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 10 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the Note, nothing contained in this Section 10 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions hereof, 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 Article 10 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the NoteLender, nothing contained in this Section Article 10 shall impair, as between the Company Borrower and the HolderLender, the obligation of the CompanyBorrower, subject to the terms and conditions hereof, to pay to the Holder Lender the principal hereof of and interest hereon on the Note as and when the same become due and payable, or shall prevent the Holder of the NoteLender, upon default hereunderunder the Note, from exercising all rights, powers and remedies otherwise provided herein herein, therein or by applicable law.

Effect of Subordination. Subject to the rights, if any, of the holders of Senior Indebtedness under this Section 10 11 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the Note, nothing contained in this Section 10 11 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions hereof, 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.