Junior Security definition

Junior Security of a Person means, when used with respect to the Securities of any series, any Qualified Capital Stock of such Person or any Indebtedness of such Person that is subordinated in right of payment to the Securities of such series and has no scheduled installment of principal due, by redemption, sinking fund payment or otherwise, on or prior to the Stated Maturity of the Securities of such series.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Junior Security means, when used with respect to the Securities of any series, any Qualified Capital Stock of the Company or any Subsidiary or any Debt of the Company that is subordinated in right of payment to the Securities of such series and has no scheduled installment of principal due, by redemption, sinking fund payment or otherwise, on or prior to the Stated Maturity of the Securities of such series.

Junior Security of a Person means, when used with respect to the Securities of any series, any Qualified Capital Stock of that Person or any Indebtedness of that Person that is subordinated in right of payment to Senior Indebtedness of the Company to substantially the same extent as, or to a greater extent than, the Securities of that series and has no scheduled installment of principal due, by redemption, sinking fund payment or otherwise, on or prior to the last Stated Maturity of the Securities of that series.

Examples of Junior Security in a sentence

• Where any act requires the consent or approval of the First Mortgagee under the terms of any of the Senior Security Documents and the same or a similar act requires the consent or approval of the Second Mortgagee under any of the Junior Security Documents, the consent or approval of the First Mortgagee shall be deemed also to constitute the consent or approval of the Second Mortgagee.

• Promptly following payment to the Second Mortgagee of the full amount of the Junior Indebtedness the Second Mortgagee will do whatever is necessary to discharge the Junior Security Documents and to release the Owner from any further obligations under or pursuant to the Junior Security Documents.

• Such Successor Borrower shall assume the obligations under the Note or the Defeased Note, as applicable, and the Security Agreement and, if applicable, the Junior Security Agreement and Borrower shall be relieved of its obligations under such documents.

• Promptly following payment to the Fourth Mortgagee of the full amount of the Junior Indebtedness the Fourth Mortgagee will do whatever is necessary to discharge the Junior Security Documents and to release the Owner from any further obligations under or pursuant to the Junior Security Documents.

• Where any act requires the consent or approval of the Senior Mortgagees under the terms of any of the Senior Security Documents and the same or a similar act requires the consent or approval of the Fourth Mortgagee under any of the Junior Security Documents, the consent or approval of the Senior Mortgagees shall be deemed also to constitute the consent or approval of the Fourth Mortgagee.

More Definitions of Junior Security

Junior Security means any securities of the Company or any other Person that are (i) equity securities without special covenants or (ii) subordinated in right of payment to all Senior Indebtedness of the Company or any Guarantor, as the case may be, to substantially the same extent as, or to a greater extent than, the Notes are subordinated as provided in this Indenture, in any event issued pursuant to a court order so providing and as to which:

Junior Security means Common Stock and any other equity security, other than the Series A Redeemable Preferred Stock, of any kind which the Corporation at any time issues or is authorized to issue.

Junior Security means the Series C Convertible Preferred Stock, the Corporation's Common Stock and any other equity security of any kind which the Corporation or any Subsidiary shall at any time issue or be authorized to issue other than preferred stock.

Junior Security means any Qualified Capital Stock and any Indebtedness of the Company or the Guarantor, as applicable, that:

Junior Security means Common Stock and --------------- any other equity security (other than the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock) of any kind which the corporation at any time issues or is authorized to issue."

Junior Security means any class or series of capital stock of the Corporation hereafter created that does not, by its terms, rank senior to or pari passu with the Series A Preferred Stock.

Junior Security of any Person means any Qualified Capital Stock of such Person or any Indebtedness of such Person that is subordinated in right of payment to the Debentures and has no scheduled installment of principal due, by redemption, sinking fund payment or otherwise, on or prior to the Stated Maturity of the Debentures.