Extension of Subordination Clause Samples

Extension of Subordination. The Borrower and the Subordinated Creditor shall not subordinate the Affiliate Subordinated Debt for the benefit of any one or more other creditors of the Borrower, now or hereafter existing, upon any terms other than those set forth in this Agreement. The Borrower and the Subordinated Creditor shall have the right to subordinate the Affiliate Subordinated Debt for the benefit of any one or more other creditors of the Borrower, now or hereafter existing, upon the same terms as are set forth in this Agreement. SCHEDULE I Senior Debt Documents Title and Date Party(ies) Representative EXHIBIT A SOUTHERN ENERGY NORTH AMERICA GENERATING, INC. FACILITY C CREDIT AGREEMENT FORM OF NOTE PROMISSORY NOTE U.S.$_______________ Dated: _______________, _____ FOR VALUE RECEIVED, the undersigned, SOUTHERN ENERGY NORTH AMERICA GENERATING, INC., a Delaware corporation (the "Borrower"), HEREBY PROMISES TO PAY to _________________________ (the "Lender") for the account of its Applicable Lending Office on the Maturity Date (as defined in the Facility C Credit Agreement referred to below) the principal sum of U.S.$[amount of the Lender's Commitment in figures] or, if less, the aggregate principal amount of the Advances made by the Lender to the Borrower pursuant to the Facility C Credit Agreement dated as of August 31, 1999 among the Borrower, the Lender and certain other financial institutions parties thereto, ▇▇▇▇▇▇ BROTHERS INC., as Lead Arranger, and ▇▇▇▇▇▇ COMMERCIAL PAPER INC., as Agent for the Lender and such other financial institutions (as amended or modified from time to time, the "Credit Agreement"; the terms defined therein being used herein as therein defined) outstanding on the Maturity Date. The Borrower promises to pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement. Both principal and interest are payable in lawful money of the United States of America to ▇▇▇▇▇▇ Commercial Paper Inc., as Agent, at Bankers Trust Company, ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, in same day funds. Each Advance owing to the Lender by the Borrower pursuant to the Credit Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Promissory Note. This Promissory Note is one of ...
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Extension of Subordination. The Borrower and the Subordinated Creditor shall not subordinate the Affiliate Subordinated Debt for the benefit of any one or more other creditors of the Borrower, now or hereafter existing, upon any terms other than those set forth in this Agreement. The Borrower and the Subordinated Creditor shall have the right to subordinate the Affiliate Subordinated Debt for the benefit of any one or more other creditors of the Borrower, now or hereafter existing, upon the same terms as are set forth in this Agreement.
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Extension of Subordination. The Borrower and the Subordinated Creditor shall not subordinate the Affiliate Subordinated Debt for the benefit of any one or more other creditors of the Borrower, now or hereafter existing, upon any terms other than those set forth in this Agreement. The Borrower and the Subordinated Creditor shall have the right to subordinate the Affiliate Subordinated Debt for the benefit of any one or more other creditors of the Borrower, now or hereafter existing, upon the same terms as are set forth in this Agreement. SCHEDULE I Senior Debt Documents Title and Date Party(ies) Representative SCHEDULE III AMENDED AND RESTATED CREDIT AGREEMENT PROJECT LIMITS FOR INITIAL PROJECTS Initial Project Total Project Costs (Estimated if an Project Limit --------------- ------------------------------------- ------------- Uncompleted Project, and actual, if a Completed Project) Harris 1 Project $270,512,613 $▇▇▇,833,199 Harris 2 Project $242,292,211 $▇▇▇,489,937 Dahlberg $265,341,836 $▇▇▇,▇05,102 Franklin 1 Project $229,183,570 $137,510,142 Franklin 2 Project $246,205,077 $160,033,300 Wansley $451,387,132 $▇▇▇,832,279 SCHEDULE IV AMENDED AND RESTATED CREDIT AGREEMENT SCHEDULED COMPLETION DATE, GUARANTEED HEAT RATE AND GUARANTEED OUTPUT FOR EACH INITIAL PROJECT
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Extension of Subordination. The Borrower and the Subordinated Creditor shall not subordinate the Affiliate Subordinated Debt for the benefit of any one or more other creditors of the Borrower, now or hereafter existing, upon any terms other than those set forth in this Agreement. The Borrower and the Subordinated Creditor shall have the right to subordinate the Affiliate Subordinated Debt for the benefit of any one or more other creditors of the Borrower, now or hereafter existing, upon the same terms as are set forth in this Agreement. SCHEDULE I Senior Debt Documents Title and Date Party(ies) Representative SCHEDULE III SOUTHERN POWER COMPANY CREDIT AGREEMENT PROJECT LIMITS FOR INITIAL PROJECTS Initial Project Total Project Costs (Estimated if an Project Limit --------------- ------------------------------------- ------------- Uncompleted Project, and actual, if a Completed Project) Autaugaville 1 Project $270,512,613 $162,307,568 Autaugaville 2 Project $242,292,211 $145,375,327 Dahlberg $265,341,836 $159,205,102 Goat Rock 1 Project $229,183,570 $137,510,142 Goat Rock 2 Project $246,205,077 $147,723,046 Wansley $451,387,132 $270,832,279 SCHEDULE IV SOUTHERN POWER COMPANY CREDIT AGREEMENT SCHEDULED COMPLETION DATE, GUARANTEED HEAT RATE AND GUARANTEED OUTPUT FOR EACH INITIAL PROJECT 1. Scheduled Completion Dates ---------------------------------------------------------- Initial Project Scheduled Completion Date ---------------------------------------------------------- Autaugaville 1 Project June 1, 2003 ---------------------------------------------------------- Autaugaville 2 Project June 1, 2003 ---------------------------------------------------------- Dahlberg June 1, 2001 (Completed) ---------------------------------------------------------- Goat Rock 1 Project April 1, 2002 ---------------------------------------------------------- Goat Rock 2 Project June 1, 2003 ---------------------------------------------------------- Wansley Project June 1, 2002 ---------------------------------------------------------- 2. Guaranteed Heat Rates Guaranteed Heat Rate with respect to the following Initial Projects, at the relevant average ambient rated conditions for such Project, are set forth below: --------------------------------------------------------------------------------------------------------------------- Power Power HP IP Condenser Condenser Average Base Mode Dry Bulb Relative Fuel Factor Factor Blowdown Blowdown Makeup Makeup Annual Heat Rate * Temperature Humidity Elevation Tem...
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Related to Extension of Subordination

