Subordinate Status Clause Samples

Subordinate Status. Unless the Lender satisfactorily believes that the relevant Borrower will repay the loan of the Borrower’s Holding Company with the funds under its Subordinate Indebtedness and repay the loans under the Overseas Financial Agreement by its Holding Company, the Borrower shall ensure that any existing or future loans, granted to its Related Company or Holding Company, or any other indebtedness that is in the nature of loan (the “Subordinate Loan”) is subordinate to the indebtedness owing to the Lender under this Agreement (the “Preferential Indebtedness”) to the satisfaction of the Lender, including but without limitation that the complete and irrevocable settlement of any Preferential Indebtedness shall be a precondition for the repayment of Subordinate Indebtedness. For this purpose, the Borrower shall ensure that the relevant fund providers and the Borrower will sign any related document or agreement with the Lender at the request of the Lender from time to time.
View Source
Subordinate Status. 12.1 Except for Schedule 1 and Schedule 7, this MCA is subordinate to and does not supersede any written arrangements among the Parties (or their respective Subsidiaries) or any of them concerning the same subject matter as set out herein. Nothing in clauses 6, 7, 8 and 9 affects the liability for any Litigation (including the related Losses), as allocated in, or in accordance with, Schedule 1 and Schedule 7. 12.2 For the avoidance of doubt, Parties may agree on additional arrangements to the MCA if all Parties agree.
View Source

Related to Subordinate Status

  • Affiliate Status The Holder is not, and has not been during the preceding three months, an “affiliate” of the Company as such term is defined in Rule 144 under the Securities Act.

  • Corporate Status The Borrower and each Material Subsidiary (a) is a duly organized and validly existing corporation or other entity in good standing under the laws of the jurisdiction of its organization and has the corporate or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (b) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect.

  • Claims Initiated by Indemnitee To indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under Section 145 of the Delaware General Corporation Law, but such indemnification or advancement of expenses may be provided by the Company in specific cases if the Board of Directors finds it to be appropriate;

  • Senior Debt Status The Obligations of each Loan Party under this Agreement, the Notes, the Guaranty Agreement and each of the other Loan Documents to which it is a party do rank and will rank at least pari passu in priority of payment with all other Indebtedness of such Loan Party except Indebtedness of such Loan Party to the extent secured by Permitted Liens. There is no Lien upon or with respect to any of the properties or income of any Loan Party or Subsidiary of any Loan Party which secures indebtedness or other obligations of any Person except for Permitted Liens.

  • First Lien Status Mortgagor shall preserve and protect the first lien and security interest status of this Mortgage and the other Loan Documents. If any lien or security interest other than the Permitted Encumbrances is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (a) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and other terms), and (b) pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement (including the requirement of providing a bond or other security satisfactory to Mortgagee).