Subordination in Event of Insolvency, Etc Sample Clauses

Subordination in Event of Insolvency, Etc. In the event of any Proceeding, (a) FEQ Debt shall first be Satisfied before any payment or distribution, whether in cash, securities or other property shall be made in respect of Trident, and (b) any payment or distribution of assets which would otherwise (but for this Agreement) be payable or deliverable in respect of Trident Debt shall be paid or delivered directly to FEQ for application towards any payment of FEQ Debt until all FEQ Debt shall have been Satisfied.
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Subordination in Event of Insolvency, Etc. (a) In the event of any Proceeding (i) all Syndicated Credit Obligations shall first be paid in full in cash before any payment or distribution of any kind, whether direct or indirect (by set-off, recoupment or otherwise) and whether in cash, securities or other property, other than Permitted Receivables Payments, shall be made by or for the account of GPD, GPI, or any Subsidiaries of GPD or GPI in respect of any Receivables Credit Obligations, and (ii) any payment or distribution of assets of any kind that would otherwise (but for this Intercreditor Agreement) be payable or deliverable on account of any Receivables Credit Obligations (including, without limitation, any such payment or distribution that is payable or deliverable by or for the account of GPD, GPI, or any Subsidiaries of GPD or GPI on account of Receivables Credit Obligations by virtue or pursuant to the terms of any subordination agreement executed by creditors of GPD, GPI, or any Subsidiaries of GPD or GPI in favor of the Receivables Credit Lenders or Receivables Credit Agent, but excluding Permitted Receivables Payments), shall be paid or delivered directly to the Syndicated Credit Agent for application to and payment of the Syndicated Credit Obligations until all Syndicated Credit Obligations shall have been paid in full in cash.
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Subordination in Event of Insolvency, Etc. In the event of any insolvency, bankruptcy, receivership, assignment for the benefit of creditors, judicially supervised reorganization pursuant to, or in the nature of, a proceeding under Title 11 of the United States Code, as amended from time to time, and any successor statute (the "Bankruptcy Code"), or arrangement with creditors of Borrower whether or not pursuant to bankruptcy laws, or any dissolution, liquidation or other marshaling of the assets and liabilities of Borrower (a "Bankruptcy Default"), then all such Senior Debt shall be paid in full in cash or cash equivalents before any payment or distribution of any character, whether in cash, securities or other property shall be made for or on account of any principal of or premium, if any, or interest or other amounts on the Subordinated Debt. In the event of any Bankruptcy Default, any payment or distribution of any character, whether in cash, securities or other property, which would otherwise, but for these subordination provisions, be payable or distributable for or on account of any principal of or premium, if any, or interest on the Subordinated Debt, shall be paid or distributed directly to or for the account of Lender, until all Senior Debt shall have been indefeasibly paid in full in cash or cash equivalents, after giving effect to any and all other payments and distributions in respect of the Senior Debt.
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Subordination in Event of Insolvency, Etc. (a) In the event of any Proceeding: (i) all Senior Debt shall first be paid in full in cash before any payment or distribution of any kind, whether direct or indirect (by set-off, recoupment or otherwise) and whether in cash, securities or other property, shall be made by or for the account of any Borrower or any of its Subsidiaries in respect of Subordinated Debt, and (ii) any payment or distribution of assets of any kind which would otherwise (but for this Agreement) be payable or deliverable on account of Subordinated Debt (including, without limitation, any such payment or distribution that is payable or deliverable by or for the account of any Borrower or any of its Subsidiaries on account of Subordinated Debt by virtue or pursuant to the terms of any subordination agreement executed by creditors of any Borrower or any of its Subsidiaries in favor of the Subordinated Noteholder) shall be paid or delivered directly to the Senior Agent for the benefit of the holders of Senior Debt for application to and payment of Senior Debt until all Senior Debt shall have been paid in full in cash.
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Related to Subordination in Event of Insolvency, Etc

  • Insolvency Events Tenant or any guarantor or surety of Tenant’s obligations hereunder shall: (A) make a general assignment for the benefit of creditors; (B) commence any case, proceeding or other action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property (collectively a “Proceeding for Relief”); (C) become the subject of any Proceeding for Relief which is not dismissed within 90 days of its filing or entry; or (D) die or suffer a legal disability (if Tenant, guarantor, or surety is an individual) or be dissolved or otherwise fail to maintain its legal existence (if Tenant, guarantor or surety is a corporation, partnership or other entity).

  • Insolvency Event An “Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly available indicating that unsecured claims against the Company are not expected to be paid.

