Indefeasible Payment definition

Indefeasible Payment or "Indefeasibly Paid" shall mean, with respect -------------------- ----------------- to the making of any payment on or in respect of any Senior Debt, a payment in cash of such Senior Debt in full, which payment is not subject to avoidance or rescission in any Proceeding that has been commenced at or within ninety days of the time of such payment.
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Examples of Indefeasible Payment in a sentence

  • This Guaranty is a continuing and irrevocable guaranty of all Obligations now or hereafter existing and shall remain in full force and effect until Indefeasible Payment and Performance of All Obligations has occurred.

  • This Agreement shall terminate upon the Indefeasible Payment of the Senior Debt and termination of the Commitments.

  • Until the Indefeasible Payment and Performance of All Obligations has occurred, no Loan Party shall have, or shall directly or indirectly exercise, any rights that it may acquire by way of subrogation under this Agreement, by any payment or distribution to the Secured Parties hereunder or otherwise.

  • Guarantor hereby agrees that any indebtedness of Borrower to Guarantor, whether now existing or hereafter created, shall be and is hereby subordinated to the indebtedness of Borrower to Lender under the Loan Documents until such time as the Indefeasible Payment in Full of all obligations of Borrower and all of the Obligations under this Guaranty.

  • After the Indefeasible Payment and Performance of All Obligations has occurred, each Loan Party shall be entitled to exercise in full any subrogated rights it may possess with respect to the rights of the Secured Parties to receive payments or distributions applicable to the Senior Debt until the Subordinated Debt shall be paid in full.

  • This Security Agreement shall remain in full force and effect until the Indefeasible Payment and Performance of All Secured Obligations has occurred, shall be binding upon the Grantors and their successors, transferees and assigns and shall inure to the benefit of and be enforceable by each Secured Party and its successors, transferees and assigns; provided that no Grantor may (unless otherwise permitted under the terms of the Indenture or this Security Agreement) assign any of its obligations hereunder.

  • Each Grantor agrees that it will not exercise any rights against another Grantor which it may acquire by way of rights of subrogation under any Loan Document to which it is a party until the Indefeasible Payment and Performance of All Obligations has occurred.

  • Each of the Article X Guarantors hereby subordinates the payment of all obligations and indebtedness of the Borrowers owing to such Article X Guarantor, whether now existing or hereafter arising, relating to any obligation of the Borrowers to any Article X Guarantor as subrogee of the Secured Parties or resulting from any Article X Guarantor’s performance under this Guaranty, to the Indefeasible Payment and Performance of All Obligations.

  • Each Grantor covenants and agrees that, until the Indefeasible Payment and Performance of All Secured Obligations, such Grantor will perform, comply with and be bound by the obligations set forth below.

  • Upon the occurrence of the Indefeasible Payment and Performance of All Obligations, this Agreement shall terminate and Collateral Agent, on behalf of the Secured Parties, shall promptly execute and deliver to each Loan Party such documents and instruments as shall be necessary to evidence such termination; provided, however, that the obligations of each Loan Party under Section 16 shall survive such termination.