The Subordinated Loan Facility Sample Clauses

The Subordinated Loan Facility. 2.1. The Subordinated Loan Provider undertakes to make available to the CBC the Subordinated Loan Facility and shall advance the Subordinated Loan Advances, upon receipt of a request for a Subordinated Loan Advance as set out in Clause 5, subject to and in accordance with the terms and conditions of this Agreement, (A) on the first Transfer Date and each Transfer Date thereafter, in an amount equal to the initial purchase price for the New Mortgage Receivables and Substitution Assets due and payable by the CBC to the relevant Transferor on such Transfer Date in accordance with the Guarantee Support Agreement and (B) on any day, in an amount equal to the positive difference between the higher of (i) the Reserve Account Required Amount and (ii) Liquidity Reserve Required Amount and the balance standing to the credit of the Reserve Account on such date, if any (each such day on which a Subordinated Loan Advance is advanced an "Utilisation Date").
Sample 1
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The Subordinated Loan Facility 
Sample 1

Related to The Subordinated Loan Facility

  • Senior Subordinated Notes The subordination provisions contained in the Senior Subordinated Notes and in the other Senior Subordinated Note Documents are enforceable against the Borrower and the holders of the Senior Subordinated Notes, and all Obligations are within the definition of "Senior Debt" included in such subordination provisions.

  • Payments on Subordinated Debt The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay for or make, directly or indirectly, any payment of principal or interest or any purchase, redemption, retirement, acquisition or defeasance with respect to any Indebtedness of such Person which is subordinated to the payment of the Loan Document Obligations except that so long as no Default shall have occurred and shall be continuing or would immediately result therefrom, the Borrower or any Subsidiary may make payments of Subordinated Debt to the extent permitted by the subordination provisions applicable thereto.

  • Notes Subordinated to Senior Indebtedness The Company covenants and agrees and the Trustee and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article Ten; and the Trustee and each person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereinafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Notes.

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