Subordinated Payment definition

Subordinated Payment has the meaning given to it in Clause 22.13 (Restricted payments).

Subordinated Payment means payments of interest on, or payments or prepayments of principal of, or the setting apart of money for a sinking or other analogous fund for the purchase, redemption, retirement or other acquisition of any principal or interest on (a) Debt of the Company (including, without limitation, Senior Subordinated Debt) or any Guarantor which is subordinate or junior in right of payment or otherwise to the Debt evidenced by the Notes or the Joint and Several Guaranty or (b) Debt owing to any Affiliate. Subsidiary — means, as to any Person, any corporation, association or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries (unless such partnership can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. Subsidiary Stock — Section 6.15(b). Surviving Corporation — Section 6.14(a)(i).

Subordinated Payment has the meaning specified in Section 4.1.

Examples of Subordinated Payment in a sentence

• The Subordinate Bonds will be paid from the 1% Sales Tax and any other revenues deposited pursuant to the Senior Resolution that are transferred to the Senior Subordinated Payment Fund established under the Senior Resolution after sufficient amounts are deposited in the funds and accounts securing the Senior Bonds.

• The pledged moneys and securities include the following: (i) amounts derived from the 1% Sales Tax (less certain statutory refunds) or other sources and paid over to the Subordinate Debt Service Fund from the Senior Subordinated Payment Fund.

• The Company shall give prompt written notice to the holder of this Note of any declaration of any Senior Debt as due and payable before its stated maturity and of any event which pursuant to this Section would prevent payment or distribution of any Subordinated Distribution or any Subordinated Payment with respect to this Note.

• In addition, if such a payment is due to the Swap Counterparty (other than where it constitutes a Swap Counterparty Subordinated Payment) under the Swap Agreement it will rank in priority to payments due from the Issuer under the Notes under the applicable Priority of Payments, and could affect the availability of sufficient funds of the Issuer to make payments of amounts due from it under the Notes in full.

• Furthermore, if the Swap Mortgage Receivables amortise more quickly or more slowly than expected, the Swap Counterparty may be entitled to receive a payment (the “NAMS Rebalancing Payment”), which will be payable pari passu with payment of the Swap Counterparty Subordinated Payment.

More Definitions of Subordinated Payment

Subordinated Payment shall have the meaning specified in Section 3.2 hereof.

Subordinated Payment means a payment obligation that is junior and subordinate in right of payment and security to the Permitted Parity Indebtedness and which satisfies the requirements of Section 7.09(c)(ii) and (iii), as applied to such payment obligation, mutatis mutandis, including without limitation the requirement that all Operation and Maintenance Costs which are due and payable and all Permitted Parity Indebtedness at any time due and owing, whether by reason of scheduled payment of principal or interest, by acceleration, required prepayment, upon maturity or for any other reason, shall be paid in full, with interest in respect thereof (including default interest), prior to the payment of such subordinated payment obligation.

Subordinated Payment means any payment of any sort (including any discharge byway of set-off) whether in cash or in kind, made by or on behalf of ProjectCo, the Issuer or HoldCo to (in the case of ProjectCo or the Issuer), HoldCo or (in the case of HoldCo), any Shareholder, any Junior Creditor, any holding company of any Shareholder, any subsidiary of any Shareholder or any subsidiary of any holding company of any Shareholder howsoever the same may arise and whether pursuant to the terms of an agreement or otherwise or by way of gift but shall not include:

Subordinated Payment means any payment of the Subordinated Obligations, regardless of its form, whether consisting of cash, property or securities, by set-off or otherwise, and including without limitation any redemption, retirement, purchase, repayment or other acquisition of the GMSP Preferred Stock or the Stalxxxxx Xxxferred Stock, or any sinking fund payment, that is required under the terms of the Subordinated Documents, provided that "Subordinated Payments" shall not include: (a) any payment made through the issuance or receipt of Exchange Securities (as hereinafter defined), or (b) any payment made through the issuance of additional shares of preferred stock containing the same terms as the preferred stock in respect of which the additional shares are being issued ("PIK Preferred Shares").

Subordinated Payment means payments of interest on, or payments or prepayments of principal of, or the setting apart of money for a sinking or other analogous fund for the purchase, redemption, retirement or other acquisition of any principal or interest on (a) Debt of the Company (including, without limitation, Senior Subordinated Debt) or any Guarantor which is subordinate or junior in right of payment or otherwise to the Debt evidenced by the Notes or the Joint and Several Guaranty or (b) Debt owing to any Affiliate. Subsidiary — means, as to any Person, any corporation, association or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries (unless such partnership can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. Subsidiary Stock — Section 6.15(b). Sun Land — means Sun Land Beef Company, an Arizona corporation and a Wholly-Owned Subsidiary. Surviving Corporation — Section 6.14(a)(i).

Subordinated Payment is defined in Section 3.

Subordinated Payment has the meaning specified in Section 401.