Subordination Undertaking definition

Subordination Undertaking that certain Consent and Subordination Agreement dated on or prior to the Advance Date among the Lessee, the Sublessee, the Security Trustee and the Borrower in relation to the Aircraft.
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Subordination Undertaking means the undertaking(s) in favour of the Agent for the subordination, in point of payment and priority, of any intercompany loans made to any Obligor (other than the Parent) in accordance with Clause 23.16(b)(ii) to the Secured Obligations.
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Subordination Undertaking means an undertaking executed or to be executed by Seanergy in favour of the Agent subordinating any rights it may have against either Owner (whether pursuant to the Junior Agreement or otherwise) to the rights of the Lenders under this Agreement and the other Finance Documents in the Agreed Form;
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Examples of Subordination Undertaking in a sentence

  • The Borrower shall cause all Indebtedness owing by any Obligor to any Subsidiary of the Borrower which is not an Obligor to be subordinated and postponed, pursuant to the Postponement and Subordination Undertaking, to the Secured Obligations of such Obligor for so long as a Default has occurred and is continuing.

  • Each Shareholder hereby subordinates any claim and shall not exercise any right or remedy, directly or indirectly, that it may acquire by way of subrogation under the Waiver and Subordination Undertaking, or as a result of the application of the provisions of the Waiver and Subordination Undertaking or otherwise, unless and until all Token Claims have been paid in full.

  • Even though marginally represented in social media netiquettes, these categories are present in the documents from the 90s (five rules from the category of “other”).

  • Each Subsidiary that is a party to any intercompany Indebtedness has executed and delivered to each Purchaser the Postponement and Subordination Undertaking in form and substance satisfactory to the Purchasers.

  • The Company shall, or shall cause any Subsidiary to, prior to the incurrence of any such Indebtedness, execute and deliver to each holder of a Note the Postponement and Subordination Undertaking or an instrument of adhesion thereto.

  • The Company shall cause all Indebtedness owing by the Company or any Subsidiary Guarantor to the Company or any Subsidiary to be subordinated and postponed, pursuant to the Postponement and Subordination Undertaking, to the obligations of the Company under this Agreement and the Notes and of the Subsidiary Guarantors under the Subsidiary 27 Guarantees for so long as a Default or Event of Default has occurred and is continuing.

  • The Parent shall cause all Indebtedness owing by any Obligor (other than Rockcliff) to any Subsidiary of the Parent which is not an Obligor to be subordinated and postponed, pursuant to the Postponement and Subordination Undertaking, to the Secured Obligations of such Obligor for so long as a Default has occurred and is continuing.

  • Any subordination and associated ranking created pursuant to the terms of the Intercreditor Agreement, the Subordination Undertaking and any related finance document shall be deemed acceptable and satisfactory to the Required Majority in respect of the subject matter thereof.

  • Intercompany loans and advances on the conditions that the loans are subordinated pursuant to a Subordination Undertaking and unsecured in form and substance satisfactory to the Agent.


More Definitions of Subordination Undertaking

Subordination Undertaking means the undertaking(s) in favour of the Agent for the subordination, in point of payment and priority, of any intercompany loans made to any Obligor (other than the Parent) in accordance with Clause 23.15(b)(ii) to the Secured Obligations.
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Subordination Undertaking means an undertaking or statement from the relevant creditor(s) for the subordination of claims owed to such creditor to inter alia the Secured Obligations, to be in a form and substance satisfactory to the Agent, and in respect of any such undertaking or statement for the subordination of claims owed by the Parent or an Intra-Group Charterer not being a SPV Intra-Group Charterer no capacity opinion will be required. “Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). “Total Commitments” means the aggregate of the Commitments, being a maximum principal amount of USD 175,000,000 at the Effective Date. “Total Loss” means, in relation to any Rig: (a) the actual, constructive, compromised, agreed, arranged or other total loss of that Rig; (b) the Requisition of that Rig; or (c) any hijacking, theft, arrest, expropriation, confiscation or acquisition of that Rig (other than Requisition), whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a governmental or official authority (excluding requisition for hire for a period not exceeding six (6) Months without any right of extension) unless it is within one (1) Month from the relevant event redelivered to the full control of the relevant Borrower. “Total Loss Date” means: (a) in the case of an actual Total Loss of a Rig, the date on which it occurred or, if that is unknown, the date when the Rig was last heard of; (b) in the case of a constructive, compromised, agreed or arranged Total Loss of a Rig, the earlier of: (i) the date on which a notice of abandonment is given to the insurers (provided a claim for total loss is admitted by such insurers) or, if such insurers do not forthwith admit such a claim, at the date at which either a Total Loss is subsequently admitted by the insurers or a Total Loss is subsequently adjudged by a competent court of law or arbitration panel to have occurred or, if earlier, the date falling six (6) months after notice of abandonment of the Rig was given to the insurers; and (ii) the date of compromise, arrangement or agreement made by or on behalf of the relevant Borrower with the Rig's insurers in which the insurers agree to treat the...
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Subordination Undertaking means the Common Security Agent Subordination Undertaking or the Facility Agent Subordination Undertaking.
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Related to Subordination Undertaking

  • Standard Securitization Undertakings means representations, warranties, covenants and indemnities entered into by the Borrower or a Subsidiary thereof that are reasonably customary in non-recourse securitization transactions.

