Common use of Preferential Collection of Claims Against the Issuer Clause in Contracts

Preferential Collection of Claims Against the Issuer. (a) Subject to the provisions of this Section, if the Trustee for the Securities of any series shall be or shall become a creditor, directly or indirectly, secured or unsecured, of the Issuer or any other obligor of the Securities of such series within three months prior to a default, as defined in subsection (c) of this Section, or subsequent to such a default, then, unless and until such default shall be cured, the Trustee shall set apart and hold in a special account for the benefit of the Trustee individually, the Holders of the Securities of such series, the Holders of the Coupons, if any, appertaining thereto and the holders of other indenture securities (as defined in this Section):

Appears in 5 contracts

Samples: Indenture (Sheraton Holding Corp), Indenture (Starwood Hotels & Resorts), Itt Corp

AutoNDA by SimpleDocs

Preferential Collection of Claims Against the Issuer. (a) Subject to the provisions of this SectionSection 7.13, if the Trustee for the Securities of any series shall be or shall become a creditor, directly or indirectly, secured or unsecured, of the Issuer or any other obligor of the Securities of such series within three months prior to a default, as defined in subsection (c) of this SectionSection 7.13, or subsequent to such a default, then, unless and until such default shall be cured, the Trustee shall set apart and hold in a special account for the benefit of the Trustee individually, the Holders of the Securities of such series, the Holders of the Coupons, if any, appertaining thereto and the holders of other indenture securities (as defined in this SectionSection 7.13):

Appears in 2 contracts

Samples: Itt Corp /Nv/, Itt Corp /Nv/

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.