The Senior Clause Samples

The 'Senior' clause defines the rights, responsibilities, or status of a senior individual or position within an agreement, such as a senior lender, senior employee, or senior creditor. In practice, this clause typically establishes priority over other parties, for example, giving a senior lender the first claim to repayment before junior lenders, or outlining the authority and decision-making powers of a senior executive. Its core function is to clarify hierarchy and priority, thereby reducing disputes and ensuring that all parties understand the order of precedence or authority within the contractual relationship.
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The Senior. Agent’s resignation notice shall only take effect upon the appointment of a successor.
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The Senior. Officials Table is not a decision-making body and cannot ▇▇▇▇▇▇ the discretion of the Parties’ respective decision-makers.
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The Senior. Note Offering shall have been consummated in accordance with applicable law and the Borrower shall have received therefrom aggregate gross cash proceeds of not less than $250,000,000. The material terms and conditions of the 2003 Senior Notes and the provisions of the indenture and other agreements and documents executed and delivered in connection with the Senior Note Offering shall be reasonably satisfactory to the Initial Lenders, each of whom shall have received copies of all such documents, certified by a Financial Officer as being complete and correct in all material respects.
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The Senior. Note Trustee shall promptly notify the Security Trustee in writing (with a copy of such notice to be provided to the other Debt Representatives and the Issuer) upon the occurrence of Payment Stop Event and/or Standstill Event (a notice of a Standstill Event shall be contained in a Standstill Notice).
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The Senior. Term Loans shall be made in a single drawing on the Closing Date (as defined below).
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The Senior. Finance Parties and the Borrower each agree and acknowledge that the Borrower may enter into Bridging Finance in respect of any Eligible Aircraft which are purchased by the Borrower prior to the first Utilisation Date provided that: (a) All Bridging Finance is repaid in full on or before the first Utilisation Date; (b) no Security Interests are created by or in relation to such Bridging Finance that could affect the Security Interests taken by the Secured Parties pursuant to the Security Documents; (c) no Available Collections, Applicable Proceeds, Put Proceeds, Special Proceeds, Maintenance Reserves, Security Deposits, Total Loss Proceeds, Requisition Proceeds or any other proceeds in respect of the Lease Agreements or the Eligible Aircraft shall be applied by the Borrower towards any repayment of or other payment required pursuant to any Bridging Finance; (d) all interest, costs and other expenses of any kind incurred in relation to the Bridge Financing shall be financed by the purchase by the Subordinated Note Holder of Additional Subordinated Loan Notes issued by the Borrower pursuant to the Subordinated Note Purchase Agreement; and (e) the Borrower shall within ten (10) Business Days of written request by the Senior Agent, provide to the Senior Agent all documentation relating to any Bridging Finance entered into by the Borrower.
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The Senior. Finance Documents shall continue in full force and effect, however, the Senior Facility Agreement shall be amended and read and interpreted in accordance with Clause 2.2 of the Senior Facility Amendment Agreement.
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Related to The Senior

  • Trustee's Relation to Senior Debt The Trustee shall be entitled to all the rights set forth in this Article with respect to any Senior Debt at the time held by it, to the same extent as any other holder of Senior Debt and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. Nothing contained in this Article shall apply to claims of or payments to the Trustee under or pursuant to Section 5.8 hereof. With respect to the holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and the Trustee shall not be liable to any holder of Senior Debt if it shall pay over or deliver to Holders, the Company or any other Person moneys or assets to which any holder of Senior Debt shall be entitled by virtue of this Article or otherwise.

  • Monitoring and Risk Assessment of Securities Depositories Prior to the placement of any assets of the Fund with a non-U.S. Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative an assessment of the custody risks associated with maintaining assets within such Securities Depository; and (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository on a continuing basis and to promptly notify the Fund or its Investment Adviser of any material changes in such risk. In performing its duties under this subsection, the Custodian shall use reasonable care and may rely on such reasonable sources of information as may be available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has performed its monitoring and assessment duties with reasonable care. The risk assessment shall be provided to the Fund or its Investment Advisor by such means as the Custodian shall reasonably establish. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

  • Files Management and Record Retention relating to Grantee and Administration of this Agreement a. The Grantee shall maintain books, records, and documents in accordance with generally accepted accounting procedures and practices which sufficiently and properly reflect all expenditures of funds provided by Florida Housing under this Agreement. b. Contents of the Files: Grantee must maintain files containing documentation to verify all funds awarded to Grantee in connection with this Agreement, as well as reports, records, documents, papers, letters, computer files, or other material received, generated, maintained or filed by Grantee in connection with this Agreement. Grantee must also keep files, records, computer files, and reports that reflect any compensation it receives or will receive in connection with this Agreement.

  • RESPONSIBILITIES OF THE UNIVERSITY The UNIVERSITY shall designate in writing a faculty member to coordinate with a designee of the FIELDWORK SITE.

  • Board of Trustees’ Responsibilities 5.2.1 The Board of Trustees will be responsible for the operational and financial sustainability of the Trust, including: a) Validation of the sustainability of the respective Plan Design;