Senior Lenders Clause Samples
The 'Senior Lenders' clause defines the group of lenders whose loans have priority over other creditors in terms of repayment and claims on collateral. In practice, this clause identifies which financial institutions or entities are considered senior, often specifying their rights to receive payments before subordinated or junior lenders in the event of default or liquidation. By clearly establishing the hierarchy of creditors, the clause ensures that senior lenders are protected and their risk is minimized, which can facilitate smoother financing arrangements and reduce disputes over payment priority.
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Senior Lenders. The Company shall have no obligation to -------------- purchase any Shares pursuant to this Section 4.1 if such purchase is prohibited by or would give rise to any default or event of default under any agreement (a "Material Loan Agreement") to which the Company or any of ----------------------- subsidiaries may be or hereafter become a party relating to indebtedness for borrowed money in a principal amount outstanding (including, without limitation, unused availability under a line of credit) in excess of $1,000,000; provided, however, that in such circumstances the obligation to -------- ------- purchase Shares pursuant to this Section 4.1 shall be extended until such time as such circumstances no longer exist.
Senior Lenders. The financial institutions from time to time party to the Senior Credit Agreement.
Senior Lenders. The Senior Lenders are to provide Senior Debt financing to the Contractor in connection with its provision of the Services.
Senior Lenders. 2.5 Site..................................................................................... 3.22(a)(vii) Specific Performance Sections............................................................ 14.15 Stock.................................................................................... 2.2
Senior Lenders. 25 3A.7 Supplemental Closing Fees and Expenses ........................................... 25 3A.8
Senior Lenders. A syndicate of banks, financial institutions and other entities arranged by the Administrative Agent after consultation with the Company (collectively, the "SENIOR LENDERS").
Senior Lenders. The Senior Lenders shall have disbursed, or contemporaneously with the Supplemental Closing shall have agreed to disburse, $2,000,000 of the Krane Earnout in accordance with the terms of the Senior Loan Agree▇▇▇▇ and such amount shall be subject to the provisions of the Intercreditor Agreement.
Senior Lenders. The Holders acknowledge that the holders of the Senior Indebtedness and the Holders are entitled to exercise certain rights and powers with respect to the Company from time to time, whether before or after the occurrence of a default, and the exercise of a similar power or right by one creditor may preclude the exercise of a similar power or right by one or more other creditors.
Senior Lenders. Senior Lenders shall mean BankBoston, N.A. and Rhode Island Hospital Trust National Bank, as the lenders party to the Credit Agreement (and shall not include any of their respective successors or assigns).
Senior Lenders. Borrower hereby acknowledges that its rights under the loan documents are subordinate in all respects to the rights of Fifth Third and Canal under certain loan documents between such parties and Borrower and/or DPAC Technologies Corp., a Delaware corporation and the parent company of Borrower. Borrower hereby (a) reaffirms its obligations under that certain Acknowledgment Agreement dated January 29, 2008 and that certain Second Acknowledgment and Consent Agreement dated March 26, 2010, by and between Lender and Fifth Third (collective, the “Subordination Agreement”) and (b) agrees, acknowledges, represents and warrants that the Subordination Agreement remains in full force and effect following the execution of this Agreement and continues to be a legal, valid and binding obligation of Lender, enforceable against Lender in accordance with its terms.