Examples of Super Senior Debt in a sentence
The Bonds constitute direct, unconditional, unsubordinated and secured obligations of the Issuer and shall at all times rank (i) without any preference among them and (ii) at least pari passu with all direct, unconditional, unsubordinated and unsecured obligations of the Issuer, except (A) those obligations which are mandatorily preferred by law and (B) the super senior ranking of the Super Senior Debt in accordance with the Intercreditor Agreement.
Notwithstanding anything to the contrary in this paragraph (a) and paragraph (b) below, the Senior Representative may only give any Enforcement Instructions if the proceeds to be received from the proposed Enforcement Action is expected to amount to or exceed the amount of the Super Senior Debt.
Any Enforcement Proceeds will first be applied towards repayment of the Financial Indebtedness incurred by the Issuer under the Super Senior Debt, secondly towards redemption of the Bonds and thirdly towards redemption of the PIK Bonds.
The Bonds constitute direct, general, unconditional, subordinated and unsecured obligations of the Issuer and shall at all times rank at least pari passu with all direct, unconditional, subordinated and unsecured obligations of the Issuer, except for the Super Senior Debt (as defined in the Intercreditor Agreement), the Senior Bonds and obligations which are mandatorily preferred by law, and without any preference among them.
If an insolvency event (other than an insolvency event directly caused by any enforcement action taken by or at the request or direction of the Senior Creditors) is continuing with respect to a debtor then the Security Agent will, to the extent the Super Senior Creditors elect to provide such enforcement instructions, act in accordance with the enforcement instructions received from the Super Senior Creditors until the Super Senior Debt has been discharged in full.