Subordinate Claim definition
Subordinate Claim means a subordinate claim within the meaning of subsection 563A(2) of the Corporations Act, against the Company in respect of any fact, matter, circumstance or event which has arisen or occurred at any time prior to the commencement of Step 12 (Compromise of Subordinate Claims). In broad terms, a subordinate claim for these purposes means a claim:
Subordinate Claim means all of Borrower’s indebtedness, liabilities and liens to Subordinate Lender arising under the Subordinate Mortgage, including but not limited to the Construction Note dated October 23, 2007, and any and all documents, instruments and agreements executed by, or assigned to and assumed by, Borrower in connection therewith.