Common use of Consequences of insolvency Clause in Contracts

Consequences of insolvency. (a) Upon the Borrower in Insolvency, the Junior Creditors must, as requested by the Intercreditor Agent, and to the extent they might be entitled to do so under Spanish insolvency law: (i) claim, enforce and prove the Junior Debt owed by the Borrower in Insolvency; (ii) exercise all powers of convening meetings, voting and representation in respect of the Junior Debt; (iii) file claims and proofs, give receipts and take any proceedings as the Intercreditor Agent considers reasonably necessary to recover the Junior Debt under the Junior Finance Documents; (iv) do anything which the Intercreditor Agent sees fit to recover the Junior Debt; and (v) receive all distributions on the Junior Debt under the Junior Finance Documents for application under Clause 10 (Proceeds of Enforcement of Security). (b) Until the Senior Discharge Date, the Junior Creditors (and until the Seller Debt Discharge Date, the Shareholder) must: (i) hold any payment or distribution in cash or in kind received or receivable by it in respect of any Junior Debt from the Borrower in Insolvency or from any other source for the benefit of the Senior Creditors or, if after the Senior Debt Discharge Date, the Seller; (ii) promptly pay and transfer any such payment or distribution to the Intercreditor Agent for application in accordance with this Agreement; and (iii) direct the bankruptcy administrators, liquidators or other person distributing the assets of the Borrower in Insolvency or their proceeds to pay all payments and distributions on the Junior Debt direct to the Intercreditor Agent, provided that the Seller Enforcement Proceeds received by the Seller shall not be subject to the provisions in this paragraph (b). (c) Nothing in the Clause affects the rights of the Seller in respect of the Seller Security and Seller Debt that is not Subordinated Seller Debt.

Consequences of insolvency. (a) Upon the Borrower In relation to any Enforcement Action undertaken in Insolvencyrespect of any Security Document, the Junior Creditors must, as requested by the Intercreditor Agent, and to the extent they might be entitled to do so under Spanish insolvency lawSecurity Trustee may: (i) claim, enforce and prove the Junior for any HY Debt owed by the Borrower in Insolvencyan Obligor; (ii) exercise all powers of convening meetings, voting and representation in respect of the Junior Debt; (iii) file claims and proofs, give receipts and take any proceedings as the Intercreditor Agent Security Trustee considers reasonably necessary to recover the Junior Debt under the Junior Finance Documentsthat HY Debt; (iviii) do anything which the Intercreditor Agent Security Trustee sees fit to recover the Junior that HY Debt; and (viv) receive all distributions on the Junior that HY Debt under the Junior Finance Documents for application under Clause 10 (Proceeds of Enforcement of Security)against the Senior Debt in the manner provided for in this Deed. (b) If and to the extent that the Security Trustee is not entitled to do anything mentioned in paragraph (a) above or does not wish to do so, the HY Bonds Trustee (on its own behalf and on behalf of the HY Bondholders) must (at the expense of the Senior Creditors) do so in good time and as requested by the Security Trustee. (c) Each HYB Creditor irrevocably authorises the Security Trustee to take any action referred to in paragraph (a) above in respect of any HY Debt owed by an Insolvent Obligor to it. (d) Until the Senior Discharge Date, the Junior Creditors (and until the Seller Debt Discharge Date, the Shareholder) mustHYB Trustee shall: (i) hold any payment or distribution in cash or in kind received or receivable by it in respect of any Junior HY Debt from the Borrower or on behalf of an Insolvent Obligor in Insolvency or from any other source trust for the benefit of the Senior Creditors or, if after the Senior Debt Discharge Date, the SellerCreditors; (ii) promptly pay and transfer any such payment or distribution to the Intercreditor Agent Security Trustee for application against the Senior Debt in accordance with the manner provided for in this AgreementDeed; and (iii) direct the bankruptcy administratorstrustee in bankruptcy, liquidators liquidator, assignee or other person distributing the assets of the Borrower in Insolvency an Insolvent Obligor or their proceeds to pay all payments and distributions on the Junior HY Debt direct to the Intercreditor Agent, provided that the Seller Enforcement Proceeds received by the Seller shall not be subject to the provisions in this paragraph (b)Security Trustee. (ce) Nothing in this Clause entitles the Clause affects Security Trustee or any Senior Creditor to require any HYB Creditor to exercise any voting right to waive, reduce, discharge, extend the rights of the Seller in respect of the Seller Security and Seller Debt that is not Subordinated Seller due date for payment or reschedule any HY Debt.