  • Agreement of Subordination The Company covenants and agrees, and each holder of Notes issued hereunder by its acceptance thereof likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article Four, and each Person holding any Note, whether upon original issue or upon registration of transfer, assignment or exchange thereof, accepts and agrees to be bound by such provisions. The payment of the principal of, premium, if any, and interest (including Liquidated Damages, if any) on all Notes (including, but not limited to, the redemption price with respect to the Notes called for redemption in accordance with Section 3.2 or submitted for redemption in accordance with Section 3.5, as the case may be, as provided in this Indenture) issued hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date of this Indenture or thereafter incurred. No provision of this Article Four shall prevent the occurrence of any default or Event of Default hereunder.

  • No Impairment of Subordination No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have or otherwise be charged with.

  • Lien Subordination Lender agrees that the Liens granted to it hereunder in Third Party Equipment shall be subordinate to the Liens of current and future lenders providing equipment financing and equipment lessors for equipment and other personal property acquired by Borrower after the date hereof (“Third Party Equipment”); provided that such Liens are confined solely to the equipment so financed and the proceeds thereof and are Permitted Liens. Notwithstanding the foregoing, the Obligations hereunder shall not be subordinate in right of payment to any obligations to other lenders, equipment lenders or equipment lessors and Lender’s rights and remedies hereunder in the Collateral which does not constitute Third Party Equipment shall not in any way be subordinate to the rights and remedies of any such lenders or equipment lessors. So long as no Event of Default has occurred which has not been waived by Lender, Lender agrees to execute and deliver such agreements and documents as may be reasonably requested by Borrower from time to time which set forth the lien subordination described in this Section 4.8 and are reasonably acceptable to Lender. Lender shall have no obligation to execute any agreement or document which would impose obligations, restrictions or lien priority on Lender which are less favorable to Lender than those described in this Section 4.8.

  • Invalidity of Subordination Provisions The subordination provisions of any agreement or instrument governing any Subordinated Indebtedness shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any Person shall contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the Obligations, for any reason shall not have the priority contemplated by this Agreement or such subordination provisions.

  • No Waiver of Subordination Provisions No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuers or by any act or failure to act, in good faith, by any such holder, or by any non-compliance by the Issuers with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring responsibility to the Holders of the Securities and without impairing or releasing the subordination provided in this Article or the obligations hereunder of the Holders of the Securities to the holders of Senior Indebtedness, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii) release any Person liable in any manner for the collection of Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Issuers and any other Person.