fully subordinated definition
fully subordinated means that any claim of the lender against the Borrower in relation to such indebtedness shall rank after and be in all respects subordinate to all of the rights and claims of the Creditor Parties under this Agreement and the other Finance Documents and that the lender shall not take any steps to enforce its rights to recover any monies owing to it by the Borrower and in particular but without limitation the lender will not institute any legal or quasi-legal proceedings under any jurisdiction at any time against the Ship, her Earnings or Insurances or the Borrower and it will not compete with the Creditor Parties or any of them in a liquidation or other winding-up or bankruptcy of the Borrower or in any proceedings in connection with the Ship, her Earnings or Insurances.
fully subordinated means that any claim of the lender against the Borrower in relation to such indebtedness shall rank after and be in all respects subordinate to all of the rights and claims of the Agent, the Hermes Agent and the Lenders under this Agreement and the other Security Documents and that the lender shall not take any steps to enforce its rights to recover any monies owing to it by the Borrower and in particular but without limitation the lender will not institute any legal or quasi-legal proceedings under any jurisdiction at any time against the Vessel, its Earnings or Insurances or the Borrower and it will not compete with the Agent, the Hermes Agent or the Lenders in a liquidation or other winding-up or bankruptcy of the Borrower or in any proceedings in connection with the Vessel, its Earnings or Insurances.
fully subordinated means that there shall be no right to accelerate payment and no payment of principal or interest until all amounts owing under the Finance Documents have been repaid and discharged in full
More Definitions of fully subordinated
fully subordinated means that there shall be no right to accelerate payment and no payment of principal or interest until all amounts owing under the Finance Documents have been repaid and discharged in full, except that interest on Fully Subordinated Loans may be paid out of amounts in the Available Amount Basket (and subject to the restrictions set out therein).
fully subordinated means that any claim of the lender against the Borrower or a wholly owned Subsidiary of the Borrower (as the case may be) in relation to such indebtedness shall rank after and be in all respects subordinate to all of the rights and claims of the Agent and the Lenders under this Agreement and the other Security Documents and that the lender shall not take any steps to enforce its rights to recover any monies owing to it by the Borrower or a wholly owned Subsidiary of the Borrower (as the case may be) and in particular but without limitation the lender will not institute any legal or quasi-legal proceedings under any jurisdiction at any time against the Vessels, their Earnings or Insurances or the Borrower or a wholly owned Subsidiary of the Borrower (as the case may be) and it will not compete with the Agent or the Lenders in a liquidation or other winding-up or bankruptcy of the Borrower or a wholly owned Subsidiary of the Borrower (as the case may be) or in any proceedings in connection with the Vessels, their Earnings or Insurances.