Subordination to Senior Indebtedness Sample Clauses

Subordination to Senior Indebtedness. In addition to the subordination and other provisions contained in any subordination or intercreditor agreement, Borrower, Collateral Agent and Lenders agree that the payment of all amounts payable hereunder and under the Subordinated Secured Promissory Note are expressly subordinated in right of payment to the payment when due of all obligations under the Senior Indebtedness.

Subordination to Senior Indebtedness. Anything in this Indenture or in any Security to the contrary notwithstanding, the indebtedness evidenced by each Security shall be subordinate and junior, to the extent and in the manner hereinafter set forth, to all Senior Indebtedness as follows: (1) In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization, or other similar proceedings in connection therewith, relative to the Company or to all or substantially all of its property, and in the event of any proceedings for voluntary liquidation, dissolution, or other winding up of the Company, whether or not involving insolvency or bankruptcy, then the holders of Senior Indebtedness shall be entitled to receive payment in full of all principal of (and premium, if any) and interest on all Senior Indebtedness before the Holders of the Securities are entitled to receive any payment on account of principal of (or premium, if any) or interest on the Securities, and to that end (but subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred by these subordination provisions upon the Senior Indebtedness and the holders thereof with respect to the subordinated indebtedness represented by the Securities and the Holders thereof by a lawful plan of reorganization under applicable bankruptcy law) the holders of Senior Indebtedness shall be entitled to receive for application in payment thereof any payment or distribution of any kind or character, whether in cash or property or securities, which may be payable or deliverable in any such proceedings in respect of the Securities; (2) Without in any way limiting the effect of the foregoing provisions, during the continuance of any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness, no payment of principal (or premium, if any) or interest shall be made on or with respect to the indebtedness evidenced by any Security, or any renewals or extensions thereof, if (i) notice of such default in writing has been given to the Company by any holder or holders of any Senior Indebtedness or (ii) judicial proceedings shall be pending in respect of such default; but except under the circumstances provided for in the preceding clause (1) and except in the circumstances covered by this clause (2), payments by the Company of principal of (and premium, if any) and interest on the indebtedness evidenced by any Security, or any ren...

Subordination to Senior Indebtedness. The payment of the principal of and interest on this Debenture is hereby expressly made subordinate and junior in right of payment to the prior payment in full of all principal of and interest on all Senior Indebtedness (as defined below) whether now outstanding or hereafter incurred, created or assumed.

Subordination to Senior Indebtedness. The indebtedness evidenced by this Note, and the payment of the principal hereof, and any interest hereon, is wholly subordinated, and junior and subject in right of payment, to the extent and in the manner hereinafter provided, to the prior payment of all Senior Indebtedness of the Company now outstanding or hereinafter incurred. "Senior Indebtedness" means the principal of, and premium, if any, and interest on (i) all indebtedness of the Company for monies borrowed from banks, trust companies, insurance companies and other financial institutions, including commercial paper, (ii) principal of, and premium, if any, and interest on any indebtedness or obligations of others of the kinds described in (i) above assumed or guaranteed in any manner by the Company, (iii) deferrals, renewals, extensions and refundings of any such indebtedness or obligations described in (i) and (ii) above, and (iv) any other indebtedness of the Company which the Company and the Holder may hereafter from time to time expressly and specifically agree in writing shall constitute Senior Indebtedness.

