Common use of SECTION 1504 Clause in Contracts

SECTION 1504. No Payment When Senior Indebtedness in Default....................................................60 SECTION 1505. Payment Permitted in Certain Situations...........................................................60 SECTION 1506. Subrogation to Rights of Holders of Senior Indebtedness...........................................60

SECTION 1504. No Payment When Senior Indebtedness Debt in Default....................................................60 ................................................87 SECTION 1505. Payment Permitted in Certain Situations...........................................................60 if no Default.......................................................89 SECTION 1506. Subrogation to Rights of Holders of Senior Indebtedness...........................................60Debt..................................................................89

SECTION 1504. No Payment When Senior Indebtedness in Default....................................................60 ............................................. 71 SECTION 1505. Payment Permitted in Certain Situations...........................................................60 .................................................... 72 SECTION 1506. Subrogation to Rights of Holders of Senior Indebtedness...........................................60.................................... 72