Common use of Continuing Subordination Clause in Contracts

Continuing Subordination. The subordination provided by this Agreement shall survive and remain in full force and effect in the event of any administration of the property and/or affairs of Borrower arising from any assignment for the benefit of creditors, or other Insolvency Event. This is a continuing subordination and shall continue in full force and effect, and Senior Lenders may make advancements of credit to Borrower in reliance upon this Agreement at any time any Senior Obligations remain unpaid. Subordinated Lenders agree that the Senior Lenders, at any time and from time to time, may enter into such agreement with Borrower as the Senior Lenders and Borrower may deem proper affecting any property which secures the Senior Obligations (the “Collateral”) and may sell, surrender or otherwise deal with any of the Collateral without notice to the Subordinated Lenders (except as required by the Uniform Commercial Code or any other applicable law) and without in any way impairing or affecting the subordination provided in this Agreement. The obligations of the Subordinated Lenders hereunder shall not be affected or impaired by any compromise, release, renewal, extension, forbearance, indulgence, alteration, change in, modification of, grant of participation in, or other disposition of any of the Senior Loan Documents or any other documents or instruments executed by Borrower in favor of the Senior Lenders, any release of any guarantor of the obligations of Borrower to the Senior Lenders or any other person or the failure of the Senior Lenders to pursue remedies against any one or more of the guarantors or any other person, failure to collect any indebtedness owed by Borrower to the Senior Lenders when due, or any delay or omission by the Senior Lenders in the exercise of any right or remedy against Borrower or any guarantor of any of the Senior Obligations.

Continuing Subordination. The subordination provided effected by this Agreement shall survive and remain in full force and effect in the event of any administration of the property and/or affairs of Borrower arising from any assignment for the benefit of creditors, or other Insolvency Event. This these provisions is a continuing subordination and shall continue may not be modified or terminated by Holder until payment in full force and effect, and Senior Lenders may make advancements in cash of credit to Borrower in reliance upon this Agreement at any time any Senior Obligations remain unpaid. Subordinated Lenders agree that the Senior Lenders, at Indebtedness. At any time and from time to time, may enter into such agreement with Borrower as the Senior Lenders and Borrower may deem proper affecting any property which secures the Senior Obligations (the “Collateral”) and may sell, surrender without consent of or otherwise deal with any of the Collateral without notice to the Subordinated Lenders (except as required by the Uniform Commercial Code Holder or any other applicable law) holder of Notes, and without in any way impairing or affecting the subordination provided in this Agreement. The obligations of Holder hereunder; (i) the Subordinated Lenders hereunder shall not be affected or impaired by any compromise, release, renewal, extension, forbearance, indulgence, alteration, change in, modification time for Company's performance of, grant or compliance with any agreement relating to Senior Indebtedness may be modified or extended or such performance may be waived; (ii) a holder of participation inSenior Indebtedness may exercise or refrain from exercising any rights under any agreement relating to the Senior Indebtedness; (iii) any agreement relating to the Senior Indebtedness bay be revised, amended or other disposition otherwise modified for the purpose of adding or changing any provision thereof or changing in any manner the rights of Company, any holder of Senior Indebtedness or any guarantor thereunder; (iv) payment of Senior Indebtedness or any portion thereof may be accelerated or extended or refunded or any instruments evidencing the Senior Indebtedness may be renewed in whole or in part; (v) any Person liable in any manner for payment of the Senior Indebtedness may be released by a holder of Senior Indebtedness; (vi) a holder of Senior Indebtedness may make loans or otherwise extend credit to Company whether or not any default or event of default exists with respect to such Senior Indebtedness; and (vii) a holder of Senior Indebtedness may take an/or release any Lien at any time on any collateral now or hereafter securing the Senior Indebtedness and take or fail to take any action to perfect any Lien at any time granted therefor, and take or fail to take any action to enforce such Liens. Notwithstanding the occurrence of any of the Senior Loan Documents or any other documents or instruments executed by Borrower foregoing, these subordination provisions shall remain in favor of the Senior Lenders, any release of any guarantor of the obligations of Borrower full force and effect with respect to the Senior Lenders Indebtedness, as the same may have been modified, extended, renewed or any refunded. Holder has established adequate, independent means of obtaining from Company on a continuing basis financial and other person or the failure of the Senior Lenders information pertaining to pursue remedies against any one or more of the guarantors or any other person, failure to collect any indebtedness owed by Borrower to the Senior Lenders when due, or any delay or omission by the Senior Lenders in the exercise of any right or remedy against Borrower or any guarantor of any of the Senior ObligationsCompany's financial condition.

