Subordination Event definition

Subordination Event means any one of the following events:

Subordination Event means any distribution of the assets of the Issuer on a dissolution, winding-up or liquidation of the Issuer whether in bankruptcy, insolvency, receivership, voluntary or mandatory reorganisation of indebtedness (in Turkish: konkordato) or any analogous proceedings referred to in the Banking Law, the Turkish Commercial Code (Law No. 6102) or the Turkish Execution and Bankruptcy Code (Law No. 2004),

Subordination Event means either a Bankruptcy Event, a Corporate Reorganisation Event, a Civil Rehabilitation Event or a Foreign Event.

Examples of Subordination Event in a sentence

• All payment obligations of, and payments made by, the Issuer under and in respect of the Notes must be determined and made without reference to any right of set-off or counterclaim of any holder of the Notes, whether arising before or in respect of any Subordination Event.

• Each Agent, each Lender and each other Secured Party agrees that it will promptly take such action and execute any such documents as may be reasonably requested by the Borrower (such actions and such execution, the “Release Actions”), at the Borrower’s sole cost and expense, in connection with a Lien Release Event, Release/ Subordination Event or Guaranty Release Event and that such actions are not discretionary.

• The Investment Advisor acknowledges and agrees that at any time a Subordination Event has occurred and is continuing, the payment of any and all management or other fees due and owing to it from any Credit Party (other than any “Base Management Fee” as defined in the Management Agreement as in effect on the date hereof) shall be subordinated to and inferior in right and payment to the Obligations in all respects.

• By virtue of the subordination of the Notes, following a Subordination Event and for so long as that Subordination Event subsists and prior to all payment obligations in respect of Senior Obligations having been satisfied, no holder of the Notes shall exercise any right of set-off or counterclaim in respect of any amount owed to such holder by the Issuer in respect of the Notes and any such rights shall be deemed to be waived.

• During the continuance of a Subordination Event, no Credit Party shall make any payments or advances of any kind, directly or indirectly, on any debts and liabilities to any other Credit Party, Investor or the Investment Advisor whether now existing or hereafter arising and whether direct, indirect, several, joint and several, or otherwise, and howsoever evidenced or created (collectively, the “Other Claims”) unless and until all outstanding Obligations have been repaid in full.

More Definitions of Subordination Event

Subordination Event the Senior Obligations becoming due and payable in full, whether upon maturity, acceleration or otherwise.

Subordination Event is defined in Section 5.1(u).

Subordination Event means the occurrence of any “Event of Default” as defined in the Senior Secured Credit Agreement;

Subordination Event means any distribution of the assets of the Issuer on a dissolution, winding- up or liquidation of the Issuer whether in bankruptcy, insolvency, receivership, voluntary or mandatory reorganisation of indebtedness (konkordato) or any analogous proceedings referred to in the Banking Law (No. 5411), the Turkish Commercial Code (No. 6102) or the Turkish Execution and Bankruptcy Code (No. 2004).

Subordination Event means either a Japanese Bankruptcy Event, a Japanese Corporate Reorganization Event, a Japanese Civil Rehabilitation Event or a Foreign Event.

Subordination Event either of the following events:

Subordination Event means any Bankruptcy Event, Rehabilitation Event, Foreign Event or the event set forth in paragraph (vi) above. 4 Certain Covenants