Subordinate and junior in right of payment means that:
Subordinate and junior in right of payment means that (1) no part of the Subordinated Obligations shall have any claim to the assets of any of the Companies on a parity with or prior to the claim of the Senior Obligations, (2) unless and until the Senior Obligations have been paid in full, without the express prior written consent of the Lender, Security Capital will not take, demand or receive from the Companies, and the Companies will not make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of or security for the whole or any part of the Subordinated Obligations, (3) unless and until the Senior Obligations have been paid in full, without the express prior written consent of the Lender, Security Capital will not accelerate for any reason payment of any portion of the Subordinated Obligations and (4) in the event of any distribution of any assets of any of the Companies or the proceeds thereof in any liquidation, receivership, bankruptcy proceeding or like occurrence, any payment or distribution which, but for the provisions of this paragraph, would otherwise be payable or distributable to Security Capital or otherwise in respect of the Subordinated Obligations shall be instead paid over or delivered to the Lender for application on account of the Senior Obligations, and Security Capital irrevocably authorizes the Lender to file proofs of claim, vote, and otherwise take action in connection with any such liquidation, receivership, bankruptcy proceeding or other like occurrence. Notwithstanding the foregoing sentence, at any time except when any Event of Default (as defined under the Loan Agreement) has occurred and is continuing, the Companies may make, and Security Capital may receive, scheduled payments on account of the Fee in accordance with the terms of Section 2 hereof. Any amounts which pursuant to this Section 6 are not paid to Security Capital shall accrue and shall be payable to Security Capital upon the earlier of the date the Senior Obligations shall have been paid in full in cash or the event as a result of which such payment was deferred pursuant to this Section 6 ceases to exist (unless such payment at such time would result in an Event of Default under the Loan Agreement). The expressions “prior payment in full”, “payment in full”, “paid in full” and other similar phrases when used herein with respect to the Senior Obligations mean the payment in full in cash, in immediately available funds, of all of the Senior Obligatio...
Subordinate and junior in right of payment means that (i) no part of the Subordinated Obligations shall have any claim to the assets of the Debtors on a parity with or prior to the claim of the Senior Obligations; and (ii) unless and until the Senior Obligations have been paid in full and the obligation of Senior Lender to extend credit to Borrowers under the Senior Loan Documents shall have been irrevocably terminated, without the express prior written consent of Senior Lender, Subordinated Lender will not take, demand or receive from the Debtors, and the Debtors will not make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of (of whatever kind or nature, whether in cash, property, securities or otherwise) or security for the whole or any part of the Subordinated Obligations, including, without limitation, any letter of credit or similar credit support facility to support payment of the Subordinated Obligations; except, that,
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More Definitions of Subordinate and junior in right of payment
Subordinate and junior in right of payment means that (i) no part of the Subordinated Obligations shall have any claim to the assets of any Obligor or any of its Subsidiaries (including, without limitation, assets purchased with the proceeds of the Subordinated Loan) on a parity with or prior to the claim of the Senior Obligations regardless of how any such claim arises, whether by grant, statute, operation of law, subrogation or otherwise, and (ii) unless and until the Senior Termination Date shall have occurred, without the express prior written consent of the Senior Agent: (A) no Subordinated Lender will take, demand or receive from any Obligor or any Subsidiary of any Obligor, and no Obligor shall or shall permit any of its Subsidiaries to, make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of (of whatever kind or nature, whether in cash, property, securities or otherwise) or give any security for (except such security as granted under the Subordinated Credit Agreement as of the date hereof) the whole or any part of the Subordinated Obligations, including, without limitation, any letter of credit or similar credit support facility to support payment of the Subordinated Obligations; (B) no Subordinated Lender will accelerate for any reason the scheduled maturities of any amount owing under the Subordinated Obligations; it being agreed however that the Subordinated Lender may accelerate the Subordinate Obligations if and to the extent the Senior Creditors shall have accelerated the Senior Obligations; or (C) exercise any rights with respect to the Collateral securing the Subordinated Obligations or any other assets or properties of any Obligor, commence or prosecute any enforcement of any rights or remedies under the Subordinated Loan Documents, including the rights of set-off or recoupment, or exercise any rights or remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction or the Bankruptcy Code.
Subordinate and junior in right of payment means that (i) no part of the Subordinated Obligations shall have any claim to the assets of the Debtors on a parity with or prior to the claim of the Senior Obligations; and (ii) unless and until the Senior Obligations have been paid in full and the obligation of Senior Lender to extend credit to Borrowers under the Senior Loan Documents shall have been irrevocably terminated, without the express prior written consent of Senior Lender, Subordinated Lender will not take, demand or receive from the Debtors, and the Debtors will not make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of (of whatever kind or nature, whether in cash, property, securities or otherwise) or security for the whole or any part of the Subordinated Obligations, including, without limitation, any letter of credit or similar credit support facility to support payment of the Subordinated Obligations; except, that, the Debtors may make, and Subordinated Lender may receive and retain, regularly scheduled payments of interest, on an unaccelerated non-default basis, in respect of the Subordinated Obligations in accordance with the terms of the Subordinated Loan Documents as in effect on the date hereof, so long as, with respect to any such payment, immediately prior to and after giving effect to any such payment, no Senior Event of Default has occurred.
