Junior Loans. Senior Lender hereby acknowledges that (i) no Junior Borrower will ever have any liability or obligation whatsoever with respect to the Senior Note or otherwise in connection with the payment of the Senior Loan; (ii) the Senior Loan does not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Separate Collateral securing any Junior Loan; (iii) the Senior Loan does not grant to Senior Lender the status as a creditor of any Junior Borrower; (iv) Senior Lender shall not assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Separate Collateral securing any Junior Loan; (v) Senior Lender shall not assert, claim or raise as a defense any status as a creditor of any Junior Borrower in any action or proceeding, including any insolvency or bankruptcy proceeding commenced by or against any Junior Borrower; and (vi) Senior Lender shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Senior Loan as having conferred upon Senior Lender any lien or encumbrance upon, or security interest in, the Separate Collateral securing any Junior Loan or as having conferred upon Senior Lender the status of a creditor of any Junior Borrower.
Junior Loans. Notwithstanding anything to the contrary in any Operative Agreement upon not less than thirty (30) days’ prior written notice to the parties hereto, if no Event of Default has occurred and is continuing, Borrower shall have the right to issue, at any time within eighteen (18) months following the closing date of the financing of the final Eligible Aircraft, additional debt secured by a Lien on the Aircraft junior to the Lien of the Mortgage (a “Junior Loan”); provided, that there shall be no more than three (3) Eligible Aircraft secured by a Junior Loan at any time. In connection with any such Junior Loan with respect to the Aircraft, each of the parties hereto (or their successors) and the lender(s) providing such Junior Loan will execute and deliver an intercreditor agreement dealing with the terms of subordination and enforcement of remedies and other intercreditor matters in form and substance reasonably satisfactory to the parties hereto (or their successors) and the lender(s) providing such Junior Loan, which agreement shall ensure there is no diminution of Security Agent’s first priority and perfected Lien in the Aircraft and all other then-existing Collateral. Borrower shall reimburse Security Agent and the Lenders for all of their reasonable out-of-pocket fees and expenses (including reasonable fees and disbursements of counsel) incurred in connection with documenting any such Junior Loan.
Junior Loans. Subject to the terms and conditions set forth herein each Junior Loan Lender agrees, severally and not jointly, that the outstanding Junior Loans (as defined in the Existing DIP Term Loan Agreement) immediately prior to giving effect to this Agreement in an amount equal to the amount set forth opposite such Junior Loan Lender’s name on Schedule 2.01(b) hereto are hereby exchanged for Junior Loans and deemed borrowed hereunder (the “Junior Loans”).
Junior Loans. Senior Lender hereby acknowledges that (i) no Junior Borrower will ever have any liability or obligation whatsoever with respect to the Senior Note or otherwise in connection with the payment of the Senior Loan; (ii) the Senior Loan does not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Separate Collateral securing any Junior Loan, and the Separate Collateral securing any Junior Loan is not collateral for the Senior Loan; (iii) the Senior Loan does not grant to Senior Lender the status of a creditor of any Junior Borrower; (iv) Senior Lender shall not assert, claim, or raise as a defense, any such lien, encumbrance, or security interest in the Separate Collateral securing any Junior Loan; (v) Senior Lender shall not assert, claim, or raise as a defense any status as a creditor of any Junior Borrower in any action or proceeding, including any Proceeding commenced by or against any Junior Borrower; (vi) Senior Lender shall not assert, pursue, confirm, or acquiesce in any way to any recharacterization of the Senior Loan as having conferred upon Senior Lender any lien or encumbrance upon, or security interest in, the Separate Collateral securing any Junior Loan or as having conferred upon Senior Lender the status of a creditor of any Junior Borrower, and (vii) Junior Lenders may obtain title to their respective Separate Collateral subject to the terms of Section 6 and Senior Lender hereby consents thereto. Notwithstanding any provisions herein to the contrary, Senior Lender agrees that no default or Event of Default under any Junior Loan Documents shall, in and of itself, constitute or give rise to a default or Event of Default under the Senior Loan Documents, entitle Senior Lender to accelerate payments under the Senior Loan Documents or entitle Senior Lender to modify any provisions of the Senior Loan Documents; provided, however, the circumstances giving rise to a default or Event of Default under any Junior Loan Documents may independently give rise to a default or Event of Default under the Senior Loan Documents as provided for therein. Notwithstanding any provisions herein to the contrary, Senior Junior Lenders agree that no default or Event of Default under any Junior Loan Documents shall, in and of itself, constitute or give rise to a default or Event of Default under the Senior Junior Loan Documents, entitle any Senior Juni...
Junior Loans. From and after the Closing Date, (x) 9.75% Tranche Loans shall bear interest at a rate equal to 9.75% per annum and (xy) 10.625% Tranche Loans shall bear interest at a rate equal to 10.625% per annum, in each case, payable in arrears semi- annually in kind and added to the principal amount of the 9.75% Tranche Loans or 10.625% Tranche Loanscash, respectively, on March 1 and September 1, in the case of the 9.75% Tranche Loans, and March 15 and September 15, in the case of the 10.625% Tranche Loans and deemed to be additional 9.75% Tranche Loans and 10.625% Tranche Loans, respectively, and additional Junior Loans made hereunder; provided, however, that if the holders under the Existing Second Lien Debt are paid interest in cash as adequate protection under the DIP Order (including Current Interest (as defined in the DIP Order)), interest on the Junior Loans (except with respect to any accrued and unpaid interest included on the Closing Date in the principal amount of the Junior Loans) shall be paid in cash to the same extent, and at such intervals, as paid to the Existing Second Lien Debt in which case such cash payments shall reduce the amount of interest otherwise due for such semi-annual period.
Junior Loans. The aggregate principal amount of the Junior Loan Certificates of each Series shall amortize quarterly on each Interest Payment Date (the first of which being the first Interest Payment Date following the Delivery Date of the related Designated Aircraft) as provided in Schedule 3(a)(ii) hereto.
Junior Loans. From and after the Closing Date, (x) 9.75% Tranche Loans shall bear interest at a rate equal to 9.75% per annum and (y) 10.625% Tranche Loans shall bear interest at a rate equal to 10.625% per annum, in each case, payable in arrears semi-annually in cash, respectively, on March 1 and September 1, in the casetenth (10th) Business Day of each month with respect to the 9.75% Tranche Loans, and March 15 and September 15, ininterest accrued and unpaid through the caselast day of the 10.625% Tranche Loans preceding calendar month.
Junior Loans. The Closing Date of the Junior Credit Agreement shall have occurred and, prior to or concurrently with the making of such Loans on the Closing Date, the Junior Lenders shall have disbursed to or for account of the Borrower.
Junior Loans. Mortgage loans or equity lines of credit junior in lien priority to the Performance Deed of Trust are not permitted, except when expressly approved by the City in writing. The City shall only approve junior mortgage loans or equity lines of credit as follows:
(a) The loan or equity line of credit does not cause the Property’s loan to value ratio (calculated by comparing the total debt secured by the Property to the Adjusted Resale Price of the Property) to exceed 100%.
(b) The proceeds of such loan or equity line of credit are used only for Eligible Capital Improvements; and
(c) The total outstanding balance of principal and any accrued interest on all loans secured by the Property does not exceed the Adjusted Resale Price.
Junior Loans. The Junior Loans shall be advanced to the Borrower in accordance with the procedures set forth in the Junior Loan Agreement. Proceeds of all Junior Loans shall be made available to the Borrower by the credit of such proceeds to the Moscow Dollar Account.
