No Senior or Pari Passu Indebtedness Sample Clauses

No Senior or Pari Passu Indebtedness. Other than the Corporation’s indebtedness to SVB under the SVB Loan Agreement (including all accrued and unpaid interest thereon, but excluding any refinancing or other modification which increases the amount of such indebtedness) and Wistron, the Borrowers do not have, and shall not have, any indebtedness for borrowed money which ranks senior to or pari passu with the Debentures. Except for the Intercreditor Agreement, the SVB Loan Agreement and the Wistron Intercreditor Agreement, nothing herein, including pursuant to Section 6.4(a), shall operate to subordinate the security interest provided for in the Security Documents to or in favor of any Encumbrance or Permitted Encumbrance, or to postpone any of the Obligations to any of the obligations, indebtedness or liabilities owed by the Corporation or its Subsidiaries to the holder of any Permitted Encumbrances or Encumbrance.
Sample 1
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No Senior or Pari Passu Indebtedness. Borrower, Anadarko --------------------------------------- Petrosearch and TK Petrosearch shall not, without Lender's consent, which shall not be unreasonably withheld, incur any indebtedness which is senior to or in pari passu to this Credit Facility nor directly or indirectly hypothecate the oil and gas leases, cash flow, assets or reserves of Anadarko Petrosearch or TK Petrosearch in any credit extension or loan which is senior to or in pari passu to this Credit Facility while any part of the principal advanced by Lender under the Note is outstanding and unpaid. The existing Milby Bonds secured by a first lien on production from TK Petrosearch's Fort Bend County, Texas leases shall be paid in full out of the Initial Draw.
Sample 1
No Senior or Pari Passu Indebtedness. Borrower and Philco shall not, without Lender’s consent, except in the event of a Proportionate Funding Shortfall, incur any indebtedness which is senior to or in pari passu to this Credit Facility nor directly or indirectly hypothecate, pledge or encumber the Leases, cash flow, assets or reserves of Borrower or Philco in or to any other credit facility, loan or arrangement which is senior to or in pari passu to this Credit Facility while any part of the principal advanced by Lender under the Note is outstanding and/or unpaid and any part of the Debenture(s) remain unsatisfied either as to monetary or stock obligations thereunder.
Sample 1
No Senior or Pari Passu Indebtedness. Borrower, Anadarko --------------------------------------- Petrosearch, Guidance Petrosearch and other subsidiaries formed either now or in the future in which the Lender has Collateral at the time of request for relief under this Section shall not, without Lender's consent, which shall not be unreasonably withheld, incur any indebtedness which is senior to or in pari passu to this credit facility as to the Lease assets on which Lender holds a deed of trust lien while any part of the principal advanced by Lender under the Note is outstanding and unpaid. This provision shall not be deemed to preclude joint venture partners in Borrower's drilling operations nor Borrower's ability to grant a lien, xxxxxxxx xxxxrest or participation interest in a Lease or fractional undivided interest therein on which Lender does NOT hold a lien or security interest (e.g. due to a partial funding rather than a 100% funding by Lender). Borrower shall within fifteen (15) days after execution of any pari passu lender documentation provide Lender with the name, address, telephone and facsimile numbers of each pari passu lender, a copy of such lender's loan documents and, if applicable, notice of any default under or attempted enforcement of said pari passu lender's documents. [EXAMPLE: Should Lender fund the acquisition of a 50% working interest in a Lease and Borrower fund the remaining 50% of the working interest, then Borrower shall be entitled to create senior or pari passu indebtedness as to, and to grant liens, security interests or participation interests as to, the 50% interest which was not funded by Lender and which is not subject to Lender's liens and security interests.]
Sample 1
No Senior or Pari Passu Indebtedness. Other than (i) an amount of $1.05 million of the Corporation’s indebtedness to the CRAT plus accrued and unpaid interest thereon, (ii) an amount of $1.6 million of the Corporation’s indebtedness to Phoenix pursuant to the November 2004 Debenture Agreement plus accrued and unpaid interest thereon, and (iii) and the Corporation’s indebtedness to Wistron plus accrued and unpaid interest thereon, the Corporation has no, and shall not have any, indebtedness which ranks senior to or pari passu with the Debentures. Except for Section 2.5, the Intercreditor Agreement and the Wistron Intercreditor Agreement, nothing herein, including pursuant to Section 6.4(a), shall operate to subordinate the security interest provided for in the Security Documents to or in favor of any Encumbrance or Permitted Encumbrance, or to postpone any of the Obligations to any of the obligations, indebtedness or liabilities owed by the Corporation or its Subsidiaries to the holder of any Permitted Encumbrances or Encumbrance.
Sample 1

Related to No Senior or Pari Passu Indebtedness

  • Pari Passu Notes Investor acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes. In the event Investor receives payments in excess of its pro rata share of the Company’s payments to the Investors of all of the Notes, then Investor shall hold in trust all such excess payments for the benefit of the holders of the other Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.

