Examples of Subordinate Loan Agreement in a sentence
Borrower and Lenders are entering into a security agreement under which Borrower grants to Senior Lenders on a senior basis and to Subordinate Lender on a subordinate basis (i) a security interest in Borrower’s rights under the City PFS Agreement to secure Borrower’s obligations under the Senior Loan Documents and the Subordinate Loan Agreement and (ii) a security interest in Borrower’s rights as assignee under the Intergovernmental Agreement.
Pursuant to the Deposit Account Control Agreements, as and when Pay-for-Success Payments are due to Borrower under the City PFS Agreement, the Lender Representative will have the authority to cause all of such amounts to be paid directly from the Designated Accounts to Senior Lenders and Subordinate Lender for the account of Borrower in accordance with the Priority of Payments Schedule for application to the obligations of Borrower under the Senior Loan Agreements and the Subordinate Loan Agreement.
The Subordinate Loan is evidenced by the Subordinate Note and is secured by the Subordinate Mortgage, the Subordinate Loan Agreement and the Subordinate Loan Documents.
The Subordinate Loan Agreement also says that the “Indenture and this Loan Agreement are and shall be subject and subordinate in all respects .
By Its Mayor By Its City Manager Execution page of the Borrower to the Subordinate Loan Agreement, dated as of the date and year first written above.