  • Notice of Insolvency Event As soon as practicable following the occurrence of an Insolvency Event or any event that with the giving of notice or the passage of time or both would be an Insolvency Event, ExchangeCo and Acquiror shall give written notice thereof to the Trustee. As soon as practicable following the receipt of notice from ExchangeCo and Acquiror of the occurrence of an Insolvency Event, or upon the Trustee becoming aware of an Insolvency Event, the Trustee will mail to each Beneficiary, at the expense of Acquiror (such funds to be received in advance), a notice of such Insolvency Event in the form provided by Acquiror, which notice shall contain a brief statement of the rights of the Beneficiaries with respect to the Exchange Right.

  • Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings If an Event of Default specified under Sections 9.1.1 through 9.1.10 shall occur and be continuing, the Lenders and the Administrative Agent shall be under no further obligation to make Loans and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and

  • Action upon Certain Failures of the Servicer and upon Event of Default In the event that the Trustee shall have actual knowledge of any failure of the Servicer specified in Section 8.01(a) or (b) which would become an Event of Default upon the Servicer's failure to remedy the same after notice, the Trustee shall give notice thereof to the Servicer. If the Trustee shall have knowledge of an Event of Default, the Trustee shall give prompt written notice thereof to the Certificateholders.

  • Actions following an Event of Default On, or at any time after, the occurrence of an Event of Default:

  • Termination on Material Default 30.2.1 The Authority may terminate this Framework Agreement for material Default by issuing a Termination Notice to the Supplier where:

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Waiver of Event of Default The Majority Certificateholders may, on behalf of all Certificateholders, by notice in writing to the Trustee, direct the Trustee to waive any events permitting removal of any Master Servicer under this Agreement, provided, however, that the Majority Certificateholders may not waive an event that results in a failure to make any required distribution on a Certificate without the consent of the Holder of such Certificate. Upon any waiver of an Event of Default, such event shall cease to exist and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agency.

  • Payments After Event of Default Except as otherwise provided in Section 3.04 hereof, all payments received and amounts held or realized by the Mortgagee (including any amounts realized by the Mortgagee from the exercise of any remedies pursuant to Section 15 of the Lease or Article IV hereof) after an Event of Default shall have occurred and be continuing and after the declaration specified in Section 4.04(b) hereof, as well as all payments or amounts then held by the Mortgagee as part of the Trust Indenture Estate, shall be promptly distributed by the Mortgagee in the following order of priority: First,so much of such payments or amounts as shall be required to (i) reimburse the Mortgagee or WTC for any tax (except to the extent resulting from a failure of the Mortgagee to withhold taxes pursuant to Section 2.04(b) hereof), expense or other loss (including, without limitation, all amounts to be expended at the expense of, or charged upon the rents, revenues, issues, products and profits of, the property included in the Trust Indenture Estate (all such property being herein called the “Mortgaged Property”) pursuant to Section 4.05(b) hereof) incurred by the Mortgagee or WTC (to the extent not previously reimbursed), the expenses of any sale, or other proceeding, reasonable attorneys’ fees and expenses, court costs, and any other expenditures incurred or expenditures or advances made by the Mortgagee, WTC or the Note Holders in the protection, exercise or enforcement of any right, power or remedy or any damages sustained by the Mortgagee, WTC or any Note Holder, liquidated or otherwise, upon such Event of Default shall be applied by the Mortgagee as between itself, WTC and the Note Holders in reimbursement of such expenses and any other expenses for which the Mortgagee, WTC or the Note Holders are entitled to reimbursement under any Operative Agreement and (ii) all amounts payable to the other Indenture Indemnitees hereunder and under the Participation Agreement and the Lease; and in the case the aggregate amount to be so distributed is insufficient to pay as aforesaid in clauses (i) and (ii), then ratably, without priority of one over the other, in proportion to the amounts owed each hereunder; Second,so much of such payments or amounts remaining as shall be required to reimburse the then existing or prior Note Holders for payments made pursuant to Section 5.03 hereof (to the extent not previously reimbursed) shall be distributed to such then existing or prior Note Holders ratably, without priority of one over the other, in accordance with the amount of the payment or payments made by each such then existing or prior Note Holder pursuant to said Section 5.03 hereof; Third,(i) so much of such payments or amounts remaining as shall be required to pay in full the aggregate unpaid Original Amount of all Series A Equipment Notes, and the accrued but unpaid interest and other amounts due thereon (other than Make-Whole Amount which shall not be due and payable) and all other Secured Obligations in respect of the Series A Equipment Notes (other than Make-Whole Amount) to the date of distribution, shall be distributed to the Note Holders of Series A, and in case the aggregate amount so to be distributed shall be insufficient to pay in full as aforesaid, then ratably, without priority of one over the other, in the proportion that the aggregate unpaid Original Amount of all Series A Equipment Notes held by each holder plus the accrued but unpaid interest and other amounts due hereunder or thereunder (other than Make-Whole Amount, if any) to the date of distribution, bears to the aggregate unpaid Original Amount of all Series A Equipment Notes held by all such holders plus the accrued but unpaid interest and other amounts due thereon (other than Make-Whole Amount) to the date of distribution;

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