  • Company Indebtedness The Company shall, and shall cause its Subsidiaries to, timely deliver all notices and take all other administrative actions required to facilitate (i) the termination of commitments, repayment in full of all outstanding loans or other obligations, release of any Liens securing such loans or obligations and guarantees in connection therewith, and replacement of or cash collateralization of any issued letters of credit in respect of the Credit Facility on or before the Closing Date and (ii) to the extent reasonably requested in writing by Parent, no later than ten (10) Business Days prior to the Closing Date with respect to any Indebtedness (other than Indebtedness in respect of the Credit Facility) incurred by the Company or any of its Subsidiaries after the date hereof in compliance with Section 6.1(b)(xi) (it being understood that the Company shall promptly and in any event no later than fifteen (15) Business Days prior to the Closing Date notify Parent in writing of the amount of any such Indebtedness incurred or to be incurred and expected to be outstanding on the Closing Date), repayment in full of all obligations in respect of such Indebtedness and release of any Liens securing such Indebtedness and guarantees in connection therewith, in each case, on the Closing Date. In furtherance and not in limitation of the foregoing, the Company and its Subsidiaries shall use reasonable best efforts to deliver to Parent no later than one (1) Business Day prior to the Closing Date payoff letters with respect to the Company Credit Facility and, to the extent reasonably requested by Parent in writing no later than ten (10) Business Days prior to the Closing Date, any Indebtedness incurred by any of the Company and its Subsidiaries after the date hereof in compliance with Section 6.1(b)(xi) (each, a “Payoff Letter”) in form and substance customary for transactions of this type, from the persons, or the applicable agent on behalf of the persons, to which such Indebtedness is owed, which Payoff Letters together with any related release documentation shall, among other things, include the payoff amount and provide for Liens (and guarantees), if any, granted in connection therewith relating to the assets, rights and properties of the Company and its Subsidiaries securing such Indebtedness and any other obligations secured thereby, upon the payment of the amount set forth in the applicable Payoff Letter on or prior to the Closing Date, to be released and terminated. Upon at least ten (10) days’ prior written notice from the Company that the Company has determined, after reasonable consultation with Parent, that it will not at the time of the Real Estate Purchase (and without giving effect to the payment of the Real Estate Purchase Price or any other payment under this Agreement) have sufficient unencumbered and available cash, net of “cage cash”, cash on hand required by any Governmental Entity, the reasonably estimated additional amount of cash necessary to ensure the sound operation of the Company’s business consistent with past practice, and any other restricted cash, to pay in full the outstanding Indebtedness in respect of the Credit Facility, then to the extent of such shortfall Parent will extend an unsecured loan to the Company on the day of the Closing so that, together with such net unencumbered and available cash, the proceeds of such loan are sufficient to pay in full the outstanding Indebtedness in respect of the Credit Facility as may be necessary to release all Liens and obligations in respect thereof at the time of, or immediately prior to, the Real Estate Purchase, and the terms of such loan shall be reasonable for the circumstance as negotiated in good faith by Parent and the Company.

  • Pari Passu Guarantees The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with any similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or capital securities issued by the Issuer Trust and with any other security, guarantee or other obligation that is expressly stated to rank pari passu with the obligations of the Guarantor under this Guarantee Agreement.

  • Subordinated Indebtedness The Obligations constitute senior indebtedness which is entitled to the benefits of the subordination provisions of all outstanding Subordinated Indebtedness.

  • Priority Indebtedness The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Priority Indebtedness other than:

  • Subsidiary Indebtedness The Borrower will not permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness, except:

  • Pari Passu or Priority Status The claims of the Agents and the Lenders against the Parent or the Borrower under this Agreement will rank at least pari passu with the claims of all unsecured creditors of the Parent or the Borrower (other than claims of such creditors to the extent that they are statutorily preferred) and in priority to the claims of any creditor of the Parent or the Borrower who is also a Credit Party.

  • Pari Passu Obligations The Guarantor shall ensure that its obligations hereunder at all times constitute direct, general obligations of the Guarantor ranking at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness (other than Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.

  • Designated Senior Indebtedness The Loan Documents and all of the Obligations have been deemed “Designated Senior Indebtedness” or a similar concept thereto, if applicable, for purposes of any other Indebtedness of the Loan Parties.

  • Pari Passu Ranking Each Obligor must ensure that its payment obligations under the Finance Documents rank at least pari passu with all its other present and future unsecured payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

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