The Senior Clause Samples
The 'Senior' clause defines the rights, responsibilities, or status of a senior individual or position within an agreement, such as a senior lender, senior employee, or senior creditor. In practice, this clause typically establishes priority over other parties, for example, giving a senior lender the first claim to repayment before junior lenders, or outlining the authority and decision-making powers of a senior executive. Its core function is to clarify hierarchy and priority, thereby reducing disputes and ensuring that all parties understand the order of precedence or authority within the contractual relationship.
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The Senior. Agent’s resignation notice shall only take effect upon the appointment of a successor.
The Senior. Officials Table is not a decision-making body and cannot ▇▇▇▇▇▇ the discretion of the Parties’ respective decision-makers.
The Senior. Note Offering shall have been consummated in accordance with applicable law and the Borrower shall have received therefrom aggregate gross cash proceeds of not less than $250,000,000. The material terms and conditions of the 2003 Senior Notes and the provisions of the indenture and other agreements and documents executed and delivered in connection with the Senior Note Offering shall be reasonably satisfactory to the Initial Lenders, each of whom shall have received copies of all such documents, certified by a Financial Officer as being complete and correct in all material respects.
The Senior. Note Trustee shall promptly notify the Security Trustee in writing (with a copy of such notice to be provided to the other Debt Representatives and the Issuer) upon the occurrence of Payment Stop Event and/or Standstill Event (a notice of a Standstill Event shall be contained in a Standstill Notice).
The Senior. Term Loans shall be made in a single drawing on the Closing Date (as defined below).
The Senior. Finance Parties and the Borrower each agree and acknowledge that the Borrower may enter into Bridging Finance in respect of any Eligible Aircraft which are purchased by the Borrower prior to the first Utilisation Date provided that:
(a) All Bridging Finance is repaid in full on or before the first Utilisation Date;
(b) no Security Interests are created by or in relation to such Bridging Finance that could affect the Security Interests taken by the Secured Parties pursuant to the Security Documents;
(c) no Available Collections, Applicable Proceeds, Put Proceeds, Special Proceeds, Maintenance Reserves, Security Deposits, Total Loss Proceeds, Requisition Proceeds or any other proceeds in respect of the Lease Agreements or the Eligible Aircraft shall be applied by the Borrower towards any repayment of or other payment required pursuant to any Bridging Finance;
(d) all interest, costs and other expenses of any kind incurred in relation to the Bridge Financing shall be financed by the purchase by the Subordinated Note Holder of Additional Subordinated Loan Notes issued by the Borrower pursuant to the Subordinated Note Purchase Agreement; and
(e) the Borrower shall within ten (10) Business Days of written request by the Senior Agent, provide to the Senior Agent all documentation relating to any Bridging Finance entered into by the Borrower.
The Senior. Finance Documents shall continue in full force and effect, however, the Senior Facility Agreement shall be amended and read and interpreted in accordance with Clause 2.2 of the Senior Facility Amendment Agreement.