Common use of Agreement of Subordination Clause in Contracts

Agreement of Subordination. The Lender’s rights to receive payments of principal, interest and fees under this Note is subordinated to the prior payment of all loans or other extensions of credit made to the Borrower by any bank, savings and loan association, finance company, insurance company or any similar financial institution (such loans and extensions of credit, together with any interest or fees payable on or in connection with such loans and extensions of credit, are from now on called “Senior Indebtedness”) on the following types: (a) The Lender shall not be entitled to receive any principal, interest or fee payments, and the Borrower shall not make such payments, unless, at the time of such payment (i) the Borrower shall have paid all amounts due at such time under any Senior Indebtedness, and (ii) the Borrower shall not be in default under the terms of any Senior Indebtedness and payment of the amount due under this Note would not result in a default under any Senior Indebtedness. The word “default” includes defaults declared by holders of any Senior Indebtedness and any conditions, event or act which, with notice or the passage of time, would result in a default under any Senior Indebtedness. (b) If bankruptcy, receivership, or insolvency proceedings by or against the Borrower or its property occurs, or if the Borrower dissolves, liquidates its assets or otherwise winds up its business, the Borrower shall pay all outstanding Senior Indebtedness before making any payment of principal, interest or fees due under this Note. Any payments or distributions (including distributions of the Borrower’s non-cash assets or securities that would otherwise be made to the Lender will first be paid on account of all outstanding Senior Indebtedness. (c) If the Lender demands early payment of this Note for any reason, the Borrower shall first pay all outstanding Senior Indebtedness before making any payments under this note. (d) If the Lender receives any payment which is not entitled under this Note, the Lender shall hold such payment for the benefit of the holder of Senior Indebtedness and deliver such payment or distribution to the holders of Senior Indebtedness or their representatives for payment on account of all outstanding Senior Indebtedness. (e) After the Senior Indebtedness has been paid in full, the Lender shall be entitled to the rights of Senior Indebtedness to receive payments until all amounts due under this Note are paid in full

Agreement of Subordination. The Lender’s 's rights to receive payments of principal, interest and fees under this Convertible Note is subordinated to the prior payment of all loans or other extensions of credit made to the Borrower by any bank, savings and loan association, finance company, insurance company or any similar financial institution (such loans and extensions of credit, together with any interest or fees payable on or in connection with such loans and extensions of credit, are from now on called “"Senior Indebtedness”") on the following types: (a) The Lender shall not be entitled to receive any principal, interest or fee payments, and the Borrower shall not make such payments, unless, at the time of such payment (i) the Borrower shall have paid had all amounts due at such time under any Senior Indebtedness, and (ii) the Borrower shall not be in default under the terms of any Senior Indebtedness and payment of the amount due under this Note would not result in a default under any Senior Indebtedness. The word “"default” " includes defaults declared by holders of any Senior Indebtedness and any conditions, event or act act, which, with notice or the passage of time, would result in a default under any Senior Indebtedness. (b) If bankruptcy, receivership, or insolvency proceedings by or against the Borrower or its property occurs, or if the Borrower dissolves, liquidates its assets or otherwise winds up its business, the Borrower shall pay all outstanding Senior Indebtedness before making any payment of principal, interest or fees due under this Convertible Note. Any payments or distributions (including distributions of the Borrower’s non-cash 's noncash assets or securities that would otherwise be made to the Lender will first be paid on account of all outstanding Senior Indebtedness. (c) If the Lender demands early payment of this Convertible Note for any reason, the Borrower shall first pay all outstanding Senior Indebtedness before making any payments under this noteConvertible Note. (d) If the Lender receives any payment payment, which is not entitled under this Note, the Lender shall hold such payment for the benefit of the holder of Senior Indebtedness and deliver such payment or distribution to the holders of Senior Indebtedness or their representatives for payment on account of all outstanding Senior Indebtedness. (e) After the Senior Indebtedness has been paid in full, the Lender shall be entitled to the rights of Senior Indebtedness to receive payments until all amounts due under this Note are paid in full

