Senior Subordinated Securities. The Senior Subordinated Securities, when executed and delivered, will be, the legal, valid and binding obligations of the Credit Union, each enforceable in accordance with its respective terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, receivership, conservatorship, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity (“Bankruptcy Exceptions”).
Senior Subordinated Securities. This Agreement has been duly authorized, executed and delivered and is, and the Senior Notes, when executed and delivered, will be, the legal, valid and binding obligations of the Company, each enforceable in accordance with their respective terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, receivership, conservatorship, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity (“Bankruptcy Exceptions”). The Senior Notes do not constitute a separate class of equity securities, are subordinate and junior in right of payment to the Senior Indebtedness to the extent set forth in Article VI hereof, and are senior to the Company’s common stock (and any other class of equity in the event the Company ceases to be a validly electing S corporation within the meaning of Sections 1361 and 1362 of the Code) whether or not issued or outstanding, with respect to the distribution of assets in the event of any dissolution, liquidation or winding up of the Company.
Senior Subordinated Securities. This Agreement has been duly authorized, executed and delivered and is, and the Senior Subordinated Securities, when executed and delivered, will be, the legal, valid and binding obligations of the Company, each enforceable in accordance with their respective terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, receivership, conservatorship, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity (“Bankruptcy Exceptions”). The Senior Subordinated Securities do not constitute a separate class of equity securities, are subordinate and junior in right of payment to the Senior Indebtedness to the extent set forth in Article VII hereof, and are senior to the Company’s Common Stock (and any other class of equity in the event the Company ceases to be a validly electing S corporation within the meaning of Sections 1361 and 1362 of the Code) whether or not issued or outstanding, with respect to the distribution of assets in the event of any dissolution, liquidation or winding up of the Company.
Senior Subordinated Securities. The Senior Subordinated Securities shall be executed in the name and on behalf of the Company by the manual or facsimile signature of its President, Chief Executive Officer, Chief Financial Officer or one of its Executive Vice Presidents under its corporate seal (if legally required) which may be affixed thereto or printed, engraved or otherwise reproduced thereon, by facsimile or otherwise, and which need not be attested, unless otherwise required by the Company’s Charter or bylaws or applicable law. Every Senior Subordinated Security shall be dated the date of its execution and delivery.
Senior Subordinated Securities. This Agreement has been duly authorized, executed and delivered and is, and the Senior Notes, when executed and delivered, will be, the legal, valid and binding obligations of the Bank, each enforceable in accordance with their respective terms, except to the extent that the enforceability thereof may be limited by applicable receivership, conservatorship, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity (“Enforceability Exceptions”).
Senior Subordinated Securities. This Agreement has been duly authorized, executed and delivered and is, and the Senior Subordinated Securities, when executed and delivered, will be, the legal, valid and binding obligations of the Bank, each enforceable in accordance with their respective terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, receivership, conservatorship, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles, regardless of whether such enforceability is considered in a proceeding at law or in equity (“Bankruptcy Exceptions”).
