Subordination of the Loans Sample Clauses

Subordination of the Loans. The Loans and other obligations of the Company under the Notes and this Agreement have been subordinated in right of payment, and the liens and security interest granted by the Company or its Subsidiaries to secure the Loans have been subordinated in right of priority, to certain indebtedness and any refinancing of such indebtedness, in each case pursuant to a certain Intercreditor Agreement, dated as of January 31, 1997 (the "Intercreditor Agreement"), between Newco and Creditanstalt-Bankverein, as the agent (in such capacity and together with any successor Agents, the "Agent") for the lenders party to the Amended and Restated Credit Agreement, dated as of December 30, 1994, or any agreement governing such refinancing indebtedness (such agreement as amended, supplemented or refinanced, the "Bank Credit Agreement"), among the Company, such lenders and the Agent. Any instrument, document or agreement evidencing or securing the Loans, including, but not limited to, the Notes, will on the date hereof or on the date of execution thereof, whichever is later, shall either provide by its terms, or shall be inscribed with a legend indicating, that such instrument, document or agreement has been subordinated pursuant to the Intercreditor Agreement and is subject to the terms and conditions thereof.
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Subordination of the Loans. Section 8.01. Agreement to Subordinate......................................................... 117 Section 8.02. Liquidation, Dissolution, Bankruptcy............................................. 118 Section 8.03. Default On Senior Indebtedness................................................... 118 Section 8.04. Acceleration of Payment of Loans................................................. 119 Section 8.05. When Distribution Must Be Paid Over.............................................. 119 Section 8.06. Subrogation...................................................................... 119
Sample 1
Subordination of the Loans. Section 8.01. Agreement to Subordinate....................................................... 119 Section 8.02. Liquidation, Dissolution, Bankruptcy........................................... 119 Section 8.03. Default On Senior Indebtedness................................................. 120 Section 8.04. Acceleration of Payment of Loans............................................... 121 Section 8.05. When Distribution Must Be Paid Over............................................ 121 Section 8.06. Subrogation.................................................................... 121 Section 8.07. Relative Rights................................................................ 121 Section 8.08. Subordination May Not Be Impaired by the Borrower.............................. 121 Section 8.09. Rights of Agents and Paying Agent.............................................. 122 Section 8.10. Distribution or Notice to Representative.......................................
Sample 1

Related to Subordination of the Loans

  • SUBORDINATION OF NOTES Section 11.01.

  • Reaffirmation of Credit Party Obligations Each Credit Party hereby ratifies the Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its respective Credit Party Obligations.

  • Repayment of the Loans The Companies (a) may prepay the Obligations from time to time in accordance with the terms and provisions of the Notes (and Section 17 hereof if such prepayment is due to a termination of this Agreement); (b) shall repay on the expiration of the Term (i) the then aggregate outstanding principal balance of the Loans together with accrued and unpaid interest, fees and charges and; (ii) all other amounts owed Laurus under this Agreement and the Ancillary Agreements; and (c) subject to Section 2(a)(ii), shall repay on any day on which the then aggregate outstanding principal balance of the Loans are in excess of the Formula Amount at such time, Loans in an amount equal to such excess. Any payments of principal, interest, fees or any other amounts payable hereunder or under any Ancillary Agreement shall be made prior to 12:00 noon (New York time) on the due date thereof in immediately available funds.

  • Subordination of Debt Until senior debt has been paid in full, Debtor will not pay and Creditor will not accept any payment on subordinated debt at any time that an Event of Default (as defined in the Senior Facility Agreement) has occurred and is continuing in respect of senior debt. Anything of value received by Creditor on account of subordinated debt in violation of this agreement will be held by Creditor in trust and immediately will be turned over to Lender in the form received to be applied by Lender on senior debt.

  • Subordination of Junior Financing The Obligations are “Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any Junior Financing Documentation.

  • Subordination of Inside Debt All present and future indebtedness of Borrower to its officers, directors and shareholders ("Inside Debt") shall, at all times, be subordinated to the Obligations pursuant to a subordination agreement on Silicon's standard form. Borrower represents and warrants that there is no Inside Debt presently outstanding. Prior to incurring any Inside Debt in the future, Borrower shall cause the person to whom such Inside Debt will be owed to execute and deliver to Silicon a subordination agreement on Silicon's standard form.

  • of the Loan Agreement Section 1.1 of the Loan Agreement is hereby amended as follows:

  • Reaffirmation of Credit Agreement This Amendment shall be deemed to be an amendment to the Credit Agreement, and the Credit Agreement, as amended hereby, is hereby ratified, approved and confirmed in each and every respect. All references to the Credit Agreement herein and in any other document, instrument, agreement or writing shall hereafter be deemed to refer to the Credit Agreement as amended hereby.

  • Subordination of Liens Notwithstanding the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection of any Liens granted to the Second-Priority Secured Parties on the Common Collateral or of any Liens granted to the Intercreditor Agent or the Senior Lenders on the Common Collateral and notwithstanding any provision of the UCC, or any applicable law or the Second-Priority Documents or the Senior Lender Documents or any other circumstance whatsoever, each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, hereby agrees that: (a) any Lien on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of the Intercreditor Agent or any Senior Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common Collateral securing any Second-Priority Claims, (b) any Lien on the Common Collateral securing any Second-Priority Claims now or hereafter held by or on behalf of the Trustee, the Collateral Agent or any Second-Priority Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims and (c) with respect to any Second-Priority Claims (and as between the Second-Priority Agents and the Second-Priority Secured Parties), the Liens on the Common Collateral securing any Second-Priority Claims now or hereafter held by or on behalf of the Trustee, the Collateral Agent or any Second-Priority Secured Party or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall rank equally and ratably in all respects. All Liens on the Common Collateral securing any Senior Lender Claims shall be and remain senior in all respects and prior to all Liens on the Common Collateral securing any Second-Priority Claims for all purposes, whether or not such Liens securing any Senior Lender Claims are subordinated to any Lien securing any other obligation of the Company, any other Grantor or any other Person.

  • Subordination of Intercompany Loans Each Loan Party shall cause any intercompany Indebtedness, loans or advances owed by any Loan Party to any other Loan Party to be subordinated pursuant to the terms of the Intercompany Subordination Agreement.

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