, the Borrower may subsequently at its option de-subordinate any such Subordinated Indebtedness in accordance with the terms of the Group Subordination Deed or, as the case may be, the Third Party Subordination Deed relating thereto provided that such de-subordination applies to all but not part only of such Subordinated Indebtedness and provided further that the following conditions have been satisfied:
Terms of Subordination. 44 (i) RECEIPT, DISTRIBUTION AND APPLICATION OF INCOME FROM THE INDENTURE ESTATE
Terms of Subordination. Subject to Section 3.04(c), ---------------------- the Series B Certificates and all other sums payable to the holders thereof under the Operative Agreements shall be subordinate and junior in right of payment to the Series A Certificates and all other sums payable to the holders thereof under the Operative Agreements to the extent and in the manner hereinafter set forth:
Terms of Subordination. All Shareholder Loans shall be subject to the following terms (the “Terms of Subordination”):
Terms of Subordination. Any Indebtedness to any Person issued pursuant to Section 8.1(g) or contemplated by Section 8.12(b) (herein collectively referred to as "Section 8.1(g) Indebtedness") shall be subordinated to the Credit Party Obligations in the manner set forth below:
Terms of Subordination. All capitalized terms used but not defined herein shall have the meanings set forth in the Credit Agreement.
Terms of Subordination. Exhibits Exhibit A-1.......- Form of Revolving Credit Note
Terms of Subordination. The Lender and the Borrower agree that the lien granted by the Borrower hereunder to secure the Liabilities is subordinate, to the extent and in the manner set forth in this Agreement, to the lien of the First Mortgage Bond Indenture and any and all of the bonds outstanding from time to time thereunder (the “Senior Obligations”). Notwithstanding the order or time of creation, acquisition, attachment, or the order, time, or manner of perfection, or the order or time of filing or recordation of any document or instrument, or other method of perfecting a security interest or Lien on and against any of the Collateral or other assets of the Borrower, the Lender agrees that any Lien or security interest now or hereafter existing in and to the Collateral in favor of the Lender shall be and at all times remain subject and subordinate in all respects to any Lien or security interest which may now or hereafter at any time or from time to time be granted pursuant to the First Mortgage Bond Indenture on or in any or all of the Collateral as security for the Senior Obligations.