Agreement of Subordination. The Lender’s 's rights to receive payments of principal, interest and fees under this Note is subordinated to the prior payment of all loans or other extensions of credit made to the Borrower by any bank, savings and loan association, finance company, insurance company or any similar financial institution (such loans and extensions of credit, together with any interest or fees payable on or in connection with such loans and extensions of credit, are from now on called “"Senior Indebtedness”") on the following types: (a) The Lender shall not be entitled to receive any principal, interest or fee payments, and the Borrower shall not make such payments, unless, at the time of such payment (i) the Borrower shall have paid had all amounts due at such time under any Senior Indebtedness, and (ii) the Borrower shall not be in default under the terms of any Senior Indebtedness and payment of the amount due under this Note would not result in a default under any Senior Indebtedness. The word “"default” " includes defaults declared by holders of any Senior Indebtedness and any conditions, event or act which, with notice or the passage of time, would result in a default under any Senior Indebtedness. (b) If bankruptcy, receivership, or insolvency proceedings by or against the Borrower or its property occurs, or if the Borrower dissolves, liquidates its assets or otherwise winds up its business, the Borrower shall pay all outstanding Senior Indebtedness before making any payment of principal, interest or fees due under this Note. Any payments or distributions (including distributions of the Borrower’s 's non-cash assets or securities that would otherwise be made to the Lender will first be paid on account of all outstanding Senior Indebtedness. (c) If the Lender demands early payment of this Note for any reason, the Borrower shall first pay all outstanding Senior Indebtedness before making any payments under this note. (d) If the Lender receives any payment which is not entitled under this Note, the Lender shall hold such payment for the benefit of the holder of Senior Indebtedness and deliver such payment or distribution to the holders of Senior Indebtedness or their representatives for payment on account of all outstanding Senior Indebtedness. (e) After the Senior Indebtedness has been paid in full, the Lender shall be entitled to the rights of Senior Indebtedness to receive payments until all amounts due under this Note are paid in full

Agreement of Subordination. The Lender’s 's rights to receive payments of principal, interest and fees under this Convertible Note is subordinated to the prior payment of all loans or other extensions of credit made to the Borrower by any bank, savings and loan association, finance company, insurance company or any similar financial institution (such loans and extensions of credit, together with any interest or fees payable on or in connection with such loans and extensions of credit, are from now on called “"Senior Indebtedness”") on the following types: (a) The Lender shall not be entitled to receive any principal, interest or fee payments, and the Borrower shall not make such payments, unless, at the time of such payment (i) the Borrower shall have paid had all amounts due at such time under any Senior Indebtedness, and (ii) the Borrower shall not be in default under the terms of any Senior Indebtedness and payment of the amount due under this Note would not result in a default under any Senior Indebtedness. The word “"default” " includes defaults declared by holders of any Senior Indebtedness and any conditions, event or act act, which, with notice or the passage of time, would result in a default under any Senior Indebtedness. (b) If bankruptcy, receivership, or insolvency proceedings by or against the Borrower or its property occurs, or if the Borrower dissolves, liquidates its assets or otherwise winds up its business, the Borrower shall pay all outstanding Senior Indebtedness before making any payment of principal, interest or fees due under this Convertible Note. Any payments or distributions (including distributions of the Borrower’s 's non-cash assets or securities that would otherwise be made to the Lender will first be paid on account of all outstanding Senior Indebtedness. (c) If the Lender demands early payment of this Convertible Note for any reason, the Borrower shall first pay all outstanding Senior Indebtedness before making any payments under this noteConvertible Note. (d) If the Lender receives any payment payment, which is not entitled under this Note, the Lender shall hold such payment for the benefit of the holder of Senior Indebtedness and deliver such payment or distribution to the holders of Senior Indebtedness or their representatives for payment on account of all outstanding Senior Indebtedness. (e) After the Senior Indebtedness has been paid in full, the Lender shall be entitled to the rights of Senior Indebtedness to receive payments until all amounts due under this Note are paid in full