  • Subordination Agreement means any subordination or intercreditor agreement(s) entered into with respect to any subordinate financing related to the Project, as the same may be amended, supplemented or restated.

  • Subordination Agreements means all subordination agreements executed by a holder of Subordinated Debt in favor of the Administrative Agent and the Lenders from time to time after the Closing Date.

  • insurance undertaking means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1);

  • L/C Undertaking has the meaning set forth in Section 2.12(a).

  • Subordinated Loan Agreement means a binding agreement with a Subordinated Debt Provider providing unsecured debt financing for the benefit of the Energy Complex and on terms and conditions that shall satisfy the requirements of the Financing Documents.

  • Second Lien Security Agreement means the Second Lien Security Agreement, dated as of the date hereof, among the Initial Borrower, the Parent Borrower, certain Subsidiaries of the Parent Borrower from time to time party thereto and the Second Lien Notes Collateral Agent, as amended, restated, waived, restructured, renewed, extended, supplemented or otherwise modified from time to time or as replaced in connection with any Refinancing, extension, refunding or replacement of the Second Lien Notes Indenture.

  • Guaranty Agreement means a supplemental indenture, in a form satisfactory to the Trustee, pursuant to which a Subsidiary Guarantor guarantees the Company’s obligations with respect to the Securities on the terms provided for in this Indenture.

  • reinsurance undertaking means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;

  • Intercompany Subordination Agreement means an intercompany subordination agreement, dated as of even date with the Agreement, executed and delivered by Borrower, each of its Subsidiaries, and Agent, the form and substance of which is reasonably satisfactory to Agent.

  • Subordination Provisions has the meaning specified in Section 8.01(l).

  • Guarantor Security Agreement means any Security Agreement executed by any Guarantor in favor of Agent securing the Guaranty of such Guarantor.

  • Guarantee Agreement means this Guarantee Agreement, as modified, amended or supplemented from time to time.

  • Disclosure Undertaking means the Issuer’s master undertaking to provide ongoing disclosure relating to certain obligations contained in the SEC Rule in connection with the general obligation notes of the Issuer issued after February 27, 2019, as implemented by Ordinance Number 50-933 of the Issuer.

  • First Lien Security Agreement means the “Security Agreement” as defined in the First Lien Credit Agreement.

  • Guarantee Agreements means the Parent Guarantee Agreement and the Subsidiary Guarantee Agreement.

  • Senior Loan Agreement means that certain Term Loan Agreement, dated as of June 26, 2015, by and among Borrower and Senior Lenders, as amended, restated, supplemented or otherwise modified from time to time.

  • Guaranty means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person:

  • Affiliate Subordination Agreement means an Affiliate Subordination Agreement substantially in the form of Exhibit C pursuant to which intercompany obligations and advances owed by any Loan Party are subordinated to the Obligations.

  • Second Lien Security Documents means all “Security Documents” as defined in the Second Lien Credit Agreement, and all other security agreements, mortgages, deeds of trust and other security documents executed and delivered in connection with any Second Lien Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time.

  • Intercompany Loan Agreement has the meaning set forth in the Purchase and Sale Agreement.

  • Continuing Disclosure Undertaking means the Continuing Disclosure Undertaking of the Issuer, in substantially the form attached hereto as Exhibit 1, dated the Closing Date, for the purpose of providing continuing disclosure information under Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as may be amended from time to time.

  • Subordination Event means any one of the following events:

  • Guarantee and Adherence Agreement means the guarantee and adherence agreement pursuant to which the Guarantors shall, amongst other, (i) guarantee all amounts outstanding under the Finance Documents, including but not limited to the Bonds, plus accrued interests and expenses, (ii) agree to subordinate all subrogation claims, and (iii) undertake to adhere to the terms of the Finance Documents.

  • Guarantee and Collateral Agreement the Guarantee and Collateral Agreement to be executed and delivered by the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit A, as the same may be amended, supplemented or otherwise modified from time to time.

  • Guarantor Subordinated Obligations means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that is expressly subordinated in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.