Other Creditor Claims definition

Other Creditor Claims means all other claims which, pursuant to Section 7435, have priority over claims with respect to the Securities. Under Section 7435 as currently in effect, such other claims include (i) claims with respect to the actual and necessary costs and expenses of administration incurred by a liquidator, conservator, rehabilitator or ancillary rehabilitator under Section 7435; (ii) claims with respect to the actual and necessary costs and expenses of administration incurred by The Life Insurance Guaranty Corporation or The Life Insurance Company Guaranty Corporation of New York; (iii) claims of The Life Insurance Company Guaranty Corporation for certain funds loaned to the Superintendent under Section 7713(d) of the New York Insurance Law; (iv) debts up to $1,200 due to employees for services performed within one year of the commencement of rehabilitation, liquidation, conservation, dissolution or reorganization proceedings; (v) claims for payment for goods furnished or services rendered in the ordinary course of business within 90 days of the declaration of the impairment or insolvency of the Issuer; (vi) claims of the federal or any state or local government (except in the case of claims for a penalty or forfeiture which are included only to the extent of pecuniary loss and reasonable costs occasioned by the act giving rise to the forfeiture or penalty); and (vii) claims of general creditors and all other claims having priority under Section 7435.

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Other Creditor Claims means all claims other than Policy Claims which, pursuant to Section 7434, have priority over claims with respect to the Notes. Under Section 7434 as currently in effect, such other claims include (i) claims with respect to the actual and necessary costs and expenses of administration incurred by a liquidator, rehabilitator or conservator under Section 7434, (ii) claims of the federal government other than Policy Claims, (iii) debts up to $1,200 due to each employee for services performed within one year before the commencement of rehabilitation, liquidation, dissolution or reorganization proceedings and claims for unemployment insurance contributions as required by law, (iv) claims of state or local governments other than Policy Claims, and (v) claims of general creditors, including, but not limited to, claims arising under reinsurance contracts, and all other claims having priority under Section 7434.

Examples of Other Creditor Claims in a sentence

Claims based upon the Securities will rank below all Indebtedness, Policy Claims and Other Creditor Claims (each as hereinafter defined), in accordance with Section 7435 of the New York Insurance Law (together with any successor provision, and as may be hereafter amended from time to time, "Section 7435").
To the extent provided in the Agreement, Indebtedness, Policy Claims and Other Creditor Claims must be paid in full before the Notes may be paid.
If the Fiscal Agent is required to turn over any funds received by it to the holders of Indebtedness, Policy Claims and Other Creditor Claims, the Fiscal Agent need not turn over such funds unless and until MBIA shall have notified it as to the identity of such holders and of the amount of such funds to be paid to each such holder.
If a distribution is made to Noteholders that, because of this Article should not have been made to them, the Noteholders who receive the distribution shall hold it in trust for holders of Indebtedness, Policy Claims and Other Creditor Claims, and pay it over to them as their interests may appear.
The Notes are subordinated to Indebtedness, Policy Claims and Other Creditor Claims, in each case as defined in the Agreement.
Claims based upon the Securities will rank below all Indebtedness, Policy Claims - and Other Creditor Claims (each as hereinafter defined), in accordance with Section 7435 of the New York Insurance Law (together with any successor provision, and as may be hereafter amended from time to time, "Section 7435").
MBIA agrees, and each Noteholder by accepting a Note agrees, that the indebtedness evidenced by the Notes is subordinated in right of payment, to the extent and in the manner provided in this Article, to the prior payment in full of all Indebtedness, Policy Claims and Other Creditor Claims in accordance with Section 7434.

More Definitions of Other Creditor Claims

Other Creditor Claims means all existing or future other claims against the Issuer which, under Section 7435, have priority over claims with respect to this Note. Under Section 7435 such other claims include (i) claims with respect to the actual and necessary costs and expenses of administration incurred by a liquidator, conservator, rehabilitator or ancillary rehabilitator under Section 7435; (ii) claims with respect to the actual and necessary costs and expenses of administration incurred by The Life Insurance Guaranty Corporation or The Life Insurance Company Guaranty Corporation of New York ("LICGC"); (iii) claims of LICGC for certain funds loaned to the Superintendent under Section 7713(d) of the Insurance Law; (iv) debts up to $1,200 due to employees for services performed within one year before the commencement of rehabilitation, liquidation, conservation or dissolution proceedings; (v) claims for payment for goods furnished or services rendered in the ordinary course of business within 90 days prior to the declaration of the impairment or insolvency of the Issuer; (vi) claims of the federal or any state or local government (except in the case of claims for a penalty or forfeiture which are included only to the extent of pecuniary loss and reasonable costs occasioned by the act giving rise to the forfeiture or penalty); and (vii) claims of general creditors and all other claims having priority under Section 7435.