Common use of Preferential Collection of Claims Against Company or Guarantor Clause in Contracts

Preferential Collection of Claims Against Company or Guarantor. (a) Subject to the provisions of subsection (b) of this Section 7.13, if the Trustee shall be or shall become a creditor, directly or indirectly, secured or unsecured, of the Company or of the Guarantor or any other obligor on the Securities within three months prior to a default, as defined in subsection (c) of this Section, or subsequent to such a default, then, unless and until such default shall be cured, the Trustee shall set apart and hold in a special account for the benefit of the Trustee individually, the Holders of the Securities for which it is acting as Trustee, and the Holders of other indenture securities (as defined in subsection (c) of this Section 7.13):

Appears in 4 contracts

Samples: Indenture (Chevron Funding Corp), Indenture (Chevron Canada Capital Co), Chevrontexaco Corp

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.