Priority of Senior Indebtedness Sample Clauses

Priority of Senior Indebtedness. In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization under the Federal Bankruptcy Code or any other similar applicable Federal or state law, or other similar proceedings in connection therewith, relative to the Company 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 Company or assignment for the benefit of creditors or any other marshalling of assets of the Company, whether or not involving insolvency or bankruptcy, then the holders of Senior Indebtedness shall be entitled to receive payment in full of all principal of and premium, if any, and interest on all Senior Indebtedness including interest on such Senior Indebtedness after the date of filing of a petition or other action commencing such proceeding before the Holders of the Securities are entitled to receive any payment on account of the principal of or premium, if any, or interest on the Securities (except that Holders of Securities shall be entitled to receive such payments from monies or securities deposited with the Trustee pursuant to the terms of Section 4.01 if at the time such deposit was made or immediately after giving effect thereto the conditions in (i) or (ii) of Section 13.02 did not exist), and any payment or distribution of any kind or character which may be payable or deliverable in any such proceedings in respect of the Securities, except securities which are subordinate and junior in right of payment to the payment of all Senior Indebtedness then outstanding, shall be paid by the person making such payment or distribution directly to the holders of Senior Indebtedness to the extent necessary to make payment in full of all Senior Indebtedness, after giving effect to any concurrent payment or distribution to the holders of Senior Indebtedness. In the event that any payment or distribution of cash, property or securities shall be received by the Trustee or the Holders of the Securities in contravention this Section before all Senior Indebtedness is paid in full, or provision made for the payment thereof, such payment or distribution shall be held in trust for the benefit of and shall be paid over to the holders of such Senior Indebtedness or their representative or representatives, or to the trustee or trustees under any indenture under which any instrument evidencing any of such Senior Indebtedness may have been issued, as the...
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Priority of Senior Indebtedness. (a) Upon the acceleration of the maturity of any Senior Indebtedness, all amounts due or to become due in connection therewith shall first be paid in full in cash before any payment is made by the Company (or any assets are applied voluntarily or involuntarily, other than through conversion under Section 6 hereof) on account of principal of, premium, if any, or interest on, or otherwise in connection with the Notes (except pursuant to Section 18(b) hereof); provided that this sentence shall no longer be applicable if such -------- acceleration is rescinded or annulled or such Senior Indebtedness is no longer outstanding. (b) No payment on account of principal of, premium, if any, or interest on, or otherwise in connection with the Notes (except pursuant to Section 18(b) hereof), shall be made, and no assets shall be applied to the purchase or other acquisition or retirement of the Notes (other than pursuant to Section 6 hereof), for so long as there exists an event of default involving failure to pay when due any Senior Indebtedness or for a period (the "Payment ------- Blockage Period") of up to one hundred eighty (180) days after both of the --------------- following have occurred: (A) there exists and is continuing an event of default on any Senior Indebtedness and (B) written notice of such event of default shall have been given (by the Company or by holders of such Senior Indebtedness) to the holders of Notes, stating that this Section 10.2(b) is therefore applicable; provided that any Payment Blockage Period arising as a result of this Section -------- 10.2 shall terminate immediately upon the waiver or cure of such event of default or if such Senior Indebtedness is no longer outstanding; provided, -------- further, that in any three hundred sixty (360) consecutive day period the ------- aggregate number of days in all Payment Blockage Periods shall not exceed one hundred eighty (180) days; provided, further, that no event of default on Senior -------- ------- Indebtedness resulting in a Payment Blockage Period may constitute the basis for a subsequent Payment Blockage Period unless the event of default has been cured or waived for a period of at least ninety (90) days. As used in this paragraph, an "event of default" is an event of default (x) as defined in any Senior Indebtedness or in the instrument under which the same is outstanding and (y) which would permit the acceleration of such Senior Indebtedness prior to its maturity. Any notice to be gi...
Priority of Senior Indebtedness. No payment or prepayment shall be made by the Company, directly or indirectly, on any Notes, whether in respect of principal (including redemption pursuant to the provisions of Section 6), premium, if any, or interest, and the holders of Notes shall not be entitled to receive any such payment or prepayment, nor shall any asset of the Company or any of its subsidiaries be applied to the purchase of any Notes, if, at the time of such proposed payment, prepayment or purchase or immediately after giving effect thereto, there shall have occurred and be continuing any event of default with respect to any Senior Indebtedness entitling the holders thereof to accelerate the maturity thereof or any default in any payment with respect to any Senior Indebtedness.
