Common use of Effect of Subordination Clause in Contracts

Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section 8 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the Note, nothing contained in this Section 8 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions of this Agreement, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of the Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.

Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section 8 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the NoteLender, nothing contained in this Section 8 shall impair, as between the Company Borrower and the HolderLender, the obligation of the CompanyBorrower, subject to the terms and conditions of this Agreementhereof, to pay to the Holder Lender the principal hereof Principal Amount and interest accrued hereon as and when the same become due and payable, or shall prevent the Holder of the NoteLender, upon the occurrence of a default hereunder, from exercising all of its rights, powers and remedies otherwise provided herein or by applicable law.

Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section 8 to receive cash, securities or other properties otherwise payable or deliverable to the Holder holder of the this Note, nothing contained in this Section 8 shall impair, as between the Company and the Holderholder, the obligation of the Company, subject to the terms and conditions of this Agreementhereof, to pay to the Holder holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder holder of the this Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.

Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section 8 7 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the this Note, nothing contained in this Section 8 7 shall impair, as between the Company Issuer and the Holder, the obligation of the CompanyIssuer, subject to the terms and conditions of this Agreementhereof, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of the this Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.

Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section 8 14 to receive cash, securities or other properties otherwise payable or deliverable to the Holder holder of the Notethis Debenture, nothing contained in this Section 8 14 shall impair, as between the Company and the Holderholder, the obligation of the Company, subject to the terms and conditions of this Agreementhereof, to pay to the Holder holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder holder of the Notethis Debenture, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.

Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section Article 8 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the NoteRegistered Holder, nothing contained in this Section Article 8 shall impair, as between the Company and the Registered Holder, the obligation of the Company, subject to the terms and conditions of this Agreementhereof, to pay to the Registered Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of the NoteRegistered Holder, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law, except as limited under Section 8.1 above.

Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section Article 8 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the Note, nothing contained in this Section Article 8 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions of this Agreementhereof, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of the Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.