Benefit of Subordination Provisions. These subordination provisions are intended solely to define the relative rights of the Secured Parties, the Collateral Agent, the Company, the Subordinated Lenders, and their respective successors and permitted assigns.
Benefit of Subordination Provisions. Nothing contained herein shall:
Benefit of Subordination Provisions. These subordination provisions are intended to benefit the Secured Parties.
Benefit of Subordination Provisions. Nothing contained herein shall:
(a) impair, as among the Subordinated Debtor, its creditors other than the Secured Parties and the Subordinated Creditor, the obligation of the Subordinated Debtor, which is absolute and unconditional (and which, subject to the rights of the Secured Parties under this Obligor Subordination Agreement, is intended to rank equally with all other unsecured obligations of the Subordinated Debtor), to pay the principal of and interest on the Obligor Subordinated Debt as and when the same shall become due and payable in accordance with the terms thereof; or
(b) affect the relative rights against the Subordinated Debtor of the Subordinated Creditor and creditors of the Subordinated Debtor other than the Secured Parties.
Benefit of Subordination Provisions. Nothing contained herein shall impair, as among the Debtor, its creditors other than the Secured Parties and the Subordinated Lenders, the obligation of the Debtor, to pay the principal of and interest on the Subordinated Debt as and when the same shall become due and payable in accordance with the terms thereof or affect the relative rights against the Debtor of the Subordinated Lenders and creditors of the Debtor other than the Purchasers.
Benefit of Subordination Provisions. These subordination provisions are intended solely to define the relative rights of the Letter of Credit Provider and its successors and permitted assigns on the one hand and the holders of the Senior Obligations and each of their respective successors and permitted assigns on the other hand.
Benefit of Subordination Provisions. The subordination provisions of this Agreement are intended solely to define the relative rights of Xxxxxx Electronics and its successors and assigns on the one hand and the Administrative Agent and the Lenders and their successors and assigns on the other hand, and nothing contained herein shall impair, as between the Borrower and Xxxxxx Electronics, the obligations of the Borrower (which are absolute and unconditional) to pay the Subordinated Obligations as and when the same shall become due and payable in accordance with the terms thereof, or affect the relative rights against the Borrower of Xxxxxx Electronics and creditors of the Borrower other than the Administrative Agent and the Lenders.
Benefit of Subordination Provisions. Each Subordinated Party, agrees that the Bank shall not be liable for any action or failure to act under or in connection with any of the Bank Documents, it being understood that the decisions as to whether or not to act and the manner of proceeding under such instruments and documents are within the sole discretion of the Bank, and shall not be affected in any manner by the existence of the Subordinated Indebtedness. It is further agreed that such obligations as may be imposed under the Bank Documents or under the Uniform Commercial Code or other applicable law shall run exclusively to the benefit of the Bank and may be enforced or waived only by the Bank.
Benefit of Subordination Provisions. Nothing contained herein shall (a) impair, as among the Partnership, its creditors other than the Secured Parties and the Subordinated Lenders, the obligations of the Partnership, which is absolute and unconditional (and which, subject to the rights hereunder of the Secured Parties, is intended to rank equally with all other unsecured obligations of the Partnership), to pay the principal of and interest on the Subordinated Debt as and when the same shall become due and payable in accordance with the terms thereof or (b) affect the relative rights against the Partnership of the Subordinated Lender and creditors of the Partnership other than Bank Senior Lenders, the Capital Markets Senior Lenders, the Oil Payment Insurers, the Oil Payment Insurers Administrative Agent, the Collateral Trustee, the Bank Senior Lenders Administrative Agent, the Capital Markets Trustee or any other Applicable Agent.
Benefit of Subordination Provisions. These subordination provisions are intended solely to define the relative rights of the Secured Parties, the Subordinated Lender, and their respective successors and permitted assigns. These subordination provisions are made for the benefit of the Secured Parties, and the Secured Parties are hereby made beneficiaries hereunder as if named herein as such and may enforce the provisions hereof as if they and/or each of them were a party hereto. Nothing contained in these subordination provisions relating to the Subordinated Indebtedness is intended to or shall (as between the Subordinated Lender and the Borrower):
7.1 impair, as among the Borrower and the Subordinated Lender, the obligation of the Borrower, which is absolute and unconditional, to pay to the Subordinated Lender (subject to the rights of the Secured Parties) the Subordinated Indebtedness as and when the same shall become due and payable in accordance with its terms;
7.2 affect the relative rights of the Subordinated Lender; or
7.3 prevent the Subordinated Lender from exercising all remedies otherwise permitted by applicable law upon a Note Event of Default in respect of the Subordinated Indebtedness, subject to Sections 2 and 3 hereof and the rights, if any, of the Secured Parties under these subordination provisions to receive the cash, property, securities or other assets of the Borrower received upon the exercise of any such remedy.
