Common use of Non-impairment of Payee’s Creditor Status Clause in Contracts

Non-impairment of Payee’s Creditor Status. Nothing otherwise contained in this Section 4 is intended to or shall impair, as among the Borrower, its creditors other than the holders of Senior Indebtedness, and the holder of Subordinated Indebtedness, the obligations of the Borrower, which are, subject to the terms of Section 4, absolute and unconditional, to pay the Subordinated Indebtedness, as and when the same shall become due and payable in accordance with its terms, or to affect the relative rights of the holder of Subordinated Indebtedness and creditors of the Borrower other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Payee from exercising all rights permitted it hereunder upon the acceleration of the Subordinated Indebtedness to the extent permitted under Section 3, subject to the rights, if any, under this Section 4 of the holders of Senior Indebtedness in respect of cash, property or securities of the Borrower received upon the exercise of any such remedy.