Terms of Subordination Sample Clauses

Terms of Subordination. Anything in this Indenture to the contrary notwithstanding, the indebtedness evidenced by Subordinated Securities of any series, or any Coupons appertaining thereto, shall be subordinate and junior in right of payment, to the extent and in the manner hereafter set forth, to all Senior Debt of the Issuer, whether outstanding at the date of this Indenture or incurred after the date of this Indenture but not to any other indebtedness of the Issuer other than Senior Debt. (1) In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization or other similar proceedings in connection therewith, relative to the Issuer or to its creditors, as such, or to its property, and in the event of any proceedings for voluntary liquidation, dissolution or other winding up of the Issuer, whether or not involving insolvency or bankruptcy, then the holders of Senior Debt shall be entitled to receive payment in full of all principal and interest on all Senior Debt before the holders of the Subordinated Securities of any series, or any Coupons appertaining thereto, are entitled to receive any payment on account of principal or interest thereon, and to that end (but subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred in this Indenture upon the Senior Debt and the holders thereof with respect to the subordinated indebtedness represented by the Subordinated Securities of such series, or any Coupons appertaining thereto, and the Holders thereof by a lawful plan of reorganization under applicable bankruptcy law) the holders of Senior Debt shall be entitled to receive for application in payment thereof any payment or distribution of any kind or character, whether in cash or property or securities, which may be payable or deliverable in any such proceedings in respect of the Subordinated Securities of such series, or any Coupons appertaining thereto, except securities which are subordinate and junior in right of payment to the payment of all Senior Debt then outstanding; and (2) in the event that pursuant to any provision of the Indenture or the Subordinated Securities of any series, or any Coupons appertaining thereto, the Subordinated Securities of such series are declared or otherwise become due and payable before their expressed maturity because of the occurrence of an Event of Default hereunder or otherwise (under circumstances when the provisions of the foregoing clau...

Terms of Subordination. All Indebtedness (such term and other capitalized terms used herein, unless otherwise defined herein, shall have the meaning specified in the Credit Agreement to which this Schedule 5.12 is attached) incurred by the Borrower, other than the Senior Obligations (as defined below), shall be subject to the following terms and conditions, which shall be incorporated in a written agreement (each, a “Subordination Agreement”) between the Borrower and each Person (or an agent acting on behalf of such Person) (such Person, a “Subordinated Lender”) to which any such Indebtedness is owed.

Terms of Subordination. Unless and until the Senior Debt shall have been irrevocably paid in full and the Senior Creditor shall have no commitment to extend further Senior Debt, the payment and performance of the Subordinated Debt is hereby made expressly subordinate and junior in right of payment and performance to the prior payment and performance of all obligations and liabilities under the Senior Debt to the extent and in the manner set forth in this Section 2.

Terms of Subordination. 44 (i) RECEIPT, DISTRIBUTION AND APPLICATION OF INCOME FROM THE INDENTURE ESTATE

Terms of Subordination. For the purpose of calculating the financial covenants under this clause 18, the Borrower may procure any Inter-Group Borrowing or any Third Party Borrowing be deemed and treated as Subordinated Indebtedness pursuant to a Group Subordination Deed or, as the case may be, a Third Party Subordination Deed. In either case, the Borrower may subsequently at its option de-subordinate any such Subordinated Indebtedness in accordance with the terms of the Group Subordination Deed or, as the case may be, the Third Party Subordination Deed relating thereto provided that such de-subordination applies to all but not part only of such Subordinated Indebtedness and provided further that the following conditions have been satisfied: (A) the Borrower has given to the Agent not less than 30 Business Days' (or such shorter period as the Majority Lenders may agree) prior written notice of the date on which such de-subordination is to become effective (the "Release Date"); (B) together with the notice referred to above, the Borrower has delivered a confirmation in writing to the Agent certifying that it is in compliance with the financial covenants contained in and calculated in accordance with this clause 18 and would remain in compliance notwithstanding the proposed de-subordination and confirming that no Default has occurred and is Continuing or would result from the proposed de-subordination. For the avoidance of doubt, the relevant amount of the Subordinated Indebtedness to be de-subordinated on the Release Date shall, as from and as at such date, be treated as and included in the calculation of Total Debt or, as the case may be, Interest for the purposes of this clause 18; and (C) no Default is Continuing on the Release Date. The Borrower shall not be entitled to de-subordinate any Subordinated Indebtedness except as provided for in this clause 18.3.

Terms of Subordination. The Lender and the Borrower agree that the lien granted by the Borrower hereunder to secure the Liabilities is subordinate, to the extent and in the manner set forth in this Agreement, to the lien of the First Mortgage Bond Indenture and any and all of the bonds outstanding from time to time thereunder (the “Senior Obligations”). Notwithstanding the order or time of creation, acquisition, attachment, or the order, time, or manner of perfection, or the order or time of filing or recordation of any document or instrument, or other method of perfecting a security interest or Lien on and against any of the Collateral or other assets of the Borrower, the Lender agrees that any Lien or security interest now or hereafter existing in and to the Collateral in favor of the Lender shall be and at all times remain subject and subordinate in all respects to any Lien or security interest which may now or hereafter at any time or from time to time be granted pursuant to the First Mortgage Bond Indenture on or in any or all of the Collateral as security for the Senior Obligations.

Terms of Subordination. Exhibits Exhibit A-1.......- Form of Revolving Credit Note

Terms of Subordination. Unless and until the Senior Debt shall have been irrevocably paid in full and all commitments of the Senior Creditors to extend further Senior Debt have been terminated, (i) all Subordinated Debt shall be subordinate to all Senior Debt to the extent and in the manner set forth in this Section 2, and (ii) the Subordinated Lien shall be subordinate to the Senior Lien.

Terms of Subordination. Any Indebtedness to any Person issued pursuant to Section 8.1(g) or contemplated by Section 8.12(b) (herein collectively referred to as "Section 8.1(g) Indebtedness") shall be subordinated to the Credit Party Obligations in the manner set forth below: