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

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.

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 means an obligation of the Recipient that is payable from and secured by a pledge of the Net Revenues on a basis subordinate to this Obligation. There are no Subordinate Obligations currently outstanding.

Subordinate Obligation means any additional Obligation issued pursuant to Section

Subordinate Obligation or “Subordinate Obligations” shall mean indebtedness or securities of any kind or class, including bonds, notes, bond anticipation notes, commercial paper, obligations in contractual form, obligations incurred in connection with investment agreements, swap or hedges, but only to the extent specified in a Supplemental Agreement, and other obligations issued or incurred under the provisions of Article II of this Agreement, as specified in a Supplemental Agreement and secured by this Agreement. “Subordinate Obligation” or “Subordinate Obligations” shall not include Junior Subordinate Obligations or other obligations incurred by the Authority as permitted by Section 5.06 which are payable on a basis subordinate to the Subordinate Obligations.

Subordinate Obligation shall include amounts payable by the Corporation or the Trustee to any provider of the Investment Agreements identified in Section 2.8 hereof, other than required deposits for investment, including in particular penalties and termination amounts.

Subordinate Obligation means any bonds, notes or evidences of indebtedness (not including Senior Obligations) issued by the Authority as permitted by Section 7.11, including all amounts owing to Government Development Bank from amounts held under the Indenture, as provided in the GDB Project Loan Agreement, and any other subordinate obligation identified in a Supplemental Indenture.

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.