Obligation of Company Unconditional. Nothing contained in this Article or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall impair, as among the Company, its creditors other than the holders of Senior Indebtedness, and the holders of the Subordinated Securities the obligation of the Company, which is absolute and unconditional to pay to the holders of the Subordinated Securities the principal of, premium, if any, and interest on the Subordinated Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the holders of the Subordinated Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the holder of any Subordinated Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee and the holders of the Subordinated Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization proceeding affecting the affairs of the Company is pending or upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or agent or other Person making any payment or distribution, delivered to the Trustee or to the holders of the Subordinated Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount paid or distributed thereon and all other facts pertinent thereto or to this Article. In the event that the Trustee determines, in good faith, that further evidence is required with respect to the right of any person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Section, the Trustee may request such person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is ...
Obligation of Company Unconditional. Nothing contained in this Article Fifteen or elsewhere in this Indenture or in the Securities,
Obligation of Company Unconditional. Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy.
Obligation of Company Unconditional. Nothing contained herein or in the Senior Loan Documents is intended to or shall impair, as between either Company and the Subordinated Lender only, the obligation of the Companies, which is absolute and unconditional, to pay to the Subordinated Lender the Subordinated Indebtedness as and when the same shall become due and payable in accordance with their terms, or to affect the relative rights of the Subordinated Lender and creditors of the Companies other than the Senior Lenders.
Obligation of Company Unconditional. 66 15.6 Payments on Securities Permitted...............................................67 15.7 Effectuation of Subordination by Trustee.......................................68 15.8
Obligation of Company Unconditional. ... 60 Section 1206. Payments on Bonds Permitted............... 61 Section 1207. Effectuation of Subordination by Trustee.. 61 Section 1208. Notice to Trustee......................... 61 Section 1209. Rights of Holders of Senior Indebtedness Not Impaired..................................... 62
Obligation of Company Unconditional. 81 SECTION 1206. PAYMENTS ON NOTES PERMITTED....................... 82
Obligation of Company Unconditional. 54 SECTION 12.04. Modification of Terms of Senior Indebtedness ............ 54 SECTION 12.05. [Reserved] .............................................. 55 SECTION 12.06. Effectuation of Subordination by Trustee ................ 55 SECTION 12.07.
Obligation of Company Unconditional. 113 SECTION 11.13. Article Eleven Not To Prevent Events of Default............114 ARTICLE TWELVE MISCELLANEOUS
Obligation of Company Unconditional. The obligation of the Company to make the payments and to perform and observe its other agreements pursuant to this Agreement and the Note shall be absolute and unconditional and shall not be subject to reduction or delay by set-off, counterclaim, abatement or otherwise. Until such time as the principal of and premium, if any, and interest on the Bonds shall have been fully paid or provision for the payment thereof shall have been made in accordance with Section 1101 of the Indenture (including, without limitation, principal, interest to maturity or earliest redemption date, as the case may be, expenses of redemption. redemption premiums, and fees and expenses of the Municipality, the Trustee, the Tender Agent, and any paying agent and any other costs and fees required to be paid by the Company pursuant to this Agreement), and all other requirements of Section 1101 of the Indenture have been satisfied in full, the Company (a) shall not suspend or discontinue any payments pursuant to this Agreement or the Note, (b) shall perform and observe all its other agreements contained in this Agreement and the Note, and (c) except as provided in Article VII hereof, shall not terminate this Agreement or the Note for any cause. Nothing contained in this Agreement shall be construed to release the Municipality from the performance of any of its obligations and in the event the Municipality shall fail to perform any such agreement on its part, the Company may institute such action against the Municipality as the Company may deem necessary to compel performance, provided that no such action shall (i) violate the agreements on the part of the Company contained in the first sentence of this Section 3.7 or (ii) diminish the amounts required to be paid by the Company pursuant to Section 3.6 hereof.
