Subordinate Lien definition

Subordinate Lien. Instrument: Any mortgage, deed of trust, lien instrument, pledge, lien (statutory, constitutional or contractual), security interest, encumbrance or charge, conditional sale or other title retention agreement, covering all or any part of the Mortgaged Property executed and delivered by Borrower, the lien of which is subordinate and inferior to the lien of the Lien Instrument.
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Subordinate Lien shall have the meaning set forth in Section 8M. ----------------
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Subordinate Lien means a lien on one or more categories of Revenues which is not a Senior Lien. "Subordinate Lien Obligations" means Revenue Obligations or Telecom Loan Obligations which only have
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Examples of Subordinate Lien in a sentence

  • At any time that a Term Loan is outstanding, the Lender shall notify the Authority and the Subordinate Lien Trustee of any change in Lender’s Prime Rate used in determining the Base Rate promptly following the establishment of such change; provided, however, that the failure by the Lender to provide notice of such change shall not relieve the Authority of its obligation to make payment of amounts as and when due hereunder.

  • Subordinate Lien Obligations shall be in all respects of equal dignity and on parity with any then Outstanding Subordinate Lien Obligations.

  • To the extent that any Subordinated Debt is now or hereafter secured by a lien or security interest (a "Subordinate Lien") against any real or personal property that is also subject ---------------- to a lien or security interest securing the Senior Debt (a "Senior Lien"), each ----------- of the holders of Subordinated Debt agrees that such Subordinate Lien shall be second, junior and subordinate to such Senior Lien and such Senior Lien shall be first and prior to such Subordinate Lien.

  • To the extent the City enters into such agreements and pledges Net Operating Revenues, Designated Revenues or Junior Subordinate Lien Revenues to the payments due under such agreements, the City may do so if the City satisfies the tests for additional Revenue Obligations set forth in the Senior Lien Revenue Obligation Documents, the Junior Lien Revenue Obligation Documents and the Junior Subordinate Lien Revenue Obligation Documents, as applicable, subject to the provisions set forth below.

  • To the extent that any Subordinated Debt is now or hereafter secured by a Lien or security interest (a "Subordinate Lien") against any real or personal property that is also subject to a Lien or security interest securing the Senior Debt (a "Senior Debt"), the Subordinate Creditor agrees that such Subordinate Lien shall be second, junior and subordinate to such Senior Lien and such Senior Lien shall be first and prior to such Subordinate Lien.

  • Notwithstanding any transfer or assignment, the Authority and the Subordinate Lien Trustee shall be required to deal only with the Lender.

  • The Lender and its affiliates may accept deposits from, extend credit to and generally engage in any kind of banking, trust or other business with the Authority and the Subordinate Lien Trustee regardless of the capacity of the Lender hereunder.

  • Each Advance shall be made by the Lender by wire transfer of immediately available funds to the Subordinate Lien Trustee (on behalf of the Authority) in accordance with written instructions provided by the Authority.

  • In addition, the City shall establish, maintain and enforce schedules of rates, fees and charges for the use of the System sufficient at all times to produce Junior Subordinate Lien Revenues in an amount equal to Maximum Annual Junior Subordinate Lien Debt Service.

  • Each Series of Subordinate Lien Obligations shall be created and delivered pursuant to a Supplemental Agreement.


More Definitions of Subordinate Lien

Subordinate Lien means a lien on one or more categories of Revenues which is not a Senior Lien. "Subordinate Lien Obligations" means Revenue Obligations which only have a Subordinate Lien and
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Subordinate Lien means any Lien securing any Subordinated Debt. Subordinated Creditor agrees that each Subordinate Lien shall be second, junior and subordinate to the Liens securing the Senior Indebtedness and the Liens securing the Senior Indebtedness shall be first and prior to each Subordinate Lien. It is further agreed that the priorities specified in the preceding sentence are applicable irrespective of the time or order of attachment or perfection of Liens, the time or order of filing of Liens, the time or order of filing of financing statements, the time or order of obtaining control or possession, the giving or failure to give notice of the acquisition or expected acquisition of any purchase money Liens, the failure to perfect the Liens securing the Senior Indebtedness or the failure of the holder of the Senior Indebtedness to obtain control or possession of any collateral. Subordinated Creditor hereby agrees and confirms that (i) Subordinated Creditor shall have no independent right of foreclosure not fully subordinated pursuant to this Agreement, (ii) until the Senior Indebtedness is paid in full, Lender has no agreement is in existence whereby Lender may make advances to Debtor or create Senior Indebtedness and this Agreement is terminated by Debtor's receipt of a Lender Termination Notice, Subordinated Creditor's only rights and remedies are to receive net proceeds on foreclosure of collateral as provided in this Agreement and (iii) at the request of the holders of the Senior Indebtedness, Subordinated Creditor shall execute and deliver to the holders of the Senior Indebtedness, such termination statements and releases as such holders shall request to release the Subordinate Liens. Subordinated Creditor further agrees that so long as any of the Senior Indebtedness shall remain unpaid, Lender shall have any agreement in existence whereby Lender may make advances to Debtor or create any Senior Indebtedness and this Agreement is terminated by Debtor's receipt of a Lender Termination Notice, Subordinated Creditor will not take any action, judicial or otherwise, to repossess, dispose of, foreclose, realize upon, release or otherwise exercise any rights it may have with respect to any collateral securing the Subordinated Debt or otherwise enforce any Subordinate Lien, or any other rights or remedies in respect thereof. Subordinated Creditor further confirms and agrees that (a) Subordinated Creditor shall have no right to compel action by Lender or the holders of Seni...
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Subordinate Lien means any pledge, lien, security interest, encumbrance or charge of any kind on or in any Gross Revenues which is subordinate in priority and junior to the lien of the Indenture on or in such Gross Revenues.
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Subordinate Lien means a subordinate lien on owner- occupied housing.
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Subordinate Lien means any Lien securing the Subordinate Obligations.
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Related to Subordinate Lien

  • Subordinate Obligations means, collectively, the Subordinate Notes and any Other Subordinate Obligations.

  • Subordinate Note means the promissory note or other evidence of the Subordinate Indebtedness and any replacement of the Subordinate Note.

  • Subordinate Lender means the person or entity named as such in the first paragraph of this Agreement and any other person or entity who becomes the legal holder of the Subordinate Note after the date of this Agreement.

  • 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.

  • Senior Creditor means a holder or holders of Senior Indebtedness and includes any representative or representatives, agent or agents or trustee or trustees of any such holder or holders;