Common use of Debentures Subordinate to Senior Indebtedness Clause in Contracts

Debentures Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a Debenture, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article (subject to Article Four of the Indenture), the payment of the principal of (and premium, if any) and interest on each and all of the Debentures is hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash of all Senior Indebtedness. Article Four shall constitute a continuing offer to all Persons who become holders of, or continue to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness and such holders are made obligees hereunder and any one or more of them may enforce such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.

Debentures Subordinate to Senior Indebtedness. The Company covenants and agrees, and each Holder of a DebentureDebentures, by his its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article subsection (subject to Article Four of the Indenturee), the indebtedness represented by the Debentures and the payment of the principal of (and premium, if any) and interest on each and all of the Debentures is are hereby expressly made subordinate and subject in right of payment as provided in this subsection (e) to the prior indefeasible payment and satisfaction in full in cash or, as acceptable to the holders of Senior Indebtedness, in any other manner, of all existing and future Senior Indebtedness. Article Four This subsection (e) shall constitute a continuing offer to all Persons who who, in reliance upon such provisions, become holders of, of or continue to hold, hold Senior Indebtedness, ; and such provisions are made for the benefit of the holders of Senior Indebtedness Indebtedness; and such holders are made obligees hereunder and any one they or more each of them may enforce such provisions. Holders of Senior Indebtedness need not prove reliance on the subordination provisions hereof.