Contingent debt. On a Winding Up of the Issuer, the Subscribers shall only be entitled to prove for any sum payable in respect of the Borrower Notes as a debt which is subject to and contingent upon prior payment in full of the Senior Creditors. Each Subscriber agrees, and by subscribing for a Borrower Note each Subscriber of the Borrower Note will be deemed to agree, that: (a) in accordance with section 313(3) of the Companies Act, it is accepting a lower priority in respect of the debt represented by the Borrower Note than that which it would otherwise have under section 313; and (b) nothing in section 313 will prevent this agreement from having effect in accordance with its terms.
Appears in 8 contracts
Samples: Subscription Agreement, Notes Subscription Agreement, Notes Subscription Agreement