Priority of Senior Indebtedness. 69 SECTION 13.04. Payment Permitted in Certain Situations.......................71 SECTION 13.05. Company to Give Notice of Certain Events; Reliance by Trustee..............................................................72 SECTION 13.06. Subrogation of Securities.....................................73 SECTION 13.07. Company Obligation to Pay Unconditional.......................73 SECTION 13.08. Authorization of Holders of Securities to Trustee to Effect Subordination........................................................74 SECTION 13.09. No Waiver of Subordination Provisions.........................74 SECTION 13.10. Notice to Trustee of Facts Prohibiting Payments...............75 SECTION 13.11. Trustee May Hold Senior Indebtedness..........................75 SECTION 13.12. All Indenture Provisions Subject to this Article..............75 SECTION 13.13. Article Applicable to Paying Agents...........................75
Priority of Senior Indebtedness. The Loans shall, to the extent and in the manner hereinafter set forth in this Section 9 be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness (as defined below). No payment on account of principal of or interest on Loans shall be made, nor shall assets be applied to the purchase or other acquisition or retirement of the Loans, unless full payment of amounts then due on all Senior Indebtedness has been made or duly provided for, and no payment on account of principal of, premium, if any, or interest on the Loans shall be made, nor shall any assets be applied to the purchase or other acquisition or retirement of any Loan, if, at the time of such payment or application or immediately after giving effect thereto, any default shall have occurred permitting the holders of any Senior Indebtedness to accelerate the maturity thereof, and such default shall not have been cured or waived.
Priority of Senior Indebtedness. 62 SECTION 14.04 Subrogation....................................... 63 SECTION 14.05 Trustee as Attorney-In-Fact of Debentureholders for Subordination................ 64 SECTION 14.06 Notice to Trustee to Effectuate Subordination..................................... 64 SECTION 14.07 Trustee as Holder of Senior Indebtedness; No Fiduciary Duty to Other Holders of Senior Indebtedness............................ 65 SECTION 14.08 Rights of Holders of Senior Indebtedness Not Impaired......................... 66 THIS INDENTURE, dated as of the first day of May, 1997, between CENTRAL POWER AND LIGHT COMPANY, a corporation duly organized and existing under the laws of the State of Texas (hereinafter sometimes referred to as the "Company"), and THE BANK OF NEW YORK, a New York banking corporation organized and existing under the laws of the State of New York, as trustee (hereinafter sometimes referred to as the "Trustee"):
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Priority of Senior Indebtedness. In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization under the Federal Bankruptcy Code or any other similar applicable Federal or state law, or other similar proceedings in connection therewith, relative to the Issuer 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 Issuer or assignment for the benefit of creditors or any other marshalling of assets of the Issuer, whether or not involving insolvency or bankruptcy, then the holders of Senior Indebtedness shall be entitled to receive payment in full of all principal of and premium, if any, and interest on all Senior Indebtedness including interest on such Senior Indebtedness after the date of filing of a petition or other action commencing such proceeding before the holders of the Notes are entitled to receive any payment on account of the principal of or interest on the Notes and any payment or distri- bution of any kind or character which may be payable or deliver able in any such proceedings in respect of the
Priority of Senior Indebtedness. Any payment in respect of or to or for the benefit of any Junior Indebtedness is and shall be junior in right of payment and the exercise of any remedy to the prior payment in full of Senior Indebtedness to the extent and in the manner provided for herein. The Borrower agrees to comply with the rights of the holders of Senior Indebtedness and the rights of the SBA (or any holder of Junior Indebtedness), as embodied in the terms and provisions of this
Priority of Senior Indebtedness. AND ENABLING LOAN TO LIENS CREATED BY COLLATERAL DOCUMENTS. The obligations to Participating Creditors under this Agreement and the liens created by the Collateral Documents are subordinate in right to payment to the Senior Indebtedness and Enabling Loan and are subordinate in lien priority to the liens securing the Senior Indebtedness and Enabling Loan.
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