Junior Lien Bonds definition

Junior Lien Bonds means bonds or other obligations which may be issued or incurred by the Board to provide funds for any lawful purpose of the System which are of junior standing and priority of lien with respect to the Net Revenues to the claim of the Bonds.

Junior Lien Bonds and “Junior Lien Notes” means any bonds or series of bonds (including the Series 2023 Bonds) or bond anticipation notes issued under Act 34, Public Acts of Michigan, 2001, as amended, or other obligations which may be issued or incurred by the Board to provide funds for any lawful purpose of the System which are of junior standing and priority of lien with respect to the Net Revenues to the claim of the Senior Lien Bonds.

Junior Lien Bonds means any revenue bonds or other obligations issued by the County which are secured by pledges of the revenues and liens on the System which are junior and subordinate in all respects to the pledges and liens made to secure Bonds.

Examples of Junior Lien Bonds in a sentence

• The TIFIA Loan Agreement has been terminated and no Junior Lien Bonds remain outstanding.

• No additional Junior Lien Bonds may be issued under the provisions of this Resolution or the Junior Lien Trust Agreement on a parity with the Junior Lien Bonds, except in accordance with the Junior Lien Trust Agreement.

• The Junior Lien Bonds were issued for a purpose or purposes set forth in Section 4.01(A) hereof.

• In the event such proceedings require a Reserve Requirement to be maintained for such Series of newly-acceded Bonds, then in such event, there shall be on deposit on the date of accession in a Debt Service Reserve Fund an amount equal to the Reserve Requirement established for such Junior Lien Bonds which are being acceded to the status of Bonds.

• If the Board shall ever issue Junior Lien Bonds or Junior Lien Notes, there shall be established and maintained a separable depositary fund for the purpose of paying the principal of, redemption premium, if any, and interest on such Junior Lien Bonds or Junior Lien Notes as they come due (the “Junior Lien Redemption Fund”).

More Definitions of Junior Lien Bonds

Junior Lien Bonds means any revenue bonds, long-term contracts, or other obligations issued by the City which are secured by pledges of the revenues of the System which are junior and subordinate in all respects to the pledges made to secure Bonds and to the payment by the City of all Operation and Maintenance Expenses.

Junior Lien Bonds means any obligations of the City hereafter issued and payable from Pledged Incremental Property Taxes, if any, on deposit in the Junior Lien Principal and Interest Account.

Junior Lien Bonds means the Series 2021 Bonds, and any additional bonds that are of equal standing with the Series 2021 Bonds, and junior in standing to the Senior Lien Bonds.

Junior Lien Bonds means any obligations of the City hereafter issued and payable from Pledged Revenues, or any portion thereof, on a junior lien basis.

Junior Lien Bonds means any bond or bonds issued by the Department for the purpose of making, acquiring or refinancing mortgage loans, which may or may not be pledged as Mortgage Loans under the Trust Indenture, provided the income, revenues and receipts received by the Department on such mortgage loans are pledged as Revenues under the Trust Indenture, which is superior to the pledge of such amounts to such junior lien bonds other than to the payment of Department expenses in carrying out and administering its powers, duties and functions in connection with such mortgage loans.

Junior Lien Bonds means any Additional Bonds payable from, and secured by a lien on the Net Revenues, which lien is junior to that of any Parity Bonds, but senior to that of the Subordinate Lien Bonds.

Junior Lien Bonds means Series 2023 Bonds and any additional bonds of equal standing with the Series 2023 Bonds which are secured by a statutory second lien on the Net Revenues and are junior and subordinate to the Senior Lien Bonds.