Subordinate Interest definition
Examples of Subordinate Interest in a sentence
All security interests now or hereafter acquired by Silicon in any or all of the Collateral (as defined below), in which the Borrower now has or hereafter acquires any ownership, leasehold or other interest shall at all times be prior and superior to any lien, ownership interest, security interest or other interest or claim now held or hereafter acquired by the Creditor in the Collateral (the "Subordinate Interest").
Creditor represents and warrants that it has not heretofore transferred or assigned the Subordinated Debt, the Subordinate Interest or any financing statement naming Borrower as debtor and Creditor as secured party, and that it will not do so without prior written notice to Silicon and without making such transfer or assignment expressly subject to this Agreement.
For purposes of calculating the accrual of interest with respect to each Subordinate Interest and any Interest Accrual Period, the related Q-REMIC Interest Balance will be deemed to adjust at the beginning of such Interest Accrual Period.
On or before the date on which (x) regularly scheduled payments under a Hedge Agreement or Qualified Swap are due or (y) payments or reimbursements to an Enhancement Facility Provider are to be made, in each case relating to Subordinate Indebtedness, the Trustee shall pay to the persons entitled thereto from funds on deposit in the Subordinate Interest Account the corresponding amounts owing to such persons on such date.
Creditor represents and warrants that it has not heretofore transferred or assigned the Subordinated Debt, the Subordinate Interest or any financing statement naming Borrower as debtor and Creditor as secured party, and that it will not do so without prior written notice to Bank and without making such transfer or assignment expressly subject to this Agreement.