Ranking; Subordination. (a) The Note will rank on a parity with all existing and future debt and trade debt of the Company, except that it shall rank junior to any secured debt and junior to any debt issued hereafter that is denominated by the Company as senior to the Note. Notwithstanding Sections 5(a) through (d) below, the Holder hereby agrees to enter into any inter-creditor and/or subordination agreement among the Holder, the Company and any Senior Lender (as defined in Section 5(d), below), promptly upon the Company’s request, and if the Holder fails to do so, the Holder hereby appoints Mx. Xxxxxx Xxxxxxx, as his attorney-in-fact, coupled with an interest, to execute and deliver such agreement for and on behalf of the Holder, which agreement shall be a valid, legal and binding obligation of the Holder.
Appears in 6 contracts
Samples: La Rosa Holdings Corp., La Rosa Holdings Corp., La Rosa Holdings Corp.
