Subordinate Obligations definition

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

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Subordinate Obligations means obligations having a lien on the Net Revenues which is subordinate to the lien of the Second Lien Bonds. Restrictions on Subordinate Obligations are described in Section 6.

Subordinate Obligations means, collectively, the Class B Notes and any Other Subordinate Obligations.

Examples of Subordinate Obligations in a sentence

• Such subordinate obligations shall either be on a parity with the Subordinate Obligations in all respects or may be subordinate to the Subordinate Obligations in respect of each of the provisions of this Indenture which express the subordination of the Subordinate Obligations.

• The Trustee shall also pay out of the Subordinate Debt Service Fund the accrued interest included in the Purchase Price of any Subordinate Obligations purchased for retirement pursuant to this Master Indenture.

• The priorities herein specified are applicable irrespective of the time of creation of the Senior Obligations or the Subordinate Obligations.

• Borrower shall not voluntarily prepay any principal (including the making of any sinking fund payment), interest or any other amount in respect of Subordinate Obligations.

• Subordinate Lender does hereby agree that, notwithstanding anything provided in the Subordinate Loan Documents to the contrary, so long as the Senior Obligations remain outstanding, unless Senior Lender shall consent in writing: (A) all of the Senior Obligations shall be paid and satisfied in full before any payment is made on account of the Subordinate Obligations; and (B) no prepayment of the Subordinate Obligations shall be made.

More Definitions of Subordinate Obligations

Subordinate Obligations means all Indebtedness of Borrower subordinated to the Obligations pursuant to subordination and/or intercreditor agreements in form satisfactory to Lender.

Subordinate Obligations means any Board Obligations that are made specifically subordinate as to payment and security to the Bonds and the Parity Obligations. Subordinate Obligations may include, without limitation, Reimbursement Obligations and Ancillary Contract Obligations.

Subordinate Obligations means obligations having a lien on the Net Revenues which is subordinate to the lien of the Bonds. Restrictions on Subordinate Obligations are described in Section 8. On the date of this Master Declaration, the City has no borrowing outstanding with a subordinate lien on the Net Revenues.

Subordinate Obligations means any bonds, notes, debentures, or other multiple fiscal year financial obligations having a lien upon the Pledged Revenue or any part thereof junior and subordinate to the lien thereon of the Bonds, and any other obligation designated by the District, in the resolutions, indentures, or other documents pursuant to which such obligations are issued, as constituting a Subordinate Obligation hereunder, provided that such obligations are required to be issued in accordance with the provisions of Section 4.04(d) hereof. Any Subordinate Obligations hereafter issued may be issued pursuant to such resolutions, indentures, or other documents as may be determined by the District. Unless specifically designated as such by the District, obligations payable from an Unencumbered Debt Service Mill Levy shall not constitute Subordinate Obligations hereunder.

Subordinate Obligations means the obligations of the Municipality that are subordinate in payment to the Repayment Installments and to the Parity Obligation Payments.

Subordinate Obligations means (i) the Corporation’s obligation to make Termination Payments and (ii) any other payment obligation of the Corporation that arises under a contract, agreement or other obligation of the Corporation and has been designated in writing to the Trustee by an Authorized Officer as a Subordinate Obligation hereunder.

Subordinate Obligations means, obligations, the payment of which, shall be subordinate for the payment of Debt Service, as shall be determined by the Common Council and as set forth in Section 12(C) of this Ordinance.