Subordinate Loan Obligations definition

Subordinate Loan Obligations means any and all obligations and advances arising out of or related to the Subordinate Loan Documents, without regard to the application of the proceeds of any such advances, together with all interest, prepayment premiums and other sums (including but not limited to closing costs, legal fees and costs, any and all related expenses) arising out of or related to the Subordinate Loan Documents, and any other debt, liability and obligation of every type and description which Borrower may now or at any time hereafter owe to Subordinate Lender, whether such debt, liability or obligation now exists or is hereafter created or incurred, and whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several or joint and several.

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Subordinate Loan Obligations means all money owed by, and all indebtedness, obligations, and agreements of every kind and nature of, Borrower to or with Subordinate Lender pursuant to the Subordinate Loan Documents, now existing or hereafter arising, whether in the form of loans, interest, Success Fees (as defined in the Subordinate Loan Agreement), charges, indemnities, expenses or otherwise, and whether direct or indirect, acquired outright, conditionally or as collateral security, absolute or contingent, joint or several, liquidated or unliquidated, secured or unsecured, arising by operation of law or otherwise, and all obligations of Borrower to Subordinate Lender to repay amounts due to Subordinate Lender under any existing or future agreements relating to any future advances, renewals, extensions or changes in form of, or substitutions for, any of said indebtedness or liabilities, all the other sums and charges to be paid to Subordinate Lender pursuant to the Subordinate Loan Documents, any Losses (as defined in the Subordinate Loan Agreement), and all interest and late charges on any of the foregoing.

Subordinate Loan Obligations means all present and future indebtedness, obligations and liabilities of Borrower under the Subordinate Loan Documents, including (a) all principal (including principal which is borrowed, repaid and reborrowed), interest (including interest accruing subsequent to, and interest that would have accrued but for, the filing of any petition under any bankruptcy, insolvency or similar law or the commencement of any Proceeding), default interest, late charges, prepayment fees, expenses, fees, reimbursement obligations relating to Subordinate Lender’s issuance or execution of standby letters of credit or developer’s agreements pertaining to the Property or surrounding properties, other reimbursements, interest rate swaps, collars or other interest rate protection agreements that Borrower may enter into with Subordinate Lender pertaining to the Subordinate Loan, indemnities and other amounts payable thereunder, in each case whether now or hereafter arising, direct or indirect, primary or secondary, joint, several or joint and several, liquidated or unliquidated, final or contingent, and whether incurred as maker, endorser or otherwise; (b) all indebtedness arising from all present and future optional or obligatory advances (including advances to cover overdrafts that pertain to the Property) under the Subordinate Note or any other Subordinate Loan Document, (c) any and all amendments, modifications, extensions, renewals, refinancing or refundings of any of such indebtedness, obligations or liabilities, and (d) any and all sums advanced or expended by Subordinate Lender (whether deemed optional or obligatory advances, or otherwise) which Subordinate Lender deems necessary or appropriate (1) to advance or complete construction of the Property and any Improvements and market the Property or any portion thereof for sale, (2) to repair, maintain or otherwise protect the Property and any Improvements or to prevent waste or destruction or to pay or prevent liens or to defend Borrower’s title or Subordinate Lender’s lien priority, (3) to pay taxes, assessments or insurance premiums in respect of the Property or any Improvements or to otherwise protect Subordinate Lender’s security interest in the Property, any Improvements and any other Collateral, or (4) in connection with Subordinate Lender’s protection or exercise of its rights or remedies under the Subordinate Loan Documents. To the extent any payment on any of the Subordinate Loan Obligations, whether by or on behalf...

Examples of Subordinate Loan Obligations in a sentence

As used herein, “Subordinate Permitted Scheduled Payments” shall mean the payments permitted to be made with respect to Subordinate Loan Obligations pursuant to Section 4.1 of the Lock Box Agreement.
So long as no Senior Default is existing under the Senior Loan Documents and no Junior Default is existing under the Junior Loan Documents, Subordinate Lender may collect and receive Subordinate Permitted Scheduled Payments on account of the Subordinate Loan Obligations.
So long as the Senior Loan Obligations, Junior Loan Obligations and the Subordinate Loan Obligations remain outstanding, either party shall execute, acknowledge, and deliver upon the demand of the other party, at any time or times, any and all further documents or instruments in recordable form for the purpose of further confirming the subordination and the agreements herein set forth.
Except as otherwise provided in the Lock Box Agreement, no payment shall be made on account of the Subordinate Loan Obligations at any time when a Senior Default is existing under the Senior Loan Documents or a Junior Default is existing under the Junior Loan Documents.
The Subordinate Lender hereby agrees that the Subordinate Loan Obligations (and the Liens on Collateral securing any Subordinate Loan Obligations) will at all times be junior and subordinate in all respects to any such Refinancing Indebtedness and the Borrower's obligations under such Refinancing Indebtedness will automatically be treated as Senior Loan Obligations for all purposes of this Agreement, including for purposes of lien priority and rights in respect of the Collateral as set forth herein.
For this school year, licensed staff will move two steps vertically on the salary schedule (due to the step being frozen in 2015-2016).
Subordinate Lender hereby acknowledges a Lien on Collateral securing any Senior Loan Obligations (including for the avoidance of doubt any Senior Loan Obligation arising out of Refinancing Indebtedness) will at all times be senior and prior in all respects to any Lien on such Collateral securing Subordinate Loan Obligations.