Common use of Payment Subordination Clause in Contracts

Payment Subordination. Notwithstanding the terms of the Subordinated Debt Documents, until all of the Senior Debt is indefeasibly paid in full (other than contingent indemnification obligations and the Warrant Obligations (as defined in the Senior Term Loan Agreement)) and all commitments of Lenders under the Senior Term Loan Documents have been terminated (such date, the “Senior Discharge Date”), (a) all payments and distributions of any kind or character, whether in cash, property or securities, in respect of the Subordinated Debt are (i) subordinated in right and time of payment to all payments in respect of the Management Incentive Fee Payments and (ii) except with respect to Permitted Subordinated Debt Payments, subordinated in right and time of payment to all payments in respect of the Senior Debt, and (b) WCAS will not demand, xxx for or receive from Borrower (and Borrower will not pay) any part of the Subordinated Debt, whether by payment, prepayment, distribution, setoff, or otherwise, or accelerate the Subordinated Debt, except as permitted pursuant to this Agreement.