Examples of Pari Passu Debt in a sentence
In furtherance of the foregoing, this Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time payment of any of the Pari Passu Debt or the 2024 Debt, in whole or in part, is rescinded or must otherwise be restored or refunded by a holder of the Pari Passu Debt or the 2024 Debt, as applicable, as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, all as though such payment had not been made.
Notwithstanding anything to the contrary contained herein, each Bigger-District Creditor and each 2024 Note Creditor acknowledges and agrees that the ILOC secures neither the Bigger-District Debt or such Bigger-District Creditor’s share of the Pari Passu Debt or the 2024 Debt or such 2024 Note Creditor’s share of the Pari Passu Debt.
This Agreement shall continue in full force and effect unless and until all of the Pari Passu Debt and the 2024 Debt shall be Paid in Full, and shall automatically terminate if and when all of the Pari Passu Debt and the 2024 Debt shall be Paid in Full.
Each Pari Passu Creditor agrees not to assign or transfer all or any part of the Pari Passu Debt or any claim which such Pari Passu Creditor may have against any Obligor except pursuant to an agreement which is expressly made subject to all terms and provisions of this Agreement.