Examples of Subordinated Secured Obligations in a sentence
Until the Senior Secured Obligations have been paid in full as provided for in the Senior Loan Documents, Argyle shall not (i) ask, demand, or sue xxx any payment, distribution or any other remedy in respect of the Subordinated Secured Obligations, or (ii) commence, or join with any other creditor (other than the Senior Lenders) in commencing, any Insolvency Event.
When all Senior Secured Obligations then outstanding have been paid in full and the Senior Lenders' obligations to extend credit under all Senior Loan Documents have been terminated, Argyle shall be subrogated to the rights of the holders of Senior Secured Obligations to receive payments or distributions of assets of the Borrower that would be deemed payable on the Senior Secured Obligations until the Subordinated Secured Obligations shall be paid in full.
The Council’s Parks Service has indentified a suitable alternative site within Gladstone Park which is estimated could be converted into an access friendly, modern allotment site for circa £250,000.
Until the Senior Secured Obligations have been paid in full, the payment of the Subordinated Secured Obligations shall be postponed and subordinated to the payment of all of the Senior Secured Obligations except that the Subordinated Secured Obligations can be converted in whole or in part into equity of the Borrower at any time in accordance with the Subordinated Loan Documents.
Except as provided in the immediately preceding sentence, Argyle shall accept no payments or other distributions whatsoever on account of the Subordinated Secured Obligations under and pursuant to the Subordinated Loan Documents, nor shall any property or assets of the Borrower be applied to the purchase or acquisition or retirement of any of the Subordinated Secured Obligations.