Common use of Scope of Section Clause in Contracts

Scope of Section. The provisions of this Section 1.09 are intended solely for the purpose of defining the relative rights of the holders of the Notes, on the one hand, and the holders of the Senior Debt, on the other hand. Nothing contained in this Section 1.09 or elsewhere in this Agreement or the Notes is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Debt, and the holders of the Notes, the obligation of the Company, which is unconditional and absolute, to pay to the holders of the Notes the principal of and interest on the Notes as and when the same shall become due and payable in accordance with the terms thereof, or to affect the relative rights of the holders of the Notes and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein prevent the holder of any Note from accepting any payment with respect to such Note or exercising all remedies otherwise permitted by applicable law upon default under such Note, subject to the rights, if any, under this Section 1.09 of the holders of Senior Debt in respect of cash, property or securities of the Company received by the holders of the Notes.

Scope of Section. The provisions of this Section 1.09 1.11 are intended solely for the purpose of defining the relative rights of the holders of the NotesHolders, on the one hand, and the holders of the Senior Debt, on the other hand. Nothing contained in this Section 1.09 1.11 or elsewhere in this Agreement or the Notes Convertible Debentures is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Debt, and the holders of the NotesHolders, the obligation of the Company, which is unconditional and absolute, to pay to the holders of the Notes Holders the principal of and interest on the Notes Convertible Debentures as and when the same shall become due and payable in accordance with the terms thereof, or to affect the relative rights of the holders of the Notes Holders and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein prevent the holder of any Note Holder from accepting any payment with respect to such Note a Convertible Debenture or exercising all remedies otherwise permitted by applicable law upon default under such Notea Convertible Debenture, subject to the rights, if any, under this Section 1.09 1.11 of the holders of Senior Debt in respect of cash, property or securities of the Company received by the holders of the Notes.Holders. ARTICLE IA