Subordinated Debtor definition
Examples of Subordinated Debtor in a sentence
This Article shall remain in full force and effect as between Junior Claimant and the Senior Claimants notwithstanding the occurrence of any Proceeding affecting the Subordinated Debtor.
Subject to and from and after the Senior Obligations Termination Date, Junior Claimant shall be subrogated to the rights of the Senior Claimants to receive payments or distributions of cash, property or securities of the Subordinated Debtor applicable to the Senior Claims until all amounts owing on the Subordinated Debt shall be paid in full.
The Collateral Agent and the Senior Claimants are hereby authorized to demand specific performance of this Article, whether or not the Subordinated Debtor shall have complied with the provisions hereof applicable to it, at any time when Junior Claimant shall have failed to comply with any provision hereof applicable to it.
The parties hereto intend and agree that this Article shall remain binding on such parties (other than the Subordinated Debtor) notwithstanding the termination (except upon the payment in full of Senior Claims in cash) or unenforceability of this Article as against the Subordinated Debtor.
Nothing contained herein shall impose on the Senior Claimants any duties with respect to any property of the Subordinated Debtor or Junior Claimant received hereunder.
The Subordinated Debtor and Junior Claimant shall execute and deliver to the Senior Claimants such further instruments and shall take such further action as the Senior Claimants may at any time or times reasonably request in order to carry out the provisions and intent of this Article.
Each Subordinated Debtor agrees that it will not make any payment on any of the Intercompany Subordinated Debt, or take any other action, in contravention of the provisions of this Agreement.
Failure by the Subordinated Debtor and the Subordinated Creditor to comply with the requirement under this Section 3.7 shall in no way diminish the obligations and duties of the Subordinated Creditor hereunder nor the rights and privileges of the Secured Parties under this Agreement and any other Finance Document.
This Obligor Subordination Agreement shall be binding and inure to the benefit of the Subordinated Creditor, the Secured Parties and their respective successors and permitted assigns irrespective of whether this Obligor Subordination Agreement or any similar agreement is executed by any other creditor of the Subordinated Debtor.
In the event and during the Continuation of an Event of Default, unless and until such Event of Default shall have been remedied or waived, no payment (including any Restricted Payment) shall be made by the Subordinated Debtor on or in respect of any Subordinated Debt, except for the payments described in Section 2.1(b) (General) above.