Common use of Section 12 Clause in Contracts

Section 12. 2 No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 SECTION 12.3 Payment Permitted If No Default......................................... 63 SECTION 12.4 Subrogation to Rights of Holders of Senior Debt......................... 63 SECTION 12.5 Provisions Solely to Define Relative Rights............................. 64 SECTION 12.6

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 SECTION 12.3 .......................... 59 Section 12.3. Payment Permitted If No Default......................................... 63 SECTION 12.4 ......................... 61 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 SECTION 12.5 ......... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 64 SECTION ............. 61 Section 12.6.

Section 12. 2 2. No Payment When Senior Debt of the Company in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... ............61 SECTION 12.3 12.3. Payment Permitted If No Default......................................... 63 .............................62 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 Debt of the Company...............................................62 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. 64 .................63 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 .................................67 SECTION 12.3 12.3. Payment Permitted If No Default......................................... 63 ................................69 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 ................69 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. 64 ....................70 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 SECTION 12.3 ..............................................59 Section 12.3. Payment Permitted If No Default......................................... 63 SECTION 12.4 ...............................................60 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 SECTION 12.5 ...............................61 Section 12.5. Provisions Solely to Define Relative Rights............................. 64 SECTION ...................................61 Section 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 SECTION 12.3 Etc ............................. 60 Section 12.3. Payment Permitted If No Default......................................... 63 SECTION 12.4 Default ............................ 62 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 SECTION 12.5 Debt ............ 62 Section 12.5. Provisions Solely to Define Relative Rights............................. 64 SECTION Rights ................ 63 Section 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 .......... 63 SECTION 12.3 12.3. Payment Permitted If No Default......................................... 63 ................................................................. 64 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 ................................................. 65 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. 64 ..................................................... 65 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 ............................ 62 SECTION 12.3 12.3. Payment Permitted If No Default......................................... ........................... 63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... ........... 63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. ............... 64 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 .................................................36 SECTION 12.3 12.3. Payment Permitted If No Default......................................... 63 ...................................................37 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 ...................................37 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. 64 .......................................37 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 SECTION 12.3 . .............................................. 60 Section 12.3. Payment Permitted If No Default......................................... 63 SECTION 12.4 Default ..................................... 62 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 SECTION 12.5 Debt ..................... 62 Section 12.5. Provisions Solely to Define Relative Rights............................. 64 SECTION Rights ......................... 63 Section 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 SECTION 12.3 .................. 59 Section 12.3. Payment Permitted If No Default......................................... 63 SECTION 12.4 ......................... 61 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 SECTION 12.5 ......... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 64 SECTION ............. 61 Section 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 ......................................... 62 SECTION 12.3 12.3. Payment Permitted If No Default......................................... ........................................ 63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... ........................ 63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. ............................ 64 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 SECTION 12.3 ............................ 59 Section 12.3. Payment Permitted If No Default......................................... 63 SECTION 12.4 ........................... 61 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 SECTION 12.5 ........... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 64 SECTION 12.6............... 61 -iv- TABLE OF CONTENTS (continued)

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 ................................67 SECTION 12.3 12.3. Payment Permitted If No Default......................................... 63 ...............................69 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 ...............69 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. 64 ...................70 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... ........ 61 SECTION 12.3 12.3. Payment Permitted If No Default......................................... ............................................................... 63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... ............................................... 63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. 64 ................................................... 63 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... Etc ............................... 61 SECTION 12.3 12.3. Payment Permitted If No Default......................................... Default .............................. 63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... Debt .............. 63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. Rights .................. 64 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... ........61 SECTION 12.3 Section 12.3. Payment Permitted If No Default......................................... 63 SECTION 12.4 ...............................................................62 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... ...............................................63 SECTION 12.5 Section 12.5. Provisions Solely to Define Relative Rights............................. 64 SECTION ...................................................63 Section 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... ................................61 SECTION 12.3 12.3. Payment Permitted If No Default......................................... ...............................63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... ...............63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. ...................64 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... . .......................................................... 61 SECTION 12.3 12.3. Payment Permitted If No Default......................................... 63 .................................... 62 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... .................... 63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. 64 ........................ 63 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 SECTION 12.3 .......................... 59 Section 12.3. Payment Permitted If No Default......................................... 63 SECTION 12.4 ......................... 60 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 SECTION 12.5 ......... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 64 SECTION ............. 61 Section 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... ......................................61 SECTION 12.3 12.3. Payment Permitted If No Default......................................... .....................................63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... .....................63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. .........................64 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... ................... 61 SECTION 12.3 12.3. Payment Permitted If No Default......................................... ........................ 63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... ........ 63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. 64 ............ 63 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... ...................................................... 61 SECTION 12.3 12.3. Payment Permitted If No Default......................................... ..................................................... 63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... ..................................... 63 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. ......................................... 64 SECTION 12.6.

Section 12. 2 2. No Payment When Senior Debt of the Company in Default; Payment Over of Proceeds Upon Dissolution, Etc.......................................... 61 ......... 62 SECTION 12.3 12.3. Payment Permitted If No Default......................................... ........................... 63 SECTION 12.4 12.4. Subrogation to Rights of Holders of Senior Debt......................... 63 Debt of the Company......................................... 64 SECTION 12.5 12.5. Provisions Solely to Define Relative Rights............................. ............... 64 SECTION 12.6.