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 Obligations. Subordinate any Debt due to it from a Person to Debt of other creditors of such Person.
Subordinate Obligations. Nothing in this Master Indenture shall prohibit or prevent HRTAC from authorizing and issuing Subordinate Obligations for any lawful purpose payable from HRTAC Revenues subject and subordinate to the payment of any Bonds and to the deposits required to be made from HRTAC Revenues to the Senior Debt Service Funds, the Debt Service Reserve Funds and the Rebate Funds or any other Fund or Account established to secure any Bonds, or from securing any Subordinate Obligations and their payment by a lien and pledge of HRTAC Revenues junior and inferior to the lien on and pledge thereof for the payment and security of the Bonds; provided, however, that such Subordinate Obligations may only be declared immediately due and payable upon the occurrence of a default thereunder if payment of the Bonds has been accelerated in accordance with Article XIII.
Subordinate Obligations. Nothing in this Master Indenture shall prohibit or prevent NVTC from authorizing and issuing Subordinate Obligations for any lawful purpose payable from Revenues subject and subordinate to the payment of any Bonds and to the deposits required to be made from Revenues to the Debt Service Funds, the Revenue Stabilization Fund and the Debt Service Reserve Funds or any other Fund or Account established to secure any Bonds, or from securing any Subordinate Obligations and their payment by a lien and pledge of Revenues junior and inferior to the lien on and pledge thereof for the payment and security of the Bonds. Any such Subordinate Obligations may only be declared immediately due and payable upon the occurrence of a default thereunder if payment of the Bonds has been accelerated in accordance with Article XIII.
Subordinate Obligations. On or before any date that the payment of principal and interest is due with respect to any Subordinate Obligations, the Agency shall, from moneys in the Revenue Fund, transfer to the applicable trustee or payee for deposit in the applicable payment fund, without preference or priority, and in the event of any insufficiency of such moneys ratably without discrimination or preference, payment on such Subordinate Obligations in accordance with the provisions of such Subordinate Obligation.
Subordinate Obligations. The City may at any time issue Subordinate Obligations payable as provided in Section 2.03; provided that no Event of Default has occurred and is continuing and thefollowing conditions are satisfied:
(i) The City is not in default under the terms of this Installment Sale Agreement;
(ii) The City shall have delivered to the Authority a Certificate of the City demonstrating that Net Wastewater System Revenue, calculated on sound accounting principles, as shown by the books of City for the last audited Fiscal Year or twelve (12) calendar month period during the immediately preceding eighteen (18) calendar month period, plus, at the option of the City the additional allowance described below, shall have amounted to at least 1.20 times the sum of the Installment Payments and any other amount required to be paid hereunder coming due and payable in any future Fiscal Year and the maximum annual debt service for any future Fiscal Year on all Parity Obligations and Subordinate Obligations outstanding immediately subsequent to the incurring of such proposed SubordinateObligations in the Fiscal Year in which such sum is the greatest; and Either or both of the following items may be added to such Net Wastewater System Revenue for the purpose of applying the restriction contained in this subsection (c)(ii):
(A) an allowance for Net Wastewater System Revenue from any additions to or improvements or extensions of the Wastewater System to be constructed or acquired with the proceeds of such additional obligations, and also for Net Wastewater System Revenue from any such additions, improvements or extensions which have been constructed or acquired from moneys from any source but which, during all or any part of such Fiscal Year or twelve (12) month period, were not in service, all in an amount equal to 90% of the estimated additional annual Net Wastewater System Revenue to be derived from such additions, improvements and extensions during the first full Fiscal Year following the completion thereof, all as shown by such Certificate of the City may be added to such Net Wastewater System Revenue for the purpose of applying the restriction contained in this subsection (b)(ii);
(B) an allowance for earnings arising from any increase in the rates, fees and charges fixed and prescribed for Wastewater Service which has become effective prior to the incurring of such additional obligations but which, during all or any part of such Fiscal Year or twelve (12) month period, was not in ...
Subordinate Obligations. Upon acceptance by and conveyance to the District from a Builder of District Funded Public Improvements, the District shall (to the extent such conveyance does not occur contemporaneous with the issuance of a series of District Bonds in an amount sufficient to fund the Acquisition Amount for all such District Funded Public Improvements or the delivery of the corresponding Acquisition Amount to the Developer from the collection of the Tax Increment Revenues) immediately deliver one or more Subordinate Obligations to the Developer in the form of a Subordinate Promissory Note (or such other Subordinate Obligation acceptable to the Developer) memorializing the District’s current obligation to pay the Developer the Acquisition Amount for those improvements from the proceeds of the Tax Increment Revenues and/or the District Bonds, all subject to the Reimbursement Cap. The authorization and issuance of Subordinate Obligations shall not be subject to City approval.
Subordinate Obligations. The District may issue at any time Subordinate Lien Obligations and enter into Subordinate Financial Products Agreements and Subordinate Credit Facility Obligations, provided that no events of default have occurred and are continuing under the Senior Bond Resolution, this Indenture, any Parity Bond Resolutions, any Parity Bond Indentures, any Parity Financial Products Agreements or any Parity Credit Facility Obligations.
Subordinate Obligations. Subordinate any indebtedness due to it from a Person to indebtedness of other creditors of such Person.
Subordinate Obligations. Upon acceptance by and conveyance to the District from a Builder of District Funded Public Improvements, the District shall (to the extent such conveyance does not occur contemporaneous with the issuance of a series of District Bonds in an amount sufficient to fund the Acquisition Amount for all the District Funded Public Improvements or the delivery of the corresponding Acquisition Amount to the Developer from the proceeds of the District Special Levy) immediately deliver one or more Subordinate Obligations to the Developer memorializing that District’s current obligation to pay the Developer the Acquisition Amount for those improvements, plus interest at a rate of five percent (5%) per annum on the principal amount of the Subordinate Obligation, from the revenues of the District Special Levy and/or the proceeds of District Bonds. The authorization and issuance of Subordinate Obligations by the District, which memorialize that District’s obligation to pay an Acquisition Amount in accordance with this Agreement, shall not be subject to further City Council approval.