Continuing Subordination. The subordination provided effected by this Agreement shall survive and remain in full force and effect in the event of any administration of the property and/or affairs of Borrower arising from any assignment for the benefit of creditors, or other Insolvency Event. This these provisions is a continuing subordination and shall continue may not be modified or terminated by the Holder until payment in full force and effect, and Senior Lenders may make advancements in cash of credit to Borrower in reliance upon this Agreement at any time any Senior Obligations remain unpaid. Subordinated Lenders agree that the Senior Lenders, at Indebtedness. At any time and from time to time, may enter into such agreement with Borrower as without the Senior Lenders and Borrower may deem proper affecting any property which secures the Senior Obligations (the “Collateral”) and may sell, surrender consent of or otherwise deal with any of the Collateral without notice to the Subordinated Lenders (except as required by the Uniform Commercial Code or any other applicable law) Holder and without in any way impairing or affecting the subordination provided in this Agreement. The obligations of the Subordinated Lenders hereunder shall not be affected or impaired by any compromise, release, renewal, extension, forbearance, indulgence, alteration, change in, modification Holder hereunder: (i) the time for the Company's performance of, grant or compliance with any agreement relating to Senior Indebtedness may be modified or extended or such performance may be waived; (ii) a holder of participation inSenior Indebtedness may exercise or refrain from exercising any rights under any agreement relating to the Senior Indebtedness; (iii) any agreement relating to the Senior Indebtedness may be revised, amended or other disposition otherwise modified for the purpose of adding or changing any provision thereof or changing in any manner the rights of the Company, any holder of Senior Indebtedness or any guarantor thereunder; (iv) payment of Senior Indebtedness or any portion thereof may be accelerated or extended or refunded or any instruments evidencing the Senior Indebtedness may be renewed in whole or in part; (v) any person liable in any manner for payment of the Senior Indebtedness may be released by a holder of Senior Indebtedness; (vi) a holder of Senior Indebtedness may make loans or otherwise extend credit to the Company whether or not any default or event of default exists with respect to such Senior Indebtedness; and (vii) a holder of Senior Indebtedness may take and/or release any lien at any time on any collateral now or hereafter securing the Senior Indebtedness and take or fail to take any action to perfect any lien at any time granted therefor, and take or fail to take any action to enforce such liens. Notwithstanding the occurrence of any of the Senior Loan Documents or any other documents or instruments executed by Borrower foregoing, these subordination provisions shall remain in favor of the Senior Lenders, any release of any guarantor of the obligations of Borrower full force and effect with respect to the Senior Lenders or any other person or the failure of the Senior Lenders to pursue remedies against any one or more of the guarantors or any other person, failure to collect any indebtedness owed by Borrower to the Senior Lenders when due, or any delay or omission by the Senior Lenders in the exercise of any right or remedy against Borrower or any guarantor of any of the Senior ObligationsIndebtedness.

