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secured, direct, unconditional and unsubordinated obligations

English translation: no conditions and not subordinated

21:59 Aug 10, 2015
English language (monolingual) [PRO]
Law (general)
English term or phrase: secured, direct, unconditional and unsubordinated obligations
This is a SBLC-backed Senior Secured Term Loan Facility

"The Facility shall constitute secured, direct, unconditional and unsubordinated obligations of the Borrower"

What is unsubordinated and unconditional obligations?
Does it mean the loan agreement must include these obligations of borrower?
Bin Xue
Australia
Local time: 17:52
Selected answer:no conditions and not subordinated
Explanation:
That's not meant to be snappy. The obligations cannot be conditional - they must be absolute, not contingent on something else happening or being the case. And they must not be subordinated - that is, they can't be obligations where someone else has a prior and senior claim (e.g., I'm obligated to pay $200 to A and $300 to B, but however much I have, it goes to pay of B before any of it goes to pay off A; the obligation to A is subordinate to the obligation to B).

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Note added at 51 mins (2015-08-10 22:51:18 GMT)
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Yes, exactly. It's legal language meant to protect someone becoming the entity to whom an obligation will be payable.

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Note added at 1 hr (2015-08-10 23:19:34 GMT)
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You are quite welcome! (Feel free to like or, potentially, choose the answers ;) )
Selected response from:

JW Narins
United States
Local time: 03:52
Grading comment
Thank you JW!!
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
5 +5no conditions and not subordinated
JW Narins
4 -1obligaciones aseguradas, dirigidas, incondicionales y no subordinadas...
Octavio Garcia
Summary of reference entries provided
www.law.com
Charlesp

Discussion entries: 1





  

Answers


16 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
obligaciones aseguradas, dirigidas, incondicionales y no subordinadas...


Explanation:
En éste contexto "unconditional and unsobordinated"... significa que la obligación (que puede ser una cuenta por pagar o compromiso bancario, etc) que se encuentra garantizada en forma incondicional y no puede ser subordinada a una tercera persona...

Octavio Garcia
Mexico
Local time: 00:52
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish

Peer comments on this answer (and responses from the answerer)
disagree  writeaway: English to English translations
6 hrs
agree  Charlesp
11 hrs
disagree  Yvonne Gallagher: En>EN
15 hrs
Login to enter a peer comment (or grade)

4 mins   confidence: Answerer confidence 5/5 peer agreement (net): +5
no conditions and not subordinated


Explanation:
That's not meant to be snappy. The obligations cannot be conditional - they must be absolute, not contingent on something else happening or being the case. And they must not be subordinated - that is, they can't be obligations where someone else has a prior and senior claim (e.g., I'm obligated to pay $200 to A and $300 to B, but however much I have, it goes to pay of B before any of it goes to pay off A; the obligation to A is subordinate to the obligation to B).

--------------------------------------------------
Note added at 51 mins (2015-08-10 22:51:18 GMT)
--------------------------------------------------

Yes, exactly. It's legal language meant to protect someone becoming the entity to whom an obligation will be payable.

--------------------------------------------------
Note added at 1 hr (2015-08-10 23:19:34 GMT)
--------------------------------------------------

You are quite welcome! (Feel free to like or, potentially, choose the answers ;) )

JW Narins
United States
Local time: 03:52
Works in field
Native speaker of: Native in RussianRussian, Native in EnglishEnglish
PRO pts in category: 8
Grading comment
Thank you JW!!
Notes to answerer
Asker: Thanks JW! So it means the borrower need to guarantee the money will be paid directly, unconditionally and earlier than others?

Asker: Thanks JW!


Peer comments on this answer (and responses from the answerer)
agree  Dr. Christopher Brooks
21 hrs
  -> Thank you very much!
agree  Tina Vonhof (X): Another way of explaining subordinate is 'not dependent on whether other payments have been made or are going to be made'.
21 hrs
  -> Sure, and - thanks!
agree  acetran
1 day 14 hrs
  -> Thanks!
agree  Veronika McLaren
2 days 21 mins
  -> Thank you, Veronika
agree  Phong Le
3 days 6 hrs
Login to enter a peer comment (or grade)




Reference comments


11 hrs
Reference: www.law.com

Reference information:
good reference dictionary

Charlesp
Sweden
Specializes in field
Native speaker of: English
PRO pts in category: 12
Login to enter a peer comment (or grade)



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