Subordinate Obligation definition

Subordinate Obligation means a debt obligation of the Recipient that is subordinate to this Obligation. There are no Subordinate Obligations.

Subordinate Obligation means any bonds, notes or evidences of indebtedness (not including Senior Obligations) issued by the Corporation as permitted by the Indenture, and any other subordinate obligation identified in a Supplemental Indenture.

Subordinate Obligation means indebtedness of the District having a lien subordinate to the lien created by the District Indenture.

Examples of Subordinate Obligation in a sentence

• Neither Borrower nor its Affiliates shall amend any provision of any Subordinate Obligation if such amendment would (i) affect any of the subordination provisions thereof, (ii) advance the date of any required payment or prepayment thereunder, (iii) make covenants therein more burdensome, when considered in their entirety, to Borrower or its Affiliates, or (iv) reduce any default or grace period therein provided, or (v) otherwise have a material adverse effect on the interests of Lender.

• Borrower shall not amend any provision of any Subordinate Obligation if such amendment would (i) affect any of the subordination provisions thereof, (ii) advance the date of any required payment or prepayment thereunder, (iii) make covenants therein more burdensome, when considered in their entirety, to Borrower, (iv) reduce any default or grace period therein provided, or (v) otherwise have a material adverse effect on the interests of Lender.

• Borrower shall not amend any provision of any Subordinate Obligation if such amendment would (i) affect any of the subordination provisions thereof, (ii) advance the date of any required payment or prepayment thereunder, (iii) make covenants therein more burdensome, when considered in their entirety, to Borrower, (iv) reduce any default or grace period therein provided, or (v) otherwise have a material adverse effect on the interests of Lender except as required by law.

• The Issuer shall not be obligated to pay the Notes (or any Exchange Agreement or Junior Subordinate Obligation) or the interest thereon except from the property and income pledged as aforesaid and no recourse shall be had for the payment of the principal thereof or interest thereon against the Issuer, or against the property or funds of the Issuer, except to the extent of the property and income pledged expressly thereto.

• Borrower shall not amend any provision of any Subordinate Obligation if such amendment would (a) affect any of the subordination provisions thereof, (b) advance the date of any required payment or prepayment thereunder, (c) make covenants therein more burdensome, when considered in their entirety, to Borrower, (d) reduce any default or grace period therein provided, or (e) otherwise have a material adverse effect on the interests of Lender.

More Definitions of Subordinate Obligation

Subordinate Obligation means the subordinate payment obligation of the Authority described in Section 7.3 to reimburse the Owner for those certified and approved Subordinate Eligible Costs that are not Senior Eligible Costs.

Subordinate Obligation has the meaning assigned to it in Section 5.02(e) of the Master Indenture.

Subordinate Obligation has the meaning set forth in Section 5.3(c)

Subordinate Obligation means a debt obligation of the Recipient that is subordinate to this Obligation. As of the date of execution of this Agreement, there are no Subordinate Obligations.

Subordinate Obligation means a debt obligation payable subordinate to this Obligation. There are no Subordinate Obligations.

Subordinate Obligation means any additional Obligation issued pursuant to Section

Subordinate Obligation means any additional Obligation which is expressly made a charge on only the Surplus Net Revenues of the System subordinate to the pledge of Net Revenues to the Revenue Bond Account.