Subordinate and junior definition
Subordinate and junior as used herein shall mean that in the event of:
Subordinate and junior as used herein shall mean that in the event of:
(i) any default in, or violation of, the terms or covenants of any Senior Indebtedness, including, without limitation, any default in payment of principal of, or premium, if any, or interest on, any Indebtedness whenever due (whether by acceleration of maturity or otherwise), and during the continuance thereof, or
(ii) the institution of any liquidation, dissolution, bankruptcy, insolvency, reorganization or similar proceeding relating to the Issuer, its property or its creditors as such, the holder of Subordinated Parent Borrowings shall not be entitled to receive any payment of principal of, or premium, if any, or interest on, Subordinated Parent Borrowings until all amounts owing in respect of Senior Indebtedness (matured and unmatured) shall have been paid in full; and from and after the happening of any event described in clause (ii) of this paragraph, all payments and distributions of any kind or character (whether in cash, securities or property) which, except for the subordination provisions hereof, would have been payable or distributable to the holder of Subordinated Parent Borrowings (whether directly or by reason of Subordinated Parent Borrowings being superior to any other indebtedness), shall be made to and for the benefit of the holders of Senior Indebtedness (who shall be entitled to make all necessary claims therefor) in accordance with the priorities of payment thereof until all Senior Indebtedness (matured and unmatured) shall have been paid in full.
Subordinate and junior as used herein shall mean:
(i) In the event of any insolvency or bankruptcy proceedings, or any receivership, liquidation, reorganization, arrangement, readjustment, composition or other similar proceedings in connection therewith, relative to the Company or to its creditors, as such, or to its property, or dissolution or other winding-up of the Company, whether or not involving insolvency or bankruptcy, or in the event of any assignment by the Company for the benefit of creditors or in the event of any other marshalling of the assets of the Company, then the holders of Senior Debt shall be entitled to receive payment in full of all principal of and premium and interest on all Senior Debt and all liabilities constituting Senior Debt (including interest thereon accruing after the commencement of any such proceedings) before any holder of the Debentures shall be entitled to receive any payment on account of principal of or premium or interest, if any, on the Debentures. Any payment or distribution of any kind or character, whether in cash or property or securities (excluding any Common Stock issuable upon conversion of any Debenture) , which may be payable or deliverable in any such proceedings in respect of the Debentures, to which any holder of the Debentures would be entitled, shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, or if received by any holder of the Debentures shall be held for the benefit of and forthwith paid over or delivered to, the holders of Senior Debt (pro rata to each thereof on the basis of the respective amounts of Senior Debt held by each, or as the terms of the Senior Debt shall otherwise provide) or their representatives, to the extent necessary to pay all such Senior Debt in full after giving effect to any concurrent payment or distribution to or for the benefit of the holders of Senior Debt.
(ii) If any Debenture is declared due and payable before its express maturity because of the occurrence of an event of default with respect thereto, the holders of the Senior Debt shall be entitled to receive payment in full of all principal of and premium and interest on all Senior Debt and of all liabilities constituting Senior Debt before the holders of the Debentures are entitled to receive any payment on account of principal of and premium or interest, if any, on any Debentures.
(iii) No payment on account of the principal of or premiu...
Examples of Subordinate and junior in a sentence
Preference: Subordinate and junior in right of payment to all other obligations of FP both currently outstanding and subsequently incurred, but pari passu with other similar subordinated debt or equity equivalent investments, whether currently outstanding or subsequently incurred.
More Definitions of Subordinate and junior
Subordinate and junior means that until the BH Senior Obligations shall have been paid in full and satisfied as more fully described herein (i) the CR Senior Agent, the CR Senior Lenders and the Junior Subordinated Trustee shall not, without the express prior written consent of the BH Senior Agent, (i) enforce or take any action to enforce any rights or remedies with respect to, or to realize upon, the BH First Priority Collateral, or any BH Guaranty, or (2) exercise any remedies with respect thereto under the CR Credit Documents and/or the Junior Subordinated Credit Documents, and (B) in addition, except for the Junior Subordinated Scheduled Payments, the Junior Subordinated Trustee also shall not, without the express prior written consent of the BH Senior Agent (1) demand, require or accept any payment or prepayment of the Junior Subordinated Obligations, or (2) enforce or take any action to enforce or collect the Junior Subordinated Obligations or any portion thereof.