Secured Bond means a secured bond (i) that by its terms is not (and cannot by its terms become) subordinate (except with respect to liquidation preferences with respect to pledged collateral) in right of payment to any secured or unsecured obligation of the Obligor, including without limitation, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) that is secured by a valid perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under such obligation, (iii) with respect to which the Servicer determines in good faith that the value of the collateral securing the bond, together with other attributes of the Obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the sole business judgment of the Servicer, which judgment shall not be called into question as a result of subsequent events) to repay such bond plus all other obligations of equal or higher seniority secured by the same collateral, and (iv) that is not secured solely or primarily by the common stock or other equity interests of its Obligor or any of its affiliates.
Secured Bond means an unsubordinated first priority xxxx xxxx obligation that is not secured solely or primarily by the underlying Obligor’s common stock or other equity interests and has an initial Loan-to-Value Ratio not in excess of 65% in respect of which the underlying Obligor has a Net Leverage Ratio of 4.5x; provided further that, in the event a bond exceeds the Loan-to-Value Ratio and Net Leverage Ratio limitations in this definition, but would otherwise constitute a Secured Bond and would otherwise qualify as an Eligible Collateral Loan, then only the amount of such Secured Bond that exceeds such limitations shall be ineligible.
Secured Bond means a bond in which the issuer providesa collateral for debt repayment by means of mortgage, pledge, guarantor or any other collateral;
Examples of Secured Bond in a sentence
The provisions of this subsection 8.1.9 shall not apply to any collateral proceeds account that is established pursuant to and in accordance with the provisions of the Secured Bond Indenture for the purpose of holding only proceeds of “Noteholder Priority Collateral” under and as defined in the Secured Bond Intercreditor Agreement.
No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before any court, governmental agency or legislative body to enjoin, restrain or prohibit, or to obtain damages in respect of, or which is materially adversely related to or arises out of this Agreement, the Secured Bond Documents, or the consummation of the transactions contemplated hereby or thereby.
In addition, the provisions of this subsection 3.3.1 shall be subject to the terms and conditions of the Secured Bond Intercreditor Agreement and, in the event of any conflict between the application of proceeds contemplated by this subsection 3.3.1 and the application of such proceeds provided for under the Secured Bond Intercreditor Agreement, the Secured Bond Intercreditor Agreement shall govern and control.
The provisions of this subsection 6.2.4 shall not apply to any collateral proceeds account that is established pursuant to and in accordance with the provisions of the Secured Bond Indenture for the purpose of holding only proceeds of “Noteholder Priority Collateral” under and as defined in the Secured Bond Intercreditor Agreement.
Each Mortgage (and, in the case of Mortgages dated on or about the Original Closing Date, Mortgage amendments reflecting the amended and restated loan facility provided for hereunder and Mortgage subordinations reflecting the subordination of the Liens in favor of Agent on such real Property to the Liens on such real Property in favor of the Secured Bond Trustee securing the Secured Bonds) shall be executed by the applicable Borrower in favor of Agent.
More Definitions of Secured Bond
Secured Bond means a secured bond (i) that is not (and cannot by its terms become) subordinated in right of payment by its terms to unsecured indebtedness of the Obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations) and the lien of which is not subordinated to any other secured obligation of the Obligor secured by all or a portion of the collateral securing such secured loan; (ii) is secured by a valid and perfected first priority Lien on all of the Obligor’s assets constituting Related Property for the Loan Asset, subject to any “permitted liens” as defined in the applicable Loan Asset Documents for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary; (iii) as of the date such Loan Asset is initially included in the Collateral, has a Loan-to-Value Ratio not greater than 55% and with respect to which the Obligor Net Leverage Ratio is less than 4.0 to 1.0; and (iv) that is not secured solely or primarily by the common stock or other equity interests of its Obligor or any of its affiliates.
Secured Bond means a Bond that is secured by a valid perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under the Bond and otherwise meets the requirements for a First Lien Obligation (but for the fact that the related obligation is a Bond and not a Loan).
Secured Bond means a secured bond (i) that is not (and cannot by its terms become) subordinated in right of payment by its terms (including by operation of a payment waterfall in the Loan Asset Documents) to indebtedness of the Obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations) and the lien of which is not subordinated to any other secured obligation of the Obligor secured by all or a portion of the collateral securing such secured loan; (ii) is secured by a valid and perfected first priority Lien on all of the Obligor’s assets constituting Related Property for the Loan Asset, subject to any “permitted liens” as defined in the applicable Loan Asset Documents for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary; (iii) as of the date such Loan Asset is initially included in the Collateral, has a Loan-to-Value Ratio not greater than 55% and with respect to which the Obligor Net Leverage Ratio is less than 4.0 to 1.0; and (iv) that is not secured solely or primarily by the common stock or other equity interests of its Obligor or any of its affiliates.
Secured Bond means a type of bond for which the interest and principal payment is wholly or partially secured with assets of the bond-issuing
Secured Bond means a Bond which benefits from any Related Security;
Secured Bond means a debt security (that is not a loan) that (i) is issued by a corporation, limited liability company, partnership, trust or similar business entity, (ii) if it is subordinated by its terms, is subordinated only with respect to liquidation, trade claims, capitalized leases or similar obligations, (iii) is secured by a valid first priority perfected security interest on specified collateral and (iv) the value of the collateral securing the debt security at the time of purchase together with other attributes of the obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the debt security in accordance with its terms and to repay all other debt obligations of equal seniority secured by a first lien or security interest in the same collateral; (b) “senior unsecured bond” shall mean an unsecured debt security (that is not a loan) that (i) is issued by a corporation, limited liability company, partnership, trust or similar business entity and (ii) if it is subordinated by its terms, is subordinated only with respect to liquidation, trade claims, capitalized leases or similar obligations; (c) “subordinated bond” shall mean a debt security (that is not a loan) that (i) is issued by a corporation, limited liability company, partnership, trust or similar business entity and (ii) is subordinated by its terms other than with respect to liquidation, trade claims, capitalized leases or similar obligations; and (d) “senior secured note”: shall mean assignment of or Participation Interest in or other interest in a senior secured note issued pursuant to an indenture or equivalent document by a corporation, partnership, limited liability company, trust or other Person, bearing interest at a floating rate and that is secured by a pledge of collateral and has a senior pre-petition priority (including pari passu with other obligations of the Obligor, but subject to customary permitted liens, such as, but not limited to, any tax liens, liquidation, trade claims, capitalized leases or similar obligations) in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings. *** The S&P Recovery Rate for Senior Syndicated Secured Loans shall apply only to Senior Syndicated Secured Loans for which the Syndicated Tranche exceeds 20% of the sum of (x) t...
Secured Bond means a type of bond for which the interest and principal payment upon its maturity is wholly or partially secured with assets of the bond- issuing corporation or with assets of a third party in accordance with the law on secured transactions or guaranteed in accordance with law.