Examples of External Creditors in a sentence
There can be no assurance that the distributions on, or the sale proceeds of, the Collateral received and amounts received under the Secured Hedging Transactions will be sufficient to make payments on the VF Notes or on any Class of Notes, after making payments on more senior Classes of Notes, more senior External Permitted Debt and certain other required amounts to other creditors including External Creditors ranking senior to or pari passu with such VF Notes or such Class.
The Controlling Class at a given time (which while any External Permitted Debt remains outstanding, will include the External Creditors in respect of the same) will be entitled to determine the remedies to be exercised under the Security Documents if events of default occur thereunder and to exercise certain other voting rights.
Liquidation of the Collateral at such time and/or remedies pursued by the Trustee upon enforcement of the security over the Collateral could be adverse to the interests of the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D Noteholders or the Class E Subordinated Noteholders and the External Creditors, as the case may be.
See Press Release to External Creditors dated August 2, 2006 by the Government of Belize was scheduled over a weekend period specifically when trading markets were closed.
However, the English law charge and Belgian law pledge created pursuant to the Security Documents may be insufficient to secure or ineffective in securing the Issuer Investments which are securities for the benefit of Noteholders and External Creditors, particularly in the event of any insolvency or liquidation of the Custodian or any sub custodian that has priority over the right of the Issuer to require delivery of such assets from the Custodian in accordance with the terms of the Agency Agreement.
Nigeria’s External Creditors, end 2003 CreditorDebt Stock (US$bn)Share ofTotal (%)UK7.0Source: Todd Moss, “Resolving Nigeria‟s Debt Through a Discounted Buyback,” CGD, April 2005, p.
Liquidation of the Collateral at such time and/or remedies pursued by the Trustee upon enforcement of the security over the Collateral could be adverse to the interests of the Class A Noteholders, the Class B Noteholders, the Class C Noteholders or the Class D Subordinated Noteholders and the External Creditors, as the case may be.
For the purposes of Clause 7.2 (Distributions), Clause 7.5 (Filing of claims) and Clause 7.6 (Further assurance – Insolvency Event) the Security Agent shall act on the instructions of the Majority External Creditors or, in the absence of any such instructions, as the Security Agent sees fit.
None of the External Creditors will be liable to any other Creditor, the Parent or any Debtor for any Consent given or deemed to be given under this Clause 25.
Without prejudice to the generality of the preceding sentence, if the provisions of this Clause 17 have been applied before all the Liabilities have matured and/or been finally quantified, the Security Agent may elect to re-apply those provisions on the basis of revised Exposures and the External Creditors shall make appropriate adjustment payments amongst themselves.