Creditor Rights. The Officer’s rights under this Agreement shall be limited to those of an unsecured general creditor of the Bank and the Bank shall have no obligation to fund the Target Benefit supplemental retirement benefit provided for hereunder.
Creditor Rights. In the event that (i)(a) the Borrower shall fail to make within two (2) Business Days after the same becomes due, any scheduled payment of interest or principal hereunder and/or (b) the Borrower shall fail to observe or perform any other provision of this Note (other than Section 4) and such failure shall continue unremedied for a period of thirty (30) days, (ii) the Borrower shall be dissolved or adjudicated insolvent, (iii) the Borrower shall cease engaging in business operations, (iv) any legal proceeding by any judgment creditor is commenced against the Borrower to attach or levy upon any material property of the Borrower, which is not dismissed within forty-five (45) days, (v) the Borrower shall become the subject of any bankruptcy (including, without limitation, any reorganization under Chapter 11 of Title 11 of the United States Code and /or its foreign equivalent), insolvency, receivership, liquidation (including, without limitation, any liquidation under Chapter 7 of Title 11 of the United States Code and/or its foreign equivalent), or dissolution under applicable law or statute, (vi) the Borrower shall make a general assignment for the benefit of its creditors and/or (vii) unless otherwise approved by the Lender, the Borrower shall breach the requirements of Section 4 (each event described in clauses (i) through (vii), an “Event of Default”), then, in each case of clauses (i) through (vii) above, the Lender, at its option, shall have the right to declare the entirety of the Obligations outstanding hereunder to be immediately due and payable without notice or demand. In such event, the Borrower shall be required to make immediate payment of the entire outstanding principal balance of this Note, together with all accrued and unpaid interest thereon.
Creditor Rights. In the event that (i) any Borrower shall fail to make any scheduled payment of interest hereunder prior to maturity, (ii) any Borrower shall be dissolved or adjudicated insolvent, or (iii) any Borrower shall cease engaging in business operations, (iv) any legal proceeding by any judgment creditor is commenced against any Borrower to attach or levy upon any material property of any Borrower, which his not dismissed within forty-five (45) days, (v) any Borrower shall become the subject of any bankruptcy (including, without limitation, any reorganization under Chapter 11 of Title 11 of the United States Code and /or its foreign equivalent), insolvency, receivership, liquidation (including, without limitation, any liquidation under Chapter 7 of Title 11 of the United States Code and/or its foreign equivalent), or dissolution under applicable law or statute, or (vi) any Borrower shall make a general assignment for the benefit of its creditors, then, in each case of clauses (i) through (vi) above, the Lender, at its option, shall have the right to declare the Term Loan owed by the applicable Borrower outstanding hereunder to be immediately due and payable without notice or demand. In such event, the applicable Borrower shall be required to make immediate payment of the entire outstanding principal balance of applicable Term Loan, together with all accrued and unpaid interest thereon.
Creditor Rights. Nothing herein shall impair, as between SIRE and any Subordinated Noteholder, the obligations of SIRE to pay all amounts owing as provided in the Subordinated Debt Documents.
Creditor Rights. 10.1 Creditors rights under Luxembourg law
10.2 Right of opposition of creditors under Cayman Islands law
Creditor Rights. If a court enters a charging order against a Member, a Substitute Member, or an Assignee, then the judgment creditor shall be referred to as the “Charging Order Holder.” Pursuant to W.S. 00-00-000, the charging order is the exclusive remedy by which a Charging Order Holder may obtain any satisfaction from the Company. The Charging Order Holder has only those rights specified in the foregoing statute and nothing in this Agreement shall be construed to provide otherwise. This Section does not deprive any Member, Substitute Member, or Assignee of rights under any available exemption laws. A Charging Order Holder has no rights of a Member.
Creditor Rights. A Performance Unit represents an unsecured promise of the Company to pay cash in the future. Until the Performance Units have vested, the Participant shall have no rights under this Award Agreement. Notwithstanding the foregoing, the Participant’s rights under this Agreement do not exceed that of a general unsecured creditor of the Company.
Creditor Rights. 1. The Parties acknowledge that, in the future, the Operator may wish to incur debt funding the availability of which may be conditional upon a Security Trustee:
1. becoming a party to this Deed; and
2. being granted certain rights under this Deed.
0. Xx the event the circumstances outlined in Clause 1 arise:
1. the Security Trustee shall be entitled to become a party to this Deed, whereupon this Deed shall have effect as follows:
1. Clause 4.2 of this Deed shall be amended to provide that any modification to the FDP proposed under that Clause shall require the consent of the Security Trustee as well as the Operator and (if applicable) the FDP Company;
2. the Security Trustee shall have the same right under Clause 6.6 to object to a Proposed Modification as the Operator;
0. xx soon as reasonably practicable after an Early Termination Event or Process Trigger Event has occurred, the Secretary of State shall notify the Security Trustee (with a copy to the FDP Company) of the relevant Early Termination Event or Process Trigger Event, such notification to include a description of the event in question (a “Security Trustee Remedy Notice”);
4. following the occurrence of an Early Termination Event or Process Trigger Event, the Secretary of State shall not issue a notice of termination under Clause 5.4 in relation to such Early Termination Event or issue a Process Initiation Notice in relation to such Process Trigger Event under Clause 6 (as applicable) unless:
1. the Security Trustee Remedy Period in respect of that Early Termination Event or Process Trigger Event (as applicable) has expired; and
2. upon expiry of such Security Trustee Remedy Period, the relevant Early Termination Event or Process Trigger Event (as applicable) has not been Remedied;
0. xx any time after the occurrence of an Early Termination Event or Process Trigger Event and during a Security Trustee Remedy Period, the Secretary or State will accept both:
1. performance of any obligation or discharge of any liability by the Operator; and/or
2. Remedy of any breach or failure by the Operator, by or on behalf of:
1. any Security Trustee;
2. any Transaction Obligor Secured Creditor;
3.a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer appointed in respect of the Operator or any of its assets; or
Creditor Rights. All rights of creditors and all liens upon the --------------- property of Calnetics existing immediately prior to the Effective Time shall be preserved unimpaired, and all debts, liabilities, obligations, penalties and duties of Calnetics shall thenceforth attach to the Surviving Corporation, and may be enforced against it to the same extent as if they had been incurred or contracted by it. No liability or obligation due or to become due, nor any claim or demand existing against either corporation or any shareholder, officer or director thereof, shall be impaired by the Merger.
Creditor Rights. AREH and ACE Hi hereby acknowledge and agree that they will be entitled to delivery of the Escrow Account solely in accordance with the terms hereof, and no creditor of any of AREH or ACE Hi will have any rights in or to the Escrow Amounts so long as it remains subject to the terms of this Agreement.
