Common use of Notice by the Credit Union Clause in Contracts

Notice by the Credit Union. (a) The Credit Union shall give prompt written notice to the Holders of the Senior Subordinated Securities of any fact known to the Credit Union that would prohibit the making of any payment of monies in respect of the Senior Subordinated Securities pursuant to the provisions of this Article VII. (b) Upon any payment or distribution of assets of the Credit Union referred to in this Article VII, the Holders of the Senior Subordinated Securities shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, receivership, liquidation, reorganization, dissolution, winding-up or similar case or proceeding is pending, or a certificate of the liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Holders of the Senior Subordinated Securities, for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Credit Union, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article VII.

Notice by the Credit Union. (a) The Credit Union shall give prompt written notice to the Holders of the Senior Subordinated Securities Debt of any fact known to the Credit Union that would prohibit the making of any payment of monies in respect of the Senior Subordinated Securities Debt pursuant to the provisions of this Article VII. (b) Upon any payment or distribution of assets of the Credit Union referred to in this Article VII, the Holders of the Senior Subordinated Securities Debt shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, receivership, liquidation, reorganization, dissolution, winding-up or similar case or proceeding is pending, or a certificate of the liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Holders of the Senior Subordinated SecuritiesDebt, for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Credit Union, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article VII.

Notice by the Credit Union. (a) The Credit Union shall give prompt written notice to the Holders of the Senior Subordinated Securities Debt of any fact known to the Credit Union that would prohibit the making of any payment of monies in respect of the Senior Subordinated Securities Debt pursuant to the provisions of this Article VII.VII.‌‌ (b) Upon any payment or distribution of assets of the Credit Union referred to in this Article VII, the Holders of the Senior Subordinated Securities Debt shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, receivership, liquidation, reorganization, dissolution, winding-up or similar case or proceeding is pending, or a certificate of the liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Holders of the Senior Subordinated SecuritiesDebt, for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Credit Credit‌ Union, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article VII.VII.‌‌‌‌‌

Notice by the Credit Union. (a) The Credit Union shall give prompt written notice to the Holders of the Senior Subordinated Securities Debt of any fact known to the Credit Union that would prohibit the making of any payment of monies in respect of the Senior Subordinated Securities Debt pursuant to the provisions of this Article VII.VII.‌‌ (b) Upon any payment or distribution of assets of the Credit Union referred to in this Article VII, the Holders of the Senior Subordinated Securities Debt shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, receivership, liquidation, reorganization, dissolution, winding-up or similar case or proceeding is pending, or a certificate of the liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Holders of the Senior Subordinated SecuritiesDebt, for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Credit Union, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article VII.VII.‌‌‌‌