Secured Bond means a secured bond (i) that by its terms is not (and cannot by its terms become) subordinate (except with respect to liquidation preferences with respect to pledged collateral) in right of payment to any secured or unsecured obligation of the Obligor, including without limitation, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) that is secured by a valid perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under such obligation, (iii) with respect to which the Servicer determines in good faith that the value of the collateral securing the bond, together with other attributes of the Obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the sole business judgment of the Servicer, which judgment shall not be called into question as a result of subsequent events) to repay such bond plus all other obligations of equal or higher seniority secured by the same collateral, and (iv) that is not secured solely or primarily by the common stock or other equity interests of its Obligor or any of its affiliates.
Secured Bond means an unsubordinated first priority xxxx xxxx obligation that is not secured solely or primarily by the underlying Obligor’s common stock or other equity interests and has an initial Loan-to-Value Ratio not in excess of 65% in respect of which the underlying Obligor has a Net Leverage Ratio of 4.5x; provided further that, in the event a bond exceeds the Loan-to-Value Ratio and Net Leverage Ratio limitations in this definition, but would otherwise constitute a Secured Bond and would otherwise qualify as an Eligible Collateral Loan, then only the amount of such Secured Bond that exceeds such limitations shall be ineligible.
Secured Bond means a bond in which the issuer providesa collateral for debt repayment by means of mortgage, pledge, guarantor or any other collateral;
Examples of Secured Bond in a sentence
Allowed Secured Bond Claims shall be discharged once the applicable portion of the proceeds of the Series 2020 Bonds are made available to the Bond Trustee for payment to the Bondholders.
No Secured Bond shall be entitled to any right or benefit under this Resolution or shall be valid or obligatory for any purpose until such certificate of authentication shall have been duly executed by the Trustee.
Any reference to the payment of a Secured Bond shall be a reference to the payment of the Principal Installments or Redemption Price thereof and interest thereon.
The Secured Bonds incur interest on the paid-up amount at an annualised rate of 220 basis points above six-month LIBOR, payable semi-annually in arrears.On 21 March 2017, a £100m Secured Bond was issued for a 10-year term at a fixed coupon of 2.83% that matures on 21 March 2027.
The Issuer will use the net proceeds (i.e. net of fees and legal costs of the Managers and the Bond Trustee and any other cost and expenses incurred in connection with the Initial Bond Issue) from the Initial Bond Issue for refinancing of the Existing Secured Bond.
More Definitions of Secured Bond
Secured Bond means a Bond that is secured by a valid perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under the Bond and otherwise meets the requirements for a First Lien Obligation (but for the fact that the related obligation is a Bond and not a Loan).
Secured Bond means a secured bond (i) that is not (and cannot by its terms become) subordinated in right of payment by its terms to unsecured indebtedness of the Obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations) and the lien of which is not subordinated to any other secured obligation of the Obligor secured by all or a portion of the collateral securing such secured loan; (ii) is secured by a valid and perfected first priority Lien on all of the Obligor’s assets constituting Related Property for the Loan Asset, subject to any “permitted liens” as defined in the applicable Loan Asset Documents for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary; (iii) as of the date such Loan Asset is initially included in the Collateral, has a Loan-to-Value Ratio not greater than 55% and with respect to which the Obligor Net Leverage Ratio is less than 4.0 to 1.0; and (iv) that is not secured solely or primarily by the common stock or other equity interests of its Obligor or any of its affiliates.
Secured Bond means a type of bond for which the interest and principal payment upon its maturity is wholly or partially secured with assets of the bond- issuing corporation or with assets of a third party in accordance with the law on secured transactions or guaranteed in accordance with law.
Secured Bond means a type of bond that is guaranteed to pay all or part of the interest and principal upon maturity with the assets of the issuing enterprise or the assets of a third party in accordance with the provisions of law. security transaction law; or guaranteed payment as prescribed by law.
Secured Bond means a secured bond (i) that is not (and cannot by its terms become) subordinated in right of payment by its terms (including by operation of a payment waterfall in the Loan Asset Documents) to indebtedness of the Obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations) and the lien of which is not subordinated to any other secured obligation of the Obligor secured by all or a portion of the collateral securing such secured loan; (ii) is secured by a valid and perfected first priority Lien on all of the Obligor’s assets constituting Related Property for the Loan Asset, subject to any “permitted liens” as defined in the applicable Loan Asset Documents for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary; (iii) as of the date such Loan Asset is initially included in the Collateral, has a Loan-to-Value Ratio not greater than 55% and with respect to which the Obligor Net Leverage Ratio is less than 4.0 to 1.0; and (iv) that is not secured solely or primarily by the common stock or other equity interests of its Obligor or any of its affiliates.
Secured Bond means a secured bond (i) that is not (and cannot by its terms become) subordinated in right of payment by its terms to unsecured indebtedness of the Obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations) and the lien of which is not subordinated to any other secured obligation of the Obligor secured by all or a portion of the collateral securing such secured loan;(ii) is secured by a valid and perfected first priority Lien on all of the Obligor’s assets constituting Related Property for the Loan Asset, subject to any “permitted liens” as defined in the applicable Loan Asset Documents for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary; (iii) as of the date such Loan Asset is initially included in the Collateral, has a Loan-to-Value Ratio not greater than 55% and with respect to which the Obligor Net Leverage Ratio is less than 4.0 to 1.0; and (iv) that is not secured solely or primarily by the common stock or other equity interests of its Obligor or any of its affiliates.
Secured Bond means a type of bonds whose principal and interest payments, when they become due, are entirely or partially secured by a specific asset of the issuer or a third party in accordance with law regulations on secured transactions, or guaranteed in accordance with regulations of law.