Pari Debt definition
Examples of Pari Debt in a sentence
The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Pari Debt Secured Parties in relation to one another.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Pari Debt Secured Parties, all of which are intended to be bound by, and to be third party beneficiaries of, this Agreement.
Additionally, in the event the Pari Debt Obligations of any Series are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), any reference to such Pari Debt Documents or the Pari Debt Obligations governing such Pari Debt Obligations shall refer to such obligations or such documents as so modified.
In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the Pari Debt Documents or any of the other Secured Credit Documents, the provisions of this Agreement shall control.
Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the Pari Debt Obligations as and when the same shall become due and payable in accordance with their terms.
As between the Pari Debt Secured Parties, the Applicable Collateral Agent acting in accordance with Section 2.02 shall have the right to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral.
To the extent, but only to the extent, permitted by the provisions of the Credit Agreements and the Additional Pari Debt Documents, the Borrower may incur additional indebtedness after the date hereof that is permitted by the Credit Agreements and the Additional Pari Debt Documents to be incurred and secured on an equal and ratable basis by the Liens securing the Pari Debt Obligations (such indebtedness referred to as “Additional Senior Class Debt”).
Except as expressly set forth herein, none of the Revolving Credit Agreement Agent, the Term Loan Credit Agreement Agent or any Additional Pari Debt Agent shall have any duties or obligations in respect of any of the Collateral, all of such duties and obligations, if any, being subject to and governed by the applicable Secured Credit Documents.
Each Collateral Agent may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any Pari Debt Secured Party or any other Person as a result of such determination.
If, despite the provisions of this Section 2.01(a), any Pari Debt Secured Party shall receive any payment or other recovery in excess of its portion of payments on account of the Pari Debt Obligations to which it is then entitled in accordance with this Section 2.01(a), such Pari Debt Secured Party shall hold such payment or recovery in trust for the benefit of all Pari Debt Secured Parties for distribution in accordance with this Section 2.01(a).