Consequences of insolvency. (a) Upon the Borrower In relation to any Enforcement Action undertaken in Insolvencyrespect of any Security Document, the Junior Creditors must, as requested by the Intercreditor Agent, and to the extent they might be entitled to do so under Spanish insolvency lawSecurity Trustee may: (i) claim, enforce and prove the Junior for any HY Debt owed by the Borrower in Insolvencyan Obligor; (ii) exercise all powers of convening meetings, voting and representation in respect of the Junior Debt; (iii) file claims and proofs, give receipts and take any proceedings as the Intercreditor Agent Security Trustee considers reasonably necessary to recover the Junior Debt under the Junior Finance Documentsthat HY Debt; (iviii) do anything which the Intercreditor Agent Security Trustee sees fit to recover the Junior that HY Debt; and (viv) receive all distributions on the Junior that HY Debt under the Junior Finance Documents for application under Clause 10 (Proceeds of Enforcement of Security)against the Senior Debt in the manner provided for in this Deed. (b) If and to the extent that the Security Trustee is not entitled to do anything mentioned in paragraph (a) above or does not wish to do so, the HY Bonds Trustee (on its own behalf and on behalf of the HY Bondholders) must (at the expense of the Senior Creditors) do so in good time and as requested by the Security Trustee. (c) Each HYB Creditor irrevocably authorises the Security Trustee to take any action referred to in paragraph (a) above in respect of any HY Debt owed by an Insolvent Obligor to it. (d) Until the Senior Discharge Date, the Junior Creditors (and until the Seller Debt Discharge Date, the Shareholder) mustHYB Trustee shall: (i) hold any payment or distribution in cash or in kind received or receivable by it in respect of any Junior HY Debt from the Borrower or on behalf of an Insolvent Obligor in Insolvency or from any other source trust for the benefit of the Senior Creditors or, if after the Senior Debt Discharge Date, the SellerCreditors; (ii) promptly pay and transfer any such payment or distribution to the Intercreditor Agent Security Trustee for application against the Senior Debt in accordance with the manner provided for in this AgreementDeed; and (iii) direct the bankruptcy administratorstrustee in bankruptcy, liquidators liquidator, assignee or other person distributing distribution the assets of the Borrower in Insolvency an Insolvent Obligor or their proceeds to pay all payments and distributions on the Junior HY Debt direct to the Intercreditor Agent, provided that the Seller Enforcement Proceeds received by the Seller shall not be subject to the provisions in this paragraph (b)Security Trustee. (ce) Nothing in this Clause entitles the Clause affects Security Trustee or any Senior Creditor to require any HYB Creditor to exercise any voting right to waive, reduce, discharge, extend the rights of the Seller in respect of the Seller Security and Seller Debt that is not Subordinated Seller due date for payment or reschedule any HY Debt.

Consequences of insolvency. (a) Upon the Borrower in Insolvency, the Junior Creditors must, as requested by the Intercreditor Agent, and to the extent they might be entitled to do so under Spanish insolvency law: (i) claim, enforce and prove the Junior Debt owed by the Borrower in Insolvency; (ii) exercise all powers of convening meetings, voting and representation in respect of the Junior Debt; (iii) file claims and proofs, give receipts and take any proceedings as the Intercreditor Agent considers reasonably necessary to recover the Junior Debt under the Junior Finance Documents; (iv) do anything which the Intercreditor Agent sees fit to recover the Junior Debt; and (v) receive all distributions on the Junior Debt under the Junior Finance Documents for application under Clause 10 (Proceeds of Enforcement of Security). (b) Until the Senior Debt Discharge Date, the Junior Creditors (and until the Seller Repsol Debt Discharge Date, the Shareholder) must: (i) hold any payment or distribution in cash or in kind received or receivable by it in respect of any Junior Debt from the Borrower in Insolvency or from any other source for the benefit of the Senior Creditors or, if after the Senior Debt Discharge Date, the SellerRepsol; (ii) promptly pay and transfer any such payment or distribution to the Intercreditor Agent for application in accordance with this Agreement; and (iii) direct the bankruptcy administrators, liquidators or other person distributing the assets of the Borrower in Insolvency or their proceeds to pay all payments and distributions on the Junior Debt direct to the Intercreditor Agent, provided that the Seller Enforcement Proceeds and the Bilateral Enforcement Proceeds received by the Seller Repsol shall not be subject to the provisions in this paragraph (b). (c) Nothing in the Clause affects the rights of the Seller Repsol in respect of the Seller Security and Seller Debt that is not Subordinated Seller Debt.