Subordinate Debt means indebtedness secured hereby or by any Supplemental Indenture which is by its terms expressly subordinate and inferior hereto both in lien and right of payment.
Subordinate Debt means any loan, advances or indebtedness issued or incurred by the Successor Agency, which are either: (a) payable from, but not secured by a pledge of or lien upon, the Tax Revenues, including revenue bonds and other debts and obligations scheduled for payment pursuant to Section 34183(a)(2) of the Law; or (b) secured by a pledge of or lien upon the Tax Revenues which is subordinate to (i) the pledge of and lien upon the Tax Revenues hereunder for the security of the Bonds, and (ii) the Successor Agency’s obligation to reimburse the provider of a letter of credit, surety bond or similar instrument for the debt service reserve account for any Parity Debt.
Subordinate Debt means all indebtedness, liabilities and obligations of any nature or kind, present or future, direct or indirect, absolute or contingent, whether as primary debtor or surety, matured or not and at any time owing by the Borrower or any of its Subsidiaries to any Subordinate Party;
Examples of Subordinate Debt in a sentence
The Lien priority of any loan document entered into in connection with any Subordinate Debt shall cease (or any Borrower Party or an Affiliate of any Borrower Party shall so assert), to be validly subordinated to the Liens of the Security Documents in accordance with the Subordinate Debt Subordination Agreement.
The failure of GSH to comply with the material terms of any subordination provisions of any note or other document evidencing the Subordinate Debt and running to the benefit of Administrative Agent or Lenders, or if any such subordination provisions become null and void or unenforceable against any lender holding the Subordinate Debt.
More Definitions of Subordinate Debt
Subordinate Debt means the subordinate loan in the amount of $[ ] being made by the Subordinate Lender being as of the Closing Date pursuant to the Subordinate Loan Documents.
Subordinate Debt means indebtedness or other obligations (including leases and installment sale agreements) hereafter issued or incurred and secured by a pledge of and lien on Net Revenues subordinate to the Installment Payments.
Subordinate Debt means obligations of the Local Government secured by a pledge of Revenues expressly made subordinate to the pledge securing the Local Bond and any other Parity Bonds, and any obligations to make deposits related to reserve funds, rebate funds and similar funds or accounts established for the benefit of the Local Bond or any other Parity Bonds.
Subordinate Debt means any loans, advances or indebtedness issued or incurred by the Agency in accordance with the requirements of Section 2.07 which are either: (a) payable from, but not secured by a pledge of or lien upon, the Tax Revenues; or (b) secured by a pledge of or lien upon the Tax Revenues which is subordinate to the pledge of and lien upon the Tax Revenues hereunder for the security of the Loan and any Parity Debt.
Subordinate Debt means any loans, advances or indebtedness issued or incurred by the Successor Agency pursuant to Section 3.06, which are either: (a) payable from, but not secured by a pledge of or lien upon, the Pledged Tax Revenues; or (b) secured by a pledge of or lien upon the Pledged Tax Revenues which is expressly subordinate to the pledge of and lien upon the Pledged Tax Revenues hereunder for the security of the 2015 Bonds, the Existing Loans and any Parity Debt.
Subordinate Debt means indebtedness of Borrower payment of which, and any security for which, is made subordinate to Borrower's indebtedness to Bank and liens and security interests granted to Bank pursuant to a written subordination agreement in form and context satisfactory to Bank.
Subordinate Debt means any loans, advances, contracts or indebtedness issued or incurred by the Agency in accordance with the requirements of Section 3.08, which are either: (a) payable from, but not secured by a pledge of or lien upon, the Tax Revenues; or (b) secured by a pledge of or lien upon the Tax Revenues which is subordinate to the pledge of and lien upon the Tax Revenues hereunder for the security of the Bonds.