ABEC Indebtedness means the Subordination Agreement (American Baptist Service Corporation Deed of Trust) dated as of October 1, 2003, by and among American Baptist Extension Corporation, as successor to American Baptist Service Corporation, HG Arizona, the Master Trustee, and Santander Bank, N.A., as successor to Sovereign Bank, as amended, and as the same may be amended from time to time, and any renewals or replacements thereof.
The ABEC Indebtedness requires pro rata payments to be made on the ABEC Indebtedness when a payment is made on the HG NorCal Indebtedness.
While the ABEC Indebtedness is not secured by an Obligation issued under the Master Indenture, payment on the ABEC Indebtedness is not subordinated to payments on the Washington Series 2018 Obligation.
In addition, at the time of issuance of the Bonds, the ABEC Indebtedness in the amount of $800,000 (as described in APPENDIX A hereto) will be and remain outstanding.
Assumes level principal payments on the ABEC Indebtedness commencing in 2021.