Subordinate Obligations Fund definition

Subordinate Obligations Fund means the fund by that name established pursuant to Section 5.02.
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Subordinate Obligations Fund means the fund by that name to be established and held by the Trustee pursuant to Section 5.05.
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Subordinate Obligations Fund means the Fund by that name established pursuant to Section 5.02 of the Indenture.
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Examples of Subordinate Obligations Fund in a sentence

  • After the other transfers required pursuant to Section 7.02 hereof have been made, the Trustee shall transfer to the Subordinate Obligations Fund an amount necessary to be applied to the payment of Subordinate Obligations in accordance with, and upon the written direction of, the Authority, such written direction to be provided by the Authority prior to or concurrently with any transfer of Revenues to the Trustee pursuant to Section 7.01 hereof.

  • The Authority covenants that simultaneously with, or prior to, the execution of this Agreement it has irrevocably instructed the Senior and Junior Subordinate Trustee to pay all Aggregate Required Deposits to the Trustee from available Pledged Revenues deposited in the Subordinate Obligations Fund of the Senior and Junior Subordinate Trust Agreement.

  • The Trustee shall establish, maintain and hold in trust a separate fund designated as the “Junior Subordinate Obligations Fund.” As long as any Junior Subordinate Obligations remainOutstanding, any Revenues remaining in the Revenue Fund after the deposits described in (1), (2), (3), (4), (5) and (6) above have been made shall be transferred on the same Business Day to the Junior Subordinate Obligations Fund.

  • On or before and as of the first day of each month of each Fiscal Year (but only after the payments required by clauses (i), (ii), (iii), (iv) and (v) above shall have been made), there shall be transferred to and deposited in the Subordinate Obligations Fund any amounts required to be set aside to pay debt service on the Subordinate Obligations.

  • If disbursement requests from the Borrower exceed the amount then on deposit in the Subordinate Obligations Fund, the Lender shall so notify the Borrower and the Borrower shall redirect the Lender as to the disbursement of such available funds.

  • Another agreement would ship an estimated 30 billion cubic meters of Iranian and Turkmen gas to Turkey for further resale to Europe.

  • If, on any date, no Permitted Subordinate Debt remains outstanding and the Borrower does not reasonably anticipate the incurrence of any additional Permitted Subordinate Debt, upon the Lender’s receipt of a writing from the Borrower to such effect, the Subordinate Obligations Fund shall terminate.

  • Following receipt of any other statement from Borrower requesting disbursement by Lender of amounts from the Subordinate Obligations Fund for the payment of Permitted Subordinate Debt, the Lender shall disburse the sum so requested, but only from and to the extent of moneys then on deposit in the Subordinate Obligations Fund.

  • Quarterly, on or before the last Business Day of January, April, July, and October and pursuant to a statement provided by the Borrower, the Lender shall disburse to the Borrower funds up to the amount necessary to pay the Developer Debt Payment Obligations when due but only from and to the extent of moneys then on deposit in the Subordinate Obligations Fund.

  • In the first year, the Board will establish a policy to ensure staggering of terms.Persons elected to serve the unexpired term of a member who has resigned or been removed will serve out the remainder of that person's term.


More Definitions of Subordinate Obligations Fund

Subordinate Obligations Fund means the Subordinate Obligations Fund created pursuant to the Senior and Junior Subordinate Trust Agreement.
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Subordinate Obligations Fund means the Virginia Port Authority Port Facilities Revenue Bonds Subordinate Obligations Fund created and so designated by Section 510 of this Resolution.
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Subordinate Obligations Fund means the fund by that name established by the provisions of Section 4.01 hereof to be administered by the Lender in the manner and for the purposes set forth in Section 4.07 hereof.
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Related to Subordinate Obligations Fund

  • Subordinate Obligations means, collectively, the Subordinate Notes and any Other Subordinate Obligations.

  • Subordinated Loan has the meaning set forth in Section 1.2(a) of the Agreement.

  • Senior Obligations is defined in Section 5.1 of this Agreement.

  • Junior Obligation means the Shares, and any other class of the Issuer’s share capital and any instrument or other obligation (including without limitation any preference shares) issued or guaranteed by the Issuer that ranks or is expressed to rank junior to the Capital Securities by operation of law or contract.

  • Guarantor Senior Indebtedness is defined as the principal of, premium, if any, and interest (including interest accruing after the filing of a petition initiating any proceeding under any state, federal or foreign bankruptcy laws whether or not allowable as a claim in such proceeding) on any Indebtedness of any Guarantor (other than as otherwise provided in this definition), whether outstanding on the date of this Indenture or thereafter created, incurred or assumed, and whether at any time owing, actually or contingent, unless, in the case of any particular Indebtedness, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Indebtedness shall not be senior in right of payment to any Guarantee. Without limiting the generality of the foregoing, “Guarantor Senior Indebtedness” shall include (i) the principal of, premium, if any, and interest (including interest accruing after the filing of a petition initiating any proceeding under any state, federal or foreign bankruptcy law whether or not allowable as a claim in such proceeding) and all other obligations of every nature of any Guarantor from time to time owed to the lenders (or their agent) under the Bank Credit Agreement; provided, however, that any Indebtedness under any refinancing, refunding or replacement of the Bank Credit Agreement shall not constitute Guarantor Senior Indebtedness to the extent that the Indebtedness thereunder is by its express terms subordinate to any other Indebtedness of any Guarantor, (ii) Indebtedness evidenced by any guarantee of the Founders’ Notes and (iii) Indebtedness under Interest Rate Agreements. Notwithstanding the foregoing, “Guarantor Senior Indebtedness” shall not include (i) Indebtedness evidenced by the Guarantees, (ii) Indebtedness that is subordinate or junior in right of payment to any Indebtedness of any Guarantor, (iii) Indebtedness which when incurred and without respect to any election under Section 1111(b) of Title 11 of the United States Code, is without recourse to any Guarantor, (iv) Indebtedness which is represented by Disqualified Equity Interests, (v) any liability for foreign, federal, state, local or other taxes owed or owing by any Guarantor to the extent such liability constitutes Indebtedness, (vi) Indebtedness of any Guarantor to a Subsidiary or any other Affiliate of the Company or any of such Affiliate’s subsidiaries, (vii) Indebtedness evidenced by any guarantee of any Subordinated Indebtedness or Pari Passu Indebtedness, (viii) that portion of any Indebtedness which at the time of issuance is issued in violation of this Indenture, and (ix) Indebtedness owed by any Guarantor for compensation to employees or for services.

  • Subordinated means, as applied to Indebtedness, Indebtedness that shall have been subordinated (by written terms or written agreement being, in either case, in form and substance satisfactory to Agent and the Required Lenders) in favor of the prior payment in full of the Obligations.