Ranking of Senior Secured Obligations Sample Clauses

Ranking of Senior Secured Obligations. Until the repayment in full in cash of all of the Senior Secured Obligations, the termination or cash collateralization of all outstanding Letters of Credit (in an amount equal to 102.5% of the face amount thereof) and the termination of all Commitments (the “Loan Maturity Date”), (i) the Subordinated Lenders, the Borrower and each of its Subsidiaries hereby agree that all Subordinated Obligations are and shall be subordinated in right of payment and liquidation in relation to all Senior Secured Obligations to the extent and in the manner hereinafter set forth, (ii) no payments or other distributions whatsoever in respect of any part of the Subordinated Obligations shall be made nor shall any property or assets of the Borrower or any of its Subsidiaries (nor any property or assets of the Borrower that constitute Collateral) be applied to the purchase or other acquisition or retirement of any part of the Subordinated Obligations, and (iii) each of the Subordinated Lenders agrees that it will not ask, demand, xxx for, take or receive from or for the account of the Borrower or any of its Subsidiaries (whether directly or indirectly), by set-off or in any other manner, the Subordinated Obligations, or any security therefor, except with the prior written consent of each of the Senior Secured Parties.
Sample 1Sample 2
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Ranking of Senior Secured Obligations. 2.1 Until the earlier of (x) the payment in full in cash of the Senior Secured Obligations or (y) to the extent permitted under the relevant Financing Documents, the legal defeasance of the Senior Secured Obligations in full in accordance with the express terms and conditions of the related Financing Documents, (i) the Subordinated Lender and the Issuer hereby agree that all Subordinated Debt is and shall be subordinated in right of payment and liquidation in relation to all Senior Secured Obligations to the extent and in the manner hereinafter set forth, (ii) except as provided in Section 2.2 hereof, no payments or other distributions whatsoever in respect of any part of the Subordinated Debt shall be made nor shall any property or assets of the Issuer or any of its Subsidiaries be applied to the purchase or other acquisition or retirement of any part of the Subordinated Debt, and (iii) except to the extent and in the manner provided herein, the Subordinated Lender agrees that it will not ask, demand, xxx for, or take or receive from or for the account of the Issuer (whether directly or indirectly), by set-off or in any other manner, the Subordinated Debt, or any security therefor, except with the prior written consent of each of the Secured Parties.
Sample 1
Ranking of Senior Secured Obligations. Until the repayment in full in cash of all of the Senior Secured Obligations and the termination of all Commitments (the “Loan Maturity Date”), (a) the Subordinated Lenders, the Borrower and each of its Subsidiaries hereby agree that all Subordinated Obligations are and shall be subordinated in right of payment and liquidation in relation to all Senior Secured Obligations to the extent and in the manner hereinafter set forth, (b) no payments or other distributions whatsoever in respect of any part of the Subordinated Obligations shall be made nor shall any property or assets of the Borrower or any of its Subsidiaries (nor any property or assets of the Borrower that constitute Collateral) be applied to the purchase or other acquisition or retirement of any part of the Subordinated Obligations, and (c) each of the Subordinated Lenders agrees that it will not ask, demand, xxx for, take or receive from or for the account of the Borrower or any of its Subsidiaries (whether directly or indirectly), by set-off or in any other manner, the Subordinated Obligations, or any security therefor, except with the prior written consent of each of the Senior Secured Parties.
Sample 1

Related to Ranking of Senior Secured Obligations

  • Payment of Secured Obligations Grantor will pay and perform or cause to be paid and performed the Secured Obligations according to the tenor thereof and all other sums now or hereafter secured hereby as the same shall become due.

  • Additional Secured Obligations The Borrower may from time to time designate Permitted Additional Secured Obligations as Secured Obligations hereunder by (a) delivering to the Corporate Trustee an Additional Secured Obligations Designation in respect of such Permitted Additional Secured Obligations describing such Permitted Additional Secured Obligations and specifying whether such Permitted Additional Secured Obligations shall constitute Bank Facility Obligations, Vendor Facility Obligations, Public Debt Obligations, Other Facility Obligations or Hedging Agreement Obligations and attaching thereto a true and complete copy of all agreements (together with all schedules, exhibits, annexes, appendices and other attachments thereto), including but not limited to the applicable Secured Instruments, relating to such Permitted Additional Secured Obligations to which the Borrower or any Affiliate thereof is a party, and (b) fulfilling the requirements of subsection 4.8(b) in respect of such Additional Secured Obligations Designation. Upon completion of the actions described clauses (a) and (b) of the preceding sentence, but subject to the following sentence, the Permitted Additional Secured Obligations designated by such Additional Secured Obligations Designation shall constitute Secured Obligations. Notwithstanding anything herein to the contrary, in no event shall any indebtedness or other obligations of the Borrower constitute Additional Secured Obligations hereunder if the designation of such indebtedness or other obligations as Additional Secured Obligations would be in contravention of any Secured Instrument, and any purported designation of any such indebtedness or other obligations of the Borrower as Additional Secured Obligations in violation of any Secured Instrument shall be null and void and of no force or effect.

  • Security for Secured Obligations This Patent Security Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Patent Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

  • Unsecured Obligations The obligations of the Company to the Purchasers under the Subordinated Notes shall be unsecured.

  • Unsecured Obligation Your Award is unfunded, and as a holder of a vested Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Agreement. You shall not have voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

  • Grant of Security and Secured Obligations SECTION 2.1. Pledge; Grant of Security Interest 6 SECTION 2.2. Secured Obligations 7 SECTION 2.3. Security Interest 7 ARTICLE III

  • Continuing Agreement, Transfer of Secured Obligations This Agreement is a continuing agreement and shall (a) subject to Section 5.3, remain in full force and effect until the Discharge of ABL Obligations shall have occurred, (b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns. Nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Common Collateral. All references to any Grantor shall include any Grantor as debtor-in-possession and any receiver or trustee for such Grantor in any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the ABL Collateral Agent, any ABL Secured Party, the New First Lien Collateral Agent and any New First Lien Secured Party may assign or otherwise transfer all or any portion of the ABL Obligations or the New First Lien Obligations, as applicable, to any other Person (other than the Company, any Grantor or any Affiliate of the Company or any Grantor and any Subsidiary of the Company or any Grantor), and such other Person shall thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Collateral Agent, the New First Lien Collateral Agent, any ABL Secured Party or any New First Lien Secured Party, as the case may be, herein or otherwise. The ABL Secured Parties and the New First Lien Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Grantor on the faith hereof.

  • Revival of Secured Obligations This Agreement and the Loan Documents shall remain in full force and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the Secured Obligations and Collateral security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Agent, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Agent or Lender in Cash.

  • Registered Obligations Notwithstanding anything to the contrary contained in this Agreement, the Loan (including any Notes evidencing the Loan) shall constitute a registered obligation, the right, title and interest of the Lenders and their assignees in and to the Loan shall be transferable only upon notation of such transfer in the Register and no assignment thereof shall be effective until recorded therein. This Section 2.12 and Section 12.3 shall be construed so that the Loan is at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and any successor provisions).

  • Secured Obligations The Collateral secures the due and prompt payment and performance of:

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