Common use of Administrative Priority Clause in Contracts

Administrative Priority. Subject to the ----------------------- Bankruptcy Court Order and the Supplemental Bankruptcy Court Orders, each of the Borrowers and Guarantors agrees for itself that the Obligations of such Person shall constitute allowed administrative expenses in the Chapter 11 Cases, having priority over all administrative expenses of and unsecured claims against such Person now existing or hereafter arising, of any kind or nature whatsoever, including, without limitation, all administrative expenses of the kind specified in, or arising or ordered under, Sections 105, 326, 328, 503(b), 506(c), 507(a), 507(b), 546(c), 1113 and 1114 of the Bankruptcy Code, subject only to the prior payment of expenses to the extent set forth in clause "first" of the definition of the term "Agreed Administrative Expense Priorities".

Appears in 2 contracts

Samples: Financing Agreement and Waiver (Solutia Inc), Financing Agreement (Solutia Inc)

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Administrative Priority. Subject to the ----------------------- Bankruptcy Court Order and the Supplemental Bankruptcy Court OrdersOrder, each of the Borrowers and Guarantors agrees for itself that the Obligations of such Person shall constitute allowed administrative expenses in the Chapter 11 Cases, having priority over all administrative expenses of and unsecured claims against such Person now existing or hereafter arising, of any kind or nature whatsoever, including, without limitation, all administrative expenses of the kind specified in, or arising or ordered under, Sections 105, 326, 328, 503(b), 506(c), 507(a), 507(b), 546(c), 1113 and 1114 of the Bankruptcy Code, subject only to the prior payment of expenses to the extent set forth in clause "first" of the ----- definition of the term "Agreed Administrative Expense Priorities".

Appears in 1 contract

Samples: Financing Agreement (Solutia Inc)

Administrative Priority. Subject to the ----------------------- Bankruptcy Court Order and the Supplemental Bankruptcy Court Orders, each of the Borrowers and Guarantors agrees for itself that the Obligations of such Person shall constitute allowed administrative expenses in the Chapter 11 Cases, having priority over all administrative expenses of and unsecured claims against such Person now existing or hereafter arising, of any kind or nature whatsoever, including, without limitation, all administrative expenses of the kind specified in, or arising or ordered under, Sections 105, 326, 328, 503(b), 506(c), 507(a), 507(b), 546(c), 1113 ) and 1114 of the Bankruptcy Code, subject only to the prior payment of expenses to the extent set forth in clause "first" of the definition of the term "Agreed Administrative Expense Priorities".

Appears in 1 contract

Samples: Financing Agreement (Solutia Inc)

Administrative Priority. Subject to the ----------------------- Bankruptcy Court Order and the Supplemental Bankruptcy Court Orders, each of the Borrowers Borrower and Guarantors agrees for itself that the Obligations of such Person shall constitute allowed super priority administrative expenses in the Chapter 11 Cases, having priority over all administrative expenses of and unsecured claims against such Person now existing or hereafter arising, of any kind or nature whatsoever, including, without limitation, all administrative expenses of the kind specified in, or arising or ordered under, Sections 105, 326, 328, 503(b), 506(c), 507(a), 507(b), 546(c), 1113 ) and 1114 of the US Bankruptcy Code, subject only to the prior payment of expenses amounts owing in respect of the Carve-Out to the extent set forth in clause "first" of the definition of the term "Agreed Administrative Expense Priorities".

Appears in 1 contract

Samples: Credit and Security Agreement (Pope & Talbot Inc /De/)

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Administrative Priority. Subject Pursuant to Section 364(c)(1) of the ----------------------- Bankruptcy Code and as provided for in the Final Bankruptcy Court Order and the Supplemental Bankruptcy Court OrdersOrder, each of the Borrowers and Guarantors agrees for itself that the Obligations of such Person the Borrowers shall constitute allowed administrative expenses in the Chapter 11 Cases, Cases having priority over all administrative expenses of and unsecured claims against such Person the Borrowers now existing or hereafter arising, of any kind or nature whatsoever, including, including without limitation, limitation all administrative expenses of the kind specified in, or arising or ordered under, in Sections 105, 326, 328, 503(b), 506(c), 507(a), ) and 507(b), 546(c), 1113 and 1114 ) of the Bankruptcy Code, subject subject, as to priority, only to Carve-Out Expenses having priority over the prior payment of expenses Obligations to the extent set forth in clause "first" of the definition of the term "Agreed Administrative Expense Priorities", but excluding any causes of action arising under Sections 542, 544, 545, 547, 548, 550, 551, 553(b) or 724(a) of the Bankruptcy Code.

Appears in 1 contract

Samples: Financing Agreement (Sunterra Corp)

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