Structurally Senior Debt definition
Structurally Senior Debt has the meaning specified in Section 7.1.
Structurally Senior Debt means any payment obligation of Borrower or any other Related Entity secured by, or with respect to which the payee of such obligation (or any agent) has any security interest in or right to receive revenues or receipts of Borrower or such Related Entity (whether operating revenues, tax receipts, governmental subsidies, or other earnings, rents or payment rights of any nature) which revenues or receipts, but for such payment obligation, would reasonably be expected (based on the law, agreements, policies and practices relating to Borrower in effect or existing on the date hereof) to become part of the Trust Estate; except that Structurally Senior Debt shall not include obligations of the Triborough Bridge and Tunnel Authority or any refinancing or additional issuance of Borrower’s Dedicated Tax Fund Bonds or Subordinated Indebtedness; and “First Issuance” means the first issuance of Structurally Senior Debt secured or otherwise supported by revenues or receipts which, prior to such issuance, either constituted part of the Trust Estate or were not previously available to become a part of the Trust Estate, but does not include subsequent issuances of Structurally Senior Debt secured or otherwise supported by the same such revenues or receipts.
Structurally Senior Debt means, as of any date, the aggregate principal amount of (i) all Indebtedness of the Company's Restricted Subsidiaries as of such date, plus (ii) all Secured Indebtedness of the Company as of such date (exclusive of any such Indebtedness in the foregoing clauses (i) and (ii) which by its terms is expressly made subordinate to the Securities).