Common use of Prior Payment to Senior Indebtedness Upon Acceleration of Notes Clause in Contracts

Prior Payment to Senior Indebtedness Upon Acceleration of Notes. In the event that any Notes are declared due and payable before their stated maturity, then and in such event the holders of Senior Indebtedness outstanding at the time such Notes so become due and payable shall be entitled to receive payment in full of all amounts due or to become due on or with respect to such Senior Indebtedness, or provision shall be made for such payment in money or money's worth, before the Holders are entitled to receive any payment by the Company on account of the Principal or repurchase price, if any, of or interest on the Notes or on account of the purchase or other acquisition of Notes. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or to any Holder prohibited by the foregoing provision of this Section 11.3, then and in such event such payment shall be held in trust by such recipient and shall be paid over and delivered forthwith to the Company in the form received. The provisions of this Section 11.3 shall not apply to any payment with respect to which Section 11.2 would be applicable.

Appears in 2 contracts

Samples: Purchase Agreement (Kapson Senior Quarters Corp), Indenture (Hybridon Inc)

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Prior Payment to Senior Indebtedness Upon Acceleration of Notes. In the event that any of the 2004 Notes or the 2007 Notes are declared due and payable before their stated maturityStated Maturity, then and in such event the holders of the Senior Indebtedness outstanding at the time such Notes so become due and payable shall be entitled to receive payment in full of all amounts due or to become due on or with in respect to such of all Senior Indebtedness, or provision shall be made for such payment in money or money's worth, before the Holders of the 2004 Notes or the 2007 Notes are entitled to receive any payment by the Company on account of the Principal principal of or repurchase pricepremium, if any, of or interest on the 2004 Notes or the 2007 Notes or on account of the purchase or other acquisition of the 2004 Notes or the 2007 Notes. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or to the Holder of any Holder of the 2004 Notes or the 2007 Notes prohibited by the foregoing provision provisions of this Section 11.3Section, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such payment shall be held in trust by such recipient and shall be paid over and delivered by the Trustee or the Holder, as the case may be, forthwith to the Company in the form receivedCompany. The provisions of this Section 11.3 shall not apply to any payment with respect to which Section 11.2 1102 would be applicable.

Appears in 2 contracts

Samples: Indenture (Bank United Corp), Indenture (Bank United Corp)

Prior Payment to Senior Indebtedness Upon Acceleration of Notes. In the event that any of the Notes are declared due and payable before their stated maturityStated Maturity, then and in such event the holders of the Senior Indebtedness outstanding at the time such Notes so become due and payable shall be entitled to receive payment in full of all amounts due or to become due on or with in respect to such of all Senior Indebtedness, or provision shall be made for such payment in money or money's worth, before the Holders of the Notes are entitled to receive any payment by the Company on account of the Principal principal of or repurchase pricepremium, if any, of or interest on the Notes or on account of the purchase or other acquisition of the Notes. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or to the Holder of any Holder of the Notes prohibited by the foregoing provision provisions of this Section 11.3Section, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such payment shall be held in trust by such recipient and shall be paid over and delivered by the Trustee or the Holder, as the case may be, forthwith to the Company in the form receivedCompany. The provisions of this Section 11.3 shall not apply to any payment with respect to which Section 11.2 1102 would be applicable.

Appears in 2 contracts

Samples: Indenture (Bank United Corp), Indenture (Surety Capital Corp /De/)

Prior Payment to Senior Indebtedness Upon Acceleration of Notes. In the event that any Notes are declared due and payable before their stated maturityStated Maturity, then and in such event the holders of Senior Indebtedness outstanding at the time such Notes so become due and payable shall be entitled to receive payment in full of all amounts due or to become due on or with in respect to of such Senior Indebtedness, or provision shall be made for such payment in money or money's worthpayment, before the Holders of the Notes are entitled to receive any payment by the Company on account of the Principal or repurchase price, if any, principal of or interest on the Notes or on account of the purchase or other acquisition of Notes. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or to the Holder of any Holder Note prohibited by the foregoing provision provisions of this Section 11.3Section, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such payment shall be held in trust by such recipient and shall be paid over and delivered forthwith to the Company in the form receivedCompany. The provisions of this Section 11.3 shall not apply to any payment with respect to which Section 11.2 1202 would be applicable.

Appears in 1 contract

Samples: Indenture (GBC Bancorp)

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Prior Payment to Senior Indebtedness Upon Acceleration of Notes. In the event that any Notes are declared due and payable before their stated maturity, then and in such event the holders of Senior Indebtedness outstanding at the time such Notes so become due and payable shall be entitled to receive payment in full of all amounts due or to become due on or with respect to such Senior Indebtedness, or provision shall be made for such payment in money or money's worth, before the Holders are entitled to receive any payment by the Company on account of the Principal or repurchase price, if any, of or interest on the Notes or on account of the purchase or other acquisition of Notes. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or to any Holder prohibited by the foregoing provision of this Section 11.3, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee by written notice or, as the case may be such Holder, then and in such event such payment shall be held in trust by such recipient and shall be paid over and delivered forthwith to the Company in the form receivedCompany. The provisions of this Section 11.3 shall not apply to any payment with respect to which Section 11.2 would be applicable.

Appears in 1 contract

Samples: Indenture (Heico Corp)

Prior Payment to Senior Indebtedness Upon Acceleration of Notes. In the event that any Notes are declared due and payable before their stated maturitythe Maturity Date, then and in such event the holders of Senior Indebtedness outstanding at the time such Notes so become due and payable shall be entitled to receive payment in full of all amounts due or to become due on or with in respect to such of all Senior Indebtedness, Indebtedness or provision shall be made for such payment in money or money's worthcash, before the Holders of the Notes are entitled to receive any payment (including any payment which may be payable by reason of the payment of any other Indebtedness of the Company being subordinated to the payment of the Notes) by the Company on account of the Principal principal of (or repurchase pricepremium, if any, of ) or interest on the Notes or on account of the purchase or other acquisition of Notes. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or to the Holder of any Holder Security prohibited by the foregoing provision provisions of this Section 11.312.03, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such payment shall be held in trust by such recipient and shall be paid over and delivered forthwith to the Company in the form receivedCompany. The provisions of this Section 11.3 shall not apply to any payment with respect to which Section 11.2 12.03 would be applicable.

Appears in 1 contract

Samples: Indenture (Better Home & Finance Holding Co)

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