Common use of SECTION 1504 Clause in Contracts

SECTION 1504. No Payment When Senior Indebtedness in Default .. 76 Section 1505. Payment Permitted If No Default.................. 77 Section 1506. Subrogation to Rights of Holders of Senior Indebtedness .............................. 77

SECTION 1504. No Payment When Senior Indebtedness in Default .. 76 Section Default....................................................60 SECTION 1505. Payment Permitted If No Default.................. 77 Section in Certain Situations...........................................................60 SECTION 1506. Subrogation to Rights of Holders of Senior Indebtedness .............................. 77Indebtedness...........................................60

SECTION 1504. No Payment When Senior Indebtedness in Default .. 76 Default............................ 65 Section 1505. Payment Permitted If No Default.................. 77 in Certain Situations................................... 66 Section 1506. Subrogation to Rights of Holders of Senior Indebtedness .............................. 77Indebtedness................... 66

SECTION 1504. No Payment When Senior Indebtedness in Default .. 76 Default................................................... 68 Section 1505. Payment Permitted If No Default.................. 77 in Certain Situations.......................................................... 69 Section 1506. Subrogation to Rights of Holders of Senior Indebtedness .............................. 77Indebtedness.......................................... 69

SECTION 1504. No Payment When Senior Indebtedness in Default .. 76 Default................. 64 Section 1505. Payment Permitted If No Default.................. 77 in Certain Situations........................ 64 Section 1506. Subrogation to Rights of Holders of Senior Indebtedness .............................. 77Indebtedness....