Subordinate Documents definition
Examples of Subordinate Documents in a sentence
HUD requires as a condition of the RAD conversion that Lender and Borrower agree to subordinate the Subordinate Documents to the RAD Use Agreement.
By the same manner and means and at the same time as Subordinate Lender gives notice under the Subordinate Documents, Subordinate Lender shall give to Senior Lender copies of all notices of default under any of the Subordinate Documents, and also copies of all other notices required to be delivered to Borrower, Pledgors, or others under any of the Subordinate Documents.
Senior Lender and Subordinate Lender shall each provide to the other party a copy of any notice of an Event of Default under the Senior Documents or Subordinate Documents, respectively, contemporaneously with any notice to any Obligor; provided, however, that the failure to provide any such notice shall not be a defense to the performance or observance of Subordinate Lender’s obligations hereunder or to the Obligor's obligations under the Loan Documents.
In addition, if Bank has accelerated the maturity of the Obligations and initiated enforcement action against Borrowers within such thirty (30) day period, but after such thirty day period ceases to be pursuing enforcement actions in a manner which, in its reasonable determination, is intended to result in realization on the Collateral, then Holders may initiate and take enforcement under the Subordinate Documents consistent with the following provisions of this Section 4.
The Borrower further certifies that the Obligations constitute "Permitted Indebtedness" and the Liens granted pursuant to the Collateral Documents constitute "Permitted Liens," in each case, under the Indenture, and that the Obligations and the Liens granted pursuant to the Collateral Documents are not prohibited under the Indenture or any of the other Subordinate Documents.
The Lenders acknowledge that obligations of the Borrower and its Subsidiaries under the Indenture and the other Subordinate Documents, and certain obligations related thereto, are secured by Liens on assets of the Borrower and its Subsidiaries that constitute Collateral.
Subordinate Documents (excluding the AHSC Permanent Loan Documents except as otherwise provided in Section 4.1.12 above) and the AHAP Contract, each in a form acceptable to Bank.
The Borrower hereby certifies to the Agent and the Lenders that neither the execution, delivery or performance by the Borrower or any other Credit Party of the Credit Documents nor the incurrence of any Obligations, or the granting of any Liens pursuant to the Collateral Documents, by the Borrower or any other Credit Party violates the Indenture or any of the other Subordinate Documents.
The Subordinate Documents are deemed to have been executed and delivered and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this Agreement.
Except only for the Subordinate Rights and Interests as evidenced by the Subordinate Documents as in effect as of the Date hereof, neither Subordinate Lender nor any of its Affiliates has or (until Satisfaction of the Senior Obligations) shall have any rights whatsoever in or to any obligation, property, or interest whatsoever of Borrower, any Pledgor, or any Affiliate of Borrower or any Pledgor.