ALLSTATE AS A CO-OBLIGOR Sample Clauses
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ALLSTATE AS A CO-OBLIGOR. The parties hereby agree that, from and after the Effective Time, Allstate shall hereby become a joint and several co-obligor and beneficiary with Merger Sub (but not as a successor to AHLIC) with respect to payment obligations and benefits under the Supplemented Pledge Agreement, and Allstate hereby agrees be jointly and severally liable with Merger Sub for the obligations of Merger Sub, as fully as if Allstate had been an original obligor.
ALLSTATE AS A CO-OBLIGOR. The parties hereby agree that, from and after the Effective Time, Allstate shall hereby become a joint and several co-obligor with Merger Sub (but not as a successor to AHLIC) with respect to payment obligations under the Indenture and the Debentures, and Allstate hereby agrees to be jointly and severally liable with Merger Sub for the due and punctual payment of the principal of, premium, and other amounts, if any and interest on the Debentures, as fully as if Allstate had been an original obligor under such Debentures; provided, however, that Allstate is not assuming, or becoming a co-obligor for, the performance of any obligation or liability of Merger Sub under the Indenture or the Debentures other than such payments; provided further, that the obligations of Allstate under the Indenture and the Debentures shall (i) be subordinate and junior in right of payment to the prior payment in full of all Senior Indebtedness of Allstate to the extent and in the manner as set forth in Article 14 of the Indenture with respect to the Senior Indebtedness of the Company and, for this purpose, references therein and in the definition of Senior Indebtedness in Article I to the "Company" shall be deemed to apply to Allstate, and (ii) rank pari passu in right of payment to all subordinated indebtedness of Allstate.