Continuing Subordination. The subordination provided effected by this Agreement shall survive and remain in full force and effect in the event of any administration of the property and/or affairs of Borrower arising from any assignment for the benefit of creditors, or other Insolvency Event. This these provisions is a continuing subordination and shall continue may not be modified or terminated by Creditor until payment in full force and effect, and Senior Lenders may make advancements in cash of credit to Borrower in reliance upon this Agreement at any time any Senior Obligations remain unpaid. Subordinated Lenders agree that the Senior Lenders, at Obligations. At any time and from time to time, may enter into such agreement with Borrower as the Senior Lenders and Borrower may deem proper affecting any property which secures the Senior Obligations (the “Collateral”) and may sell, surrender without consent of or otherwise deal with any of the Collateral without notice to the Subordinated Lenders (except as required by the Uniform Commercial Code or any other applicable law) Creditor, and without in any way impairing or affecting the subordination provided in this Agreement. The obligations of Creditor hereunder: (i) the Subordinated Lenders hereunder shall not be affected or impaired by any compromise, release, renewal, extension, forbearance, indulgence, alteration, change in, modification time for Borrower's performance of, grant or compliance with any agreement relating to Senior Obligations may be modified or extended or such performance may be waived; (ii) Senior Creditor may exercise or refrain from exercising any rights under any agreement relating to the Senior Obligations; (iii) so long as the aggregate principal amount of participation inthe Senior Obligations is not increased, any agreement relating to the Senior Obligations may be revised, amended or other disposition otherwise modified for the purpose of adding or changing any provision thereof or changing in any manner the rights of Borrower, Senior Creditor or any guarantor thereunder; (iv) payment of Senior Obligations or any portion thereof may be accelerated or extended or refunded or any instruments evidencing the Senior Obligations may be renewed in whole or in part; (v) any Person liable in any manner for payment of the Senior Obligations may be released by Senior Creditor; (vi) so long as the aggregate principal amount of the Senior Obligations is not increased, Senior Creditor may make loans or otherwise extend credit to Borrower whether or not any default or event of default exists with respect to such Senior Obligations; and (vii) Senior Creditor may take and/or release any Lien at any time on any collateral now or hereafter securing the Senior Obligations and take or fail to take any action to perfect any Lien at any time granted therefor, and take or fail to take any action to enforce such Liens. Notwithstanding the occurrence of any of the foregoing, these subordination provisions shall remain in full force and effect with respect to the Senior Loan Documents Obligations, as the same may have been modified, extended, renewed or any refunded. Creditor has established adequate, independent means of obtaining from Borrower on a continuing basis financial and other documents or instruments executed by Borrower in favor information pertaining to Borrower's financial condition. Creditor has received copies of the Senior Lenders, any release of any guarantor of the obligations of Borrower to the Senior Lenders or any other person or the failure of the Senior Lenders to pursue remedies against any one or more of the guarantors or any other person, failure to collect any indebtedness owed by Borrower to the Senior Lenders when due, or any delay or omission by the Senior Lenders in the exercise of any right or remedy against Borrower or any guarantor of any of the Senior ObligationsCredit Documents.

Continuing Subordination. The subordination provided effected by this Agreement shall survive and remain in full force and effect in the event of any administration of the property and/or affairs of Borrower arising from any assignment for the benefit of creditors, or other Insolvency Event. This these provisions is a continuing subordination and shall continue may not be modified or terminated by Lender until payment in full force and effect, and Senior Lenders may make advancements in cash of credit to Borrower in reliance upon this Agreement at any time any Senior Obligations remain unpaid. Subordinated Lenders agree that the Senior Lenders, at Indebtedness. At any time and from time to time, may enter into such agreement with Borrower as the Senior Lenders and Borrower may deem proper affecting any property which secures the Senior Obligations (the “Collateral”) and may sell, surrender without consent of or otherwise deal with any of the Collateral without notice to the Subordinated Lenders (except as required by the Uniform Commercial Code Lender or any other applicable law) holder of Notes issued under the Note Purchase Agreement and without in any way impairing or affecting the subordination provided in this Agreement. The obligations of Lender hereunder: (i) the Subordinated Lenders hereunder shall not be affected or impaired by any compromise, release, renewal, extension, forbearance, indulgence, alteration, change in, modification time for Borrower's performance of, grant or compliance with any agreement relating to Senior Indebtedness may be modified or extended or such performance may be waived; (ii) a holder of participation inSenior Indebtedness may exercise or refrain from exercising any rights under any agreement relating to the Senior Indebtedness; (iii) any agreement relating to the Senior Indebtedness may be revised, amended or other disposition otherwise 103 32 modified for the purpose of adding or changing any provision thereof or changing in any manner the rights of Borrower, any holder of Senior Indebtedness or any guarantor thereunder; (iv) payment of Senior Indebtedness or any portion thereof may be accelerated or extended or refunded or any instruments evidencing the Senior Indebtedness may be renewed in whole or in part; (v) any Person liable in any manner for payment of the Senior Indebtedness may be released by a holder of Senior Indebtedness; (vi) a holder of Senior Indebtedness may make loans or otherwise extend credit to Borrower whether or not any default or event of default exists with respect to such Senior Indebtedness; and (vii) a holder of Senior Indebtedness may take and/or release any Lien at any time on any collateral now or hereafter securing the Senior Indebtedness and take or fail to take any action to perfect any Lien at any time granted therefor, and take or fail to take any action to enforce such Liens. Notwithstanding the occurrence of any of the Senior Loan Documents or any other documents or instruments executed by Borrower foregoing, these subordination provisions shall remain in favor of the Senior Lenders, any release of any guarantor of the obligations of Borrower full force and effect with respect to the Senior Lenders Indebtedness, as the same may have been modified, extended, renewed or any refunded. Lender has established adequate, independent means of obtaining from Borrower on a continuing basis financial and other person or the failure of the Senior Lenders information pertaining to pursue remedies against any one or more of the guarantors or any other person, failure to collect any indebtedness owed by Borrower to the Senior Lenders when due, or any delay or omission by the Senior Lenders in the exercise of any right or remedy against Borrower or any guarantor of any of the Senior ObligationsBorrower's financial condition.

