Payment of Senior Debt. In the event of any insolvency or bankruptcy proceedings, or any proceedings in connection therewith, relative to the Company or to its property, or, in the event of any proceedings for the Company of distribution or marshalling of its assets or any composition with creditors of the Company, whether or not involving insolvency or bankruptcy, then and in any such event all Senior Debt shall be paid in full before any payment or distribution of any character, whether in cash, securities or other property, shall be made on account of the Note; and any such payment or distribution, except securities that are subordinated and junior in right of payment to the payment of all Senior Debt then outstanding in terms of substantially the same tenor as this Section 1.06, which would, but for the provisions hereof be payable or deliverable with respect to the Note shall be paid or delivered directly to the holders of Senior Debt (or their duly authorized representatives), in the proportions in which they hold the same, until all Senior Debt shall have been paid in full, and any holder of the Note by becoming a holder thereof shall have designated and appointed the holder or holders of Senior Debt (and their duly authorized representatives) as his or its agents and attorneys-in-fact to demand, xxx for, collect and receive such Senior Debt holder's ratable share of all such payments and distributions and to file any necessary proof of claim therefor and to take all other action (including the right to vote such Senior Debt holder's ratable share of the Note), in the name of the holders (or their authorized representatives), that such Senior Debt holder may determine to be necessary or appropriate for the enforcement of this Section 1.06. The Purchaser and each successor holder of the Note by its or his acceptance thereof agrees to execute, at the request of the Company, a separate agreement with any holder of Senior Debt on the terms set forth in this Section 1.06.
Payment of Senior Debt. For purposes of this Agreement, the Senior Debt shall be considered to be paid in full when no further amounts are owing to the Senior Parties and all obligations of the parties under the Credit Agreement and each other Credit Document have been terminated.
Payment of Senior Debt. For purposes of enforcing any right of subrogation on the terms set forth in this Section 6.7, no payment or distribution on account of any Subordinated Claim arising in respect of this Note applied to the payment of Senior Debt shall, as between the Company and Holders and to the extent of the payment or distribution so applied, discharge the liability of the Company for the payment of such Senior Debt and, to this end, the Company shall remain obligated to pay such Senior Debt in full notwithstanding any such application.
Payment of Senior Debt. In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization or other similar proceedings in connection therewith, relative to the Partnership or to its creditors, as such, or to its property, and in the event of any proceedings for voluntary liquidation, dissolution or other winding up of the Partnership, whether or not involving insolvency or bankruptcy, then (x) the holders of Senior Indebtedness shall be paid in full in cash in respect of all amounts constituting Senior Indebtedness before the payee is entitled to receive (whether directly or indirectly), or make any demands for, any payment on account of this Note and (y) until the holders of Senior Indebtedness are paid in full in cash in respect of all amounts constituting Senior Indebtedness, any payment or distribution to which the payee would otherwise be entitled (other than debt securities of the Partnership that are subordinated, to at least the same extent as this Note, to the payment of all Senior Indebtedness then outstanding (such securities being hereinafter referred to as “Restructured Debt Securities”)) shall be made to the holders of Senior Indebtedness;
Payment of Senior Debt. For purposes of this Note, the Senior Debt shall not be deemed to have been paid in full until and unless the holders thereof shall have indefeasibly received payment in full in cash of the principal of, interest on and fees, costs and expenses and any and all other amounts payable in connection with the Senior
Payment of Senior Debt. The subscriber acknowledges that payment in respect of the Note, whether upon redemption, acceleration, maturity, or otherwise is expressly subordinate to the payment in full of the Senior Debt (as defined in the Note), and to the extent the Senior Debt is accelerated or any remedies are exercised with respect to the collateral securing the Note or the Senior Debt, any such remedies shall provide for the payment in full of the Senior Debt prior to payment of any obligation in respect of the Note or the other Transaction Documents. [SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT] Please acknowledge your acceptance of the foregoing Subscription Agreement by signing and returning a copy to the undersigned whereupon it shall become a binding agreement between us. NATURALNANO, INC. a Nevada corporation By:_________________________________ Name: Jxx Xxxxxx Title: Chief Executive Officer Dated: November 30, 2009 SUBSCRIBER PURCHASE PRICE NOTE PRINCIPAL WARRANTS ___________________________________ By:
Payment of Senior Debt. Funds on deposit in the PMI Surplus Reserve Account shall be transferred in accordance with clause (b)(i) of this Section 5.10, provided, however, that if funds are otherwise unavailable in any Account, funds on deposit in the PMI Surplus Reserve Account shall be used for the payment of Senior Debt Obligations (and, at any time on or after a Priority Termination Date, Oil Payment Reimbursement Obligations) that are then due and payable.
