Subordination Agreement. Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(c) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.
Subordination Agreement. Each Noteholder and Note Owner, by accepting a Note or a beneficial interest therein, hereby covenants and agrees that, to the extent it is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuer) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization vehicle (other than the Issuer) related to the Depositor, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder and Note Owner, by accepting a Note or a beneficial interest therein, hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.
Subordination Agreement. Sections 10.4(a) and (b) are an enforceable subordination agreement under Section 510(a) of the Bankruptcy Code.
Subordination Agreement. (Applies only to Accounts with funds held in foreign countries) - Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. If authorized below, Customer authorizes the deposit of funds into such foreign depositories. For customers domiciled in the United States, this authorization permits the holding of funds in regulated accounts offshore only if such funds are used to margin, guarantee, or secure positions in such contracts or accrue as a result of such positions. In order to avoid the possible dilution of other customer funds, a customer who has funds held outside the United States agrees by accepting this subordination agreement that his claims based on such funds will be subordinated as described below in the unlikely event both of the following conditions are met: (1) DWR is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against DWR's assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are held overseas receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of DWR.
Subordination Agreement. The Trading Advisor agrees and consents (the “Consent”) to look solely to the Managing Owner and each Series for which trading advisory services are being performed by the Trading Advisor (the “Contracting Series”) and assets (the “Contracting Series Assets”) of the Contracting Series and the Managing Owner for payment of any advisory fees. The Contracting Series Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of the Contracting Series, including, without limitation, funds delivered to the Trust for the purchase of Units in a Series. In furtherance of the Consent, the Trading Advisor agrees that any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) incurred, contracted for or otherwise existing arising from, related to or in connection with the Trust and its assets and the Contracting Series and the Contracting Series Assets, shall be subject to the following limitations:
(1) Subordination of certain claims and rights.
(i) except as set forth below, the Claims, if any, of the Trading Advisor (the “Subordinated Claims”) shall be expressly subordinate and junior in right of payment to any and all other Claims against the Trust and any Series thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any contract; provided, however, that the Trading Advisor’s Claims (if any) against the Contracting Series shall not be considered Subordinated Claims with respect to enforcement against and distribution and repayment from the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets; and provided further that the Trading Advisor’s valid Claims, if any, against the Contracting Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Contracting Series and (ii) the Trading Advisor will not take, demand or receive from any Series or the Trust or any of their respective assets (other than the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets) any payment for the Subordinated Claims;
(2) the Claims of the Trading Advisor with respect to the Contracting Series shall only be asserted and enforceable against the Contracting Series, the Contracting Series Assets and the Managing Owner and its assets; and such Claims shall not be asserted or ...
Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks.
(1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HED...
Subordination Agreement. The Guarantor does hereby covenant and agree:
(a) That payment of the Guarantor Indebtedness when due and payable in each month shall be and hereby is fully subordinated in priority to the prior payment to Credit Obligor of the Credit Obligor Indebtedness when due and payable in each month, provided, however, that so long as no event of default exists under the Credit Obligor Financing Documents the Guarantor may receive payment of the Guarantor Indebtedness when due and payable (but not in advance of originally scheduled due dates).
(b) That anything in any other contract, agreement or instrument to the contrary notwithstanding, (a) all right, title and interest of the Guarantor in and to the Collateral shall be and hereby are fully subordinated in priority to the right, title and interest of Credit Obligor in and to the Collateral as provided in the Credit Obligor Financing Documents without regard to the respective dates on which any of such interests were created and (b) that the claim of Credit Obligor upon all the Collateral shall be and hereby is prior and superior for all purposes to that of the Guarantor therein.
(c) Upon the occurrence of a default under any agreement or document evidencing, providing for, or securing the Guarantor Indebtedness or if the Guarantor Indebtedness shall become or be declared immediately due and payable, then an event of default shall be deemed to have simultaneously occurred under the Credit Obligor Indebtedness and the Credit Obligor Financing Documents and the same shall also become immediately due and payable, notwithstanding any inconsistent terms in any document or instrument relating to any of the foregoing. The Guarantor shall not, without the prior written consent of Credit Obligor, accelerate the maturity of, or institute any proceedings to enforce, any of the Guarantor Indebtedness.
(d) Upon the occurrence and continuation of an event of default under any agreement or document evidencing, providing for, or securing the Guarantor Indebtedness or the Credit Obligor Financing Indebtedness, Credit Obligor shall first be entitled to receive all proceeds and revenues from the Collateral when and as the same become available, in payment in full of all Credit Obligor Indebtedness prior to any of such proceeds or revenues being distributed to the Guarantor. If, before the conditions for defeasance and termination of the Credit Obligor Financing Documents shall have been satisfied in full, the Guarantor should receiv...
Subordination Agreement. Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes, (ii) the subordination of interest payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes and (iii) the subordination of interest payments to the Noteholders of the Class D Notes to the payment of any Third Priority Principal Payment to the Noteholders of the Class A Notes, the Class B Notes and the Class C Notes under Section 8.2(b) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.
Subordination Agreement. Each Class A Noteholder, by accepting a Class A Note, hereby covenants and agrees that, to the extent it is deemed to have any interest in any assets of the Seller or the Depositor, or a securitization vehicle (other than the Trust) related to the Seller or the Depositor, dedicated to other debt obligations of the Seller or the Depositor or debt obligations of any other securitization vehicle (other than the Trust) related to the Seller or the Depositor, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets. Furthermore, each Class A Noteholder, by accepting a Class A Note, hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.
Subordination Agreement. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under Section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of an Insolvency Proceeding. All references in this Agreement to the Borrower shall include the Borrower as a debtor-in-possession and any receiver or trustee for the Borrower in any Insolvency Proceeding.