Continuing Subordination. The subordination provided effected by this Agreement shall survive and remain in full force and effect in the event of any administration of the property and/or affairs of Borrower arising from any assignment for the benefit of creditors, or other Insolvency Event. This these provisions is a continuing subordination and shall continue may not be modified or terminated by the Lender until payment in full force and effect, and Senior Lenders may make advancements in cash of credit to Borrower in reliance upon this Agreement at any time any Senior Obligations remain unpaid. Subordinated Lenders agree that the Senior Lenders, at Indebtedness. At any time and from time to time, may enter into such agreement with Borrower as the Senior Lenders and Borrower may deem proper affecting any property which secures the Senior Obligations (the “Collateral”) and may sell, surrender without consent of or otherwise deal with any of the Collateral without notice to the Subordinated Lenders (except as required by the Uniform Commercial Code or any other applicable law) Lender and without in any way impairing or affecting the subordination provided in this Agreement. The obligations of the Subordinated Lenders Lender hereunder shall not be affected or impaired by any compromise, release, renewal, extension, forbearance, indulgence, alteration, change in, modification but subject to the terms of the definition of "Senior Indebtedness": (i) the time for the Company's performance of, grant or compliance with any agreement relating to Senior Indebtedness may be modified or extended or such performance may be waived; (ii) a holder of participation inSenior Indebtedness may exercise or refrain from exercising any rights under any agreement relating to the Senior Indebtedness; (iii) any agreement relating to the Senior Indebtedness may be revised, amended or other disposition otherwise modified for the purpose of adding or changing any provision thereof or changing in any manner the rights of the Company, any holder of Senior Indebtedness or any guarantor thereunder; (iv) payment of Senior Indebtedness or any portion thereof may be accelerated or extended or refunded or any instruments evidencing the Senior Indebtedness may be renewed in whole or in part; (v) any person liable in any manner for payment of the Senior Indebtedness may be released by a holder of Senior Indebtedness; (vi) a holder of Senior Indebtedness may make loans or otherwise extend credit to the Company whether or not any default or event of default exists with respect to such Senior Indebtedness; and (vii) a holder of Senior Indebtedness may take and/or release any lien at any time on any collateral now or hereafter securing the Senior Indebtedness and take or fail to take any action to perfect any lien at any time granted therefor, and take or fail to take any action to enforce such liens. Notwithstanding the occurrence of any of the Senior Loan Documents or any other documents or instruments executed by Borrower foregoing, these subordination provisions shall remain in favor of the Senior Lenders, any release of any guarantor of the obligations of Borrower full force and effect with respect to the Senior Lenders or any other person or the failure of the Senior Lenders to pursue remedies against any one or more of the guarantors or any other person, failure to collect any indebtedness owed by Borrower to the Senior Lenders when due, or any delay or omission by the Senior Lenders in the exercise of any right or remedy against Borrower or any guarantor of any of the Senior ObligationsIndebtedness.