Common use of Notes Subordinated to Senior Indebtedness Clause in Contracts

Notes Subordinated to Senior Indebtedness. The Company covenants and agrees, and each Holder (and each Person holding any Note, whether upon original issue, or upon transfer, assignment or exchange thereof) of the Notes, by its acceptance thereof, likewise covenants and agrees that: (i) all Notes shall be issued subject to the provisions of this Article IX; (ii) the payment of the Principal of, and interest on, the Notes by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full, in cash or Cash Equivalents, of the Senior Indebtedness; and (iii) the subordination is for the benefit of, and shall be relied upon and be enforceable directly by, the holders of Senior Indebtedness. The Company and each Holder hereby agree not to amend, modify or change in any manner any provision of this Article IX (and any defined term used in this Article IX) so that the terms and conditions hereof, as so amended, modified or changed, are less favorable to the holders of the Senior Indebtedness and their Representative than the terms hereof on the Issue Date, without the prior written consent of the necessary holders of Senior Indebtedness as required under the Credit Agreement.

Notes Subordinated to Senior Indebtedness. The Company covenants and agrees, and each Holder (and each Person holding any Note, whether upon original issue, or upon transfer, assignment or exchange thereof) of the Notes, by its acceptance thereof, likewise covenants and agrees that: (ia) all Notes shall be issued subject to the provisions of this Article IXX; (iib) the payment of the Principal of, and interest on, the Notes by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full, in cash or Cash Equivalents, of the Senior Indebtedness; and (iiic) the subordination is for the benefit of, and shall be relied upon and be enforceable directly by, the holders of Senior Indebtedness. The Company and each Holder hereby agree not to amend, modify or change in any manner any provision of this Article IX X (and any defined term used in this Article IXX) so that the terms and conditions hereof, as so amended, modified or changed, are less favorable to the holders of the Senior Indebtedness and their Representative than the terms hereof on the Issue Date, without the prior written consent of the necessary holders of Senior Indebtedness as required under the Credit Agreement.