Subordination to Senior Indebtedness. From and after the issuance of any Series A Notes, the indebtedness evidenced by the Series A Notes, and any renewals or extensions thereof, shall be wholly subordinate and junior in right of payment to any and all Senior Indebtedness of the Company, whether outstanding at the date of the Series A Notes or incurred after such date, all in the manner and with the force and effect hereafter set forth: (a) In the event of any liquidation, dissolution or winding up of the Company, or of any receivership, insolvency, bankruptcy, liquidation, readjustment, reorganization, or other similar proceeding relative to the Company or its property, all principal and interest owing on all Senior Indebtedness shall first be paid in full before any payment is made upon the indebtedness evidenced by the Series A Notes; and in any such event any payment or distribution of any kind or character, whether in cash, property or securities (other than in securities or other evidences of indebtedness, the payment of which is subordinated to the payment of all Senior Indebtedness which may at the time be outstanding) which shall be made upon or in respect of the Series A Notes shall be paid over to the holders of such Senior Indebtedness, pro rata, for application in payment thereof unless and until such Senior Indebtedness shall have been paid or satisfied in full; (b) In the event that, pursuant to the terms of this Amendment and Restatement, the Series A Notes are declared or become due and payable because of the occurrence of any Event of Default described in ss.7.1 hereof or otherwise than at the option of the Company, under circumstances when the foregoing clause (a) shall not be applicable, the holders of the Series A Notes shall be entitled to payments only after there shall first have been paid in full all Senior Indebtedness outstanding at the time the Series A Notes so become due and payable because of any such event, or payment Petroleum Heat and Power Co., Inc. Sixth Amendment and Restatement shall have been provided for in a manner satisfactory to the holders of such Senior Indebtedness; and (c) During the continuance of any failure in the payment of either principal or interest of any Senior Indebtedness when due, no payment of principal, premium or interest shall be made on the Series A Notes, nor shall any acceleration of the maturity of the Series A Notes pursuant to ss.7.3 hereof by any holder of the Series A Notes be effective unless the maturity of such Senior In...

Subordination to Senior Indebtedness. The indebtedness evidenced ------------------------------------ by this Note, and the payment of the principal hereof and any interest hereon, is wholly subordinated,

Subordination to Senior Indebtedness. The Company covenants and agrees, and each holder of a Note, by his or her acceptance thereof, likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article IV and to the extent and in the manner hereinafter set forth in this Article IV, the indebtedness represented by the Notes and the payment of the principal amount, Conversion Price, and interest thereon, Company Conversion Provisional Payment, Additional Conversion Payment, redemption price for Notes called for redemption in accordance with Section 3.2, the Repurchase Price and Additional Repurchase Payment, if any, with respect to Notes submitted for repurchase in accordance with Section 16.1, liquidated damages, fees, expenses or any other amounts in respect of each and all of the Notes are hereby expressly made subordinate and junior and subject in right of payment to the prior payment in full in cash of all Senior Indebtedness of the Company now outstanding or hereinafter incurred. "

Subordination to Senior Indebtedness. The indebtedness evidenced by the Subordinated Securities of any series, including their principal and the interest on them, will be subordinate and subject in right of payment, to the extent and in the manner set forth in this Article Eleven, to the prior payment in full of all Senior Indebtedness, and each Holder by accepting the Subordinated Securities agrees to and will be bound by, and deemed to have notice of all provisions of this Indenture including this Article Eleven.

Subordination to Senior Indebtedness. This Agreement is subject to the terms of the Subordination Agreement, which agreement is incorporated herein by reference. Notwithstanding any statement to the contrary contained in this Agreement, no remedies shall be pursued, except in accordance with the terms of such agreement. Notwithstanding the incorporation by reference of the Subordination Agreement, Borrowers acknowledge that no other parties, including any Borrower or any of their successors or assigns, are intended to be benefited, in any way, by the Subordination Agreement. If MTM refinances or renegotiates the Senior Indebtedness or replaces it with other Senior Indebtedness, Investment Manager and Lender hereby agree to enter into any subordination agreement requested by any Person or Persons who are MTM's Senior Lenders or agents therefor, pursuant to which Investment Manager and Lender agree to subordinate their respective rights and interests hereunder and under the Note and the liens securing same to such Person, on terms consistent with or no less favorable to Investment Manager and Lender than those contained in the Subordination Agreement and the subordination agreement of even date herewith by and between Investment Manager and Ingram. 41

Subordination to Senior Indebtedness. The indebtedness evidenced by, and payment of the principal of and interest on, the Notes shall be subordinate and subject in right of payment to the extent and in the manner set forth in this Section 9 to the prior payment in full of all Senior Indebtedness.