Examples of Subordinate Obligation in a sentence
The Subordinate Obligation shall accrue interest at the weighted average rate applicable from time to time on the Company's senior debt.
The Subordinate Obligation shall be payable on the earlier to occur of (i) one day after the closing date of a complete refinancing of the Company's senior debt and (ii) receipt by the Company of the written approval of its senior lenders to pay the principal and interest on the obligation in full.
Each Revolving Loan shall constitute a Subordinate Obligation under the Subordinate Trust Agreement.
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.
Such pledge of revenues and lien and security interest in certain of the Authority’s property is on a parity with the Parity Bonds and senior to the Subordinate Obligation.