Subordination of Obligation Sample Clauses

Subordination of Obligation. The USOM acknowledges that the Pledged Revenues constitute a portion of the revenue available for repayment of the Bonds pursuant to the Indenture. The Parties acknowledge and agree that the Reimbursement Obligation and the pledge of the Pledged Revenues as set forth below are subject and subordinate at all times to the terms and conditions of the Indenture, the payment obligation of the Bonds and the lien of the pledge of the Pledged Revenues under the Indenture. The Parties further acknowledge and agree that the Pledged Revenues available for payment of the Reimbursement Obligation shall be reduced by the amount of the Pledged Revenues paid in repayment of the Bonds. So long as any Bonds remain outstanding (as defined in the Indenture), no payments shall be made toward the Reimbursement Obligation. The provisions of this paragraph shall apply to any bonds issued in refunding or refinancing the Bonds and any amendments, restatements, supplements, extensions, replacements or other modifications of the Indenture from time to time.
Sample 1Sample 2
AutoNDA by SimpleDocs
Subordination of Obligation. The City acknowledges that the Pledged Revenues constitute a portion of the revenue available for repayment of the Bonds pursuant to the Indenture. The Parties acknowledge and agree that the Reimbursement Obligation and the pledge of the Pledged Revenues as set forth below are subject and subordinate at all times to the terms and conditions of the Indenture, the payment obligation of the Bonds and the lien of the pledge of the Pledged Revenues under the Indenture. The Parties further acknowledge and agree that the Pledged Revenues available for payment of the Reimbursement Obligation shall be reduced by the amount of the Pledged Revenues paid in repayment of the Bonds. So long as any Bonds remain outstanding, no payments shall be made toward the Reimbursement Obligation. The provisions of this paragraph shall apply to any bonds issued in refunding or refinancing the Bonds and any amendments, restatements, supplements, extensions, replacements or other modifications of the Indenture from time to time.
Sample 1
Subordination of Obligation. The amount owed to a Withdrawing Shareholder shall be subordinated to all legal debts, obligations and liabilities of the Company.
Sample 1
Subordination of Obligation. The Obligations are “Second Lien Obligations” within the meaning of the Intercreditor Agreement and are subject to the subordination provisions applicable to the Liens securing the Obligations as set forth in the Intercreditor Agreement.
Sample 1

Related to Subordination of Obligation

  • Payment of Obligation 41 10.2 Covenants......................................................................... 41

  • Payment of Obligations Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may be.

  • Affirmation of Obligations Each of the Credit Parties hereby acknowledges, agrees and affirms (a) its obligations under the Credit Agreement and the other Loan Documents, including, without limitation, its guaranty obligations thereunder, (b) that such guaranty shall apply to the Obligations in accordance with the terms thereof, (c) the grant of the security interest in all of its assets pursuant to the Loan Documents and (d) that such liens and security interests created and granted are valid and continuing and secure the Obligations in accordance with the terms thereof.

  • Reaffirmation of Obligations Each Loan Party (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge such Loan Party’s obligations under the Loan Documents.

  • Guaranty of Obligation Guarantor hereby irrevocably and unconditionally guarantees to Lender and its successors and assigns the payment and performance of the Guaranteed Obligations as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

  • Repayment of Obligations Notwithstanding anything to the contrary contained herein, the Borrower shall repay the Advances Outstanding, all accrued and unpaid Yield, any Breakage Fees, Increased Costs, all accrued and unpaid costs and expenses of the Administrative Agent and Lenders and all other Obligations (other than unmatured contingent indemnification obligations) in full on the Facility Maturity Date.

  • Confirmation of Obligations Executive hereby confirms and agrees to his continuing obligation under the Agreement after termination of employment not to directly or indirectly disclose to third parties or use any Confidential Information (as defined in the Agreement) that he may have acquired, learned, developed, or created by reason of his employment with the Company.

  • Ratification of Obligations Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms.

  • Termination of Obligations Termination of this Agreement pursuant to Section 10.1 hereof shall terminate all obligations of the parties hereunder, except for the obligations under Article IX, Article X, and Sections 11.4, 11.7, 11.14, 11.15 and 11.16 hereof; provided, however, that termination pursuant to paragraphs (b) or (c) of Section 10.1 shall not relieve the defaulting or breaching party or parties from any liability to the other parties hereto.

  • Acceleration of Obligations Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, including (i) any accrued and unpaid interest, (ii) the amounts which would have otherwise come due under Section 2.3(b)(ii) if the Loans had been voluntarily prepaid, (iii) the unpaid principal balance of the Loans and (iv) all other sums, if any, that shall have become due and payable hereunder, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.12 or 8.13 all Obligations shall become immediately due and payable without any action by Lender);

Time is Money Join Law Insider Premium to draft better contracts faster.