Agreement of Subordination. The Lender’s rights to receive payments of principal, interest and fees under this Note is subordinated No payment shall be made with respect to the prior payment principal of and all loans or other extensions of credit made amounts payable under the Securities (including, but not limited to, the redemption price with respect to the Borrower Securities submitted for redemption in accordance with Section 11.02), except payments and distributions made by any bankthe Trustee as permitted by the first or second paragraph of Section 12.05, savings and loan association, finance company, insurance company or any similar financial institution (such loans and extensions of credit, together with any interest or fees payable on or in connection with such loans and extensions of credit, are from now on called “Senior Indebtedness”) on the following typesif: (a) The Lender shall not be entitled to receive any a default in the payment of principal, interest premium, if any, interest, rent or fee paymentsother obligations in respect of Senior Indebtedness occurs and is continuing (or, in the case of Senior Indebtedness for which there is a period of grace, in the event of such a default that continues beyond the period of grace, if any, specified in the instrument or lease evidencing such Senior Indebtedness) (a “Payment Default”), unless and until such Payment Default shall have been cured or waived or shall have ceased to exist; or (b) a default, other than a Payment Default, on any Designated Senior Indebtedness occurs and is continuing that then permits holders of such Designated Senior Indebtedness to accelerate its maturity and the Borrower Trustee receives a notice of the default (a “Payment Blockage Notice”) from a holder of Designated Senior Indebtedness, a representative of Designated Senior Indebtedness or the Issuer (a “Non-Payment Default”). If the Trustee receives any Payment Blockage Notice pursuant to clause (b) above, no subsequent Payment Blockage Notice shall be effective for purposes of this Section 12.02 unless and until (A) at least 365 days shall have elapsed since the initial effectiveness of the immediately prior Payment Blockage Notice and (B) all scheduled payments of principal on the Securities that have come due have been paid in full in cash. No Non-Payment Default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice. The Issuer may and shall resume payments on and distributions in respect of the Securities upon the earlier of: (i) in the case of a Payment Default, the date upon which any such Payment Default is cured or waived or ceases to exist, or (ii) in the case of a Non-Payment Default, the earlier of (A) the date upon which such default is cured or waived or ceases to exist or (B) 179 days after the applicable Payment Blockage Notice is received if the maturity of such Designated Senior Indebtedness has not been accelerated (or in the case of any lease, 179 days after notice is received if the Issuer has not received notice that the lessor under such lease has exercised its right to terminate the lease or require the Issuer to make such paymentsan irrevocable offer to terminate the lease following an event of default thereunder), unless, unless this Article 12 otherwise prohibits the payment or distribution at the time of such payment (i) or distribution. Upon any payment by the Borrower shall have paid Issuer, or distribution of assets of the Issuer of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding up or liquidation or reorganization of the Issuer, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due at such time under any Senior Indebtedness, and (ii) the Borrower shall not be in default under the terms of any or to become due upon all Senior Indebtedness and payment of the amount due under this Note would not result in a default under any Senior Indebtedness. The word “default” includes defaults declared by holders of any Senior Indebtedness and any conditions, event or act which, with notice or the passage of time, would result in a default under any Senior Indebtedness. (b) If bankruptcy, receivership, or insolvency proceedings by or against the Borrower or its property occurs, or if the Borrower dissolves, liquidates its assets or otherwise winds up its business, the Borrower shall pay all outstanding Senior Indebtedness before making any payment of principal, interest or fees due under this Note. Any payments or distributions (including distributions of the Borrower’s non-cash assets or securities that would otherwise be made to the Lender will first be paid on account of all outstanding Senior Indebtedness. (c) If the Lender demands early in full in cash or other payment of this Note for any reason, the Borrower shall first pay all outstanding Senior Indebtedness before making any payments under this note. (d) If the Lender receives any payment which is not entitled under this Note, the Lender shall hold such payment for the benefit of the holder of Senior Indebtedness and deliver such payment or distribution satisfactory to the holders of such Senior Indebtedness, or payment thereof in accordance with its terms provided for in cash or other payment satisfactory to the holders of such Senior Indebtedness or their representatives for before any payment is made on account of all outstanding Senior Indebtedness. the principal or any other amounts payable in respect of the Securities (e) After except payments made pursuant to Article 9 from monies deposited with the Senior Indebtedness has been paid Trustee pursuant thereto prior to commencement of proceedings for such dissolution, winding up, liquidation or reorganization); and upon any such dissolution or winding up or liquidation or reorganization of the Issuer or bankruptcy, insolvency, receivership or other proceeding, any payment by the Issuer, or distribution of assets of the Issuer of any kind or character, whether in fullcash, property or securities, to which the Lender shall holders of the Securities or the Trustee would be entitled to the rights of Senior Indebtedness to receive payments until all amounts due under this Note are paid in fullentitled, except for the