Junior in right of payment definition

Junior in right of payment means that unless and until the Senior Obligations have been paid in full, without the express prior written consent of the holders of the Senior Obligations, the Holder will not take, demand (including by means of any legal action) or receive from the Company, and the Company will not make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of the whole or any part of the Subordinated Debt; provided, that, this Note may be redeemed with the proceeds of a rights offering to the holders of Common Stock of the Company.
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Related to Junior in right of payment

  • Repurchase Right has the meaning specified in Section 11.1 hereof.

  • Right of Co-Sale means the right, but not an obligation, of an Investor to participate in a Proposed Key Holder Transfer on the terms and conditions specified in the Proposed Transfer Notice.

  • Repurchase Option has the meaning set forth in Section 1.3(a) hereto.

  • Erroneous Payment Subrogation Rights has the meaning assigned to it in Section 10.14(d).

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Right of Repurchase means the Company’s right of repurchase described in Section 7.

  • Free-Standing Appreciation Right means an Appreciation Right granted pursuant to Section 5 of this Plan that is not granted in tandem with an Option Right.

  • Termination Right have the respective meanings given in the PRA Contractual Stay Rules.

  • Exercise of Secured Creditor Remedies means, except as otherwise provided in the final sentence of this definition:

  • Put Right has the meaning set forth in Section 8.05(a).

  • Non-Tandem Stock Appreciation Right means the right to receive an amount in cash and/or stock equal to the difference between (x) the Fair Market Value of a share of Common Stock on the date such right is exercised, and (y) the aggregate exercise price of such right, otherwise than on surrender of a Stock Option.

  • Right of First Refusal means the Company’s right of first refusal described in Section 8.

  • Non-Paying Party is the Party that has not made payment by the Xxxx Due Date of all amounts within the xxxx rendered by the Billing Party.

  • Restricted Stock Purchase Right means a right to purchase Stock granted to a Participant pursuant to Section 8.

  • Right of First Refusal and Co-Sale Agreement means the agreement among the Company, the Purchasers, and certain other stockholders of the Company, dated as of the date of the Initial Closing, in the form of Exhibit G attached to this Agreement.

  • Exercise Any Secured Creditor Remedies or “Exercise of Secured Creditor Remedies” shall mean:

  • Redemption Right has the meaning provided in Section 8.5(a) hereof.

  • Restricted Stock Grant means Shares awarded under the Plan as provided in Section 9.

  • Purchase Right means an option to purchase shares of Common Stock granted pursuant to the Plan.

  • Right of First Refusal Agreement means the Right of First Refusal Agreement, dated as of August 4, 2017, among the Partnership, the Operating Partnership and NextEra Energy Resources, LLC.

  • First Refusal Right means the right granted to the Corporation in accordance with Article E.

  • Stock Option means a contractual right granted to an Eligible Person under Section 6 hereof to purchase shares of Common Stock at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.

  • Redemption Rights means the redemption rights provided for in Section 9.2 of the SPAC Certificate of Incorporation.

  • right of use means any right we have to use, in our own name and on our own account or the account of another counterparty, financial instruments received by us by way of collateral under a security collateral arrangement between you and us;

  • Acceleration Right means the Participant’s right, in certain circumstances, to exercise its outstanding Option as to all or any of the Common Shares in respect of which such Option has not previously been exercised and which the Participant is entitled to exercise, including in respect of Common Shares not otherwise vested at such time;

  • Right of First Offer shall have the meaning set forth in Section 6.5.2.