Subordinate and junior in right of payment means that except as set forth in Section 4 below, (1) no part of the Subordinated Obligations shall have any claim to the assets of any Company on a parity with or prior to the claim of the Senior Obligations; and (2) unless and until the Senior Obligations have been paid in full and the obligation of Agent and Lenders to extend credit to Borrower under the Senior Loan Documents shall have been irrevocably terminated, without the express prior written consent of Agent (A) no Subordinated Lender will take, demand or receive from any Company, and no Company will make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of (of whatever kind or nature, whether in cash, property, securities or otherwise) or security for the whole or any part of the Subordinated Obligations, including, without limitation, any letter of credit or similar credit support facility to support payment of the Subordinated Obligations; provided, however, that at any time, except during a Blockage Period or when a Payment Event of Default has occurred and is continuing, the Borrower may make, and the Subordinated Lenders may receive, (i) after September 30, 2004, regularly scheduled payments on account of principal, and (ii) regularly scheduled quarterly payments on account of interest on the Subordinated Notes in accordance with the terms thereof, and (B) no Subordinated Lender will accelerate for any reason the scheduled maturities of any amount owing under the Subordinated Notes; provided, however, that upon the occurrence of any event or proceeding contemplated under clause (a) of the definition of Insolvency Event the Subordinated Lenders may accelerate the scheduled maturities of the Subordinated Notes.
Subordinate and junior in right of payment means that no holder of any part of the Subordinated Debt shall have any claim to the assets of the Issuer on a parity with or prior to the claim of any holder of any of the Senior Debt, whether such claim be made in connection with a Reorganization or otherwise. Unless and until the Senior Debt shall have been paid in full in cash and the Loan Documents and all commitments to provide Senior Debt thereunder shall have terminated (other than any indemnification and other expense reimbursement obligations under any Loan Documents which are not yet due and payable) shall have terminated, no holder of Subordinated Debt will take, retain, permit to exist, demand or receive from the Issuer, and the Issuer will not make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, (i) any payment of the whole or any part of the Subordinated Debt (whether in respect of principal, interest or any other amount, and whether prior to, at or after the scheduled maturity thereof), (ii) any security or collateral for the whole or any part of the Subordinated Debt or (iii) any guaranty of the whole or any part of the Subordinated Debt. The Issuer expressly agrees that it will not make any payment in respect of any of the Subordinated Debt, or take any other action, in contravention of the subordination provisions of this Note.
Subordinate and junior in right of payment means that (i) no part of the Subordinated Obligations shall have any claim to the assets of the Debtors on a parity with or prior to the claim of the Senior Obligations; and (ii) unless and until the Senior Obligations have been paid in full, without the express prior written consent of the Senior Lender, the Subordinated Lender will not take, demand or receive from the Debtors, and the Debtors will not make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of (of whatever kind or nature, whether in cash, property, securities or otherwise) or security for the whole or any part of the Subordinated Obligations, including, without limitation, any letter of credit or similar credit support facility to support payment of the Subordinated Obligations. 122
Subordinate and junior in right of payment means that (1) no part of the Subordinated Obligations shall have any claim to the assets of the Borrower on a parity with or prior to the claim of the Senior Obligations; and (2) unless and until the Senior Obligations have been paid in full, without the express prior written consent of the Senior Lender (A) no Subordinated Lender will take or receive from the Borrower, and the Borrower will not make, give or permit, directly or indirectly, by set-off, redemption, purchase or in any other manner, any payment of (of whatever kind or nature, whether in cash, property, securities or otherwise) or security for the whole or any part of the Subordinated Obligations, including, without limitation, any letter of credit or similar credit support facility to support payment of the Subordinated Obligations; provided, however , that at any time, except during a Blockage Period or when a Payment Event of Default has occurred and is continuing, the Borrower may make, and the Subordinated Lenders may receive, regularly scheduled payments on account of principal of and interest on the Subordinated Notes in accordance with the terms thereof determined on a pre-default non- accelerated basis, and (B) no Subordinated Lender will accelerate for any reason the scheduled maturities of any amount owing under the Subordinated Notes unless or until Senior Lender accelerates amounts owing under the Senior Obligations.
Subordinate and junior in right of payment means that the Junior Lender shall not have any claim to the assets of the Borrower on any of its Subsidiaries on a parity with or prior to the claim of any holder of any of the Senior Obligations.