Intercreditor Agreement; Legends Clause Samples

Intercreditor Agreement; Legends. This Agreement is the ABL Intercreditor Agreement referred to in the ABL Credit Agreement, the Senior Secured Note Agreement and the Junior Secured Note Agreement. Except as expressly set forth in Section 2.1(e) of this Agreement, nothing in this Agreement shall be deemed to subordinate the right of any Secured Party to receive payment under its Credit Agreement to the right of any other Secured Party to receive payment under its Credit Agreement (whether before or after the occurrence of an Insolvency or Liquidation Proceeding), it being the intent of the parties that this Agreement shall effectuate a subordination of Liens but not a subordination of Indebtedness. Notwithstanding anything to the contrary in this Agreement, the parties hereto acknowledge and agree that the rights and obligations of the Senior Note Secured Parties and the Junior Note Secured Parties are further governed by the Notes Intercreditor Agreement. ​