Common use of Notes Subordinate to Senior Debt Clause in Contracts

Notes Subordinate to Senior Debt. The Company covenants and agrees, and each Holder of a Note, by such Holder's acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article Fourteen, the Indebtedness represented by the Notes and the payment of the Senior Subordinated Note Obligations are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all amounts payable under all existing and future Senior Debt. This Article Fourteen shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold Senior Debt; and such provisions are made for the benefit of the holders of Senior Debt; and such holders are made obligees hereunder and they or each of them may enforce such provisions.

Notes Subordinate to Senior Debt. The Company Obligor covenants and agrees, and each Holder of a NoteNotes, by such Holder's its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article Fourteen11, the Indebtedness all obligations represented by the Notes and (including the payment of the Senior Subordinated Note Obligations principal of, premium, if any, and interest on the Notes) are hereby expressly made subordinate and subject in right of payment as provided in this Article 11 to the prior indefeasible payment and satisfaction in full in cash or cash equivalents of all amounts payable under all existing and future Senior Debt. This Article Fourteen 11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, of or continue to hold Senior Debt; and such provisions are made for the benefit of the holders of Senior Debt; and such holders are made obligees hereunder and they or each of them may enforce such provisions.

Notes Subordinate to Senior Debt. The Company Obligor covenants and agrees, and each Holder of a NoteNotes, by such Holder's its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article FourteenXI, the Indebtedness all obligations represented by the Notes and (including the payment of the Senior Subordinated Note Obligations principal of and interest on the Notes) are hereby expressly made subordinate and subject in right of payment as provided in this Article XI to the prior indefeasible payment and satisfaction in full in cash or cash equivalents of all amounts payable under all existing and future Senior Debt. This Article Fourteen XI shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, of or continue to hold Senior Debt; and such provisions are made for the benefit of the holders of Senior Debt; and such holders are made obligees hereunder and they or each of them may enforce such provisions.

Notes Subordinate to Senior Debt. The Company covenants and agrees, and each Holder of a Note, by such Holder's his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article Fourteen, the Indebtedness represented by the Notes and the payment of the Senior Subordinated Note Obligations are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all amounts payable under all existing and future Senior Debt. This Article Fourteen shall constitute a continuing offer to all Persons persons who, in reliance upon such provisions, become holders of, or continue to hold Senior Debt; and such provisions are made for the benefit of the holders of Senior Debt; and such holders are made obligees hereunder and they or each of them individually or through their representative may enforce such provisions.