Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of Subordinated Indebtedness and Briar. Nothing in this Agreement shall impair, as between the Company and Subordinated Lender, the unconditional and absolute obligation of the Company to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Lender Agreements in accordance with the terms thereof, subject to the rights of Briar under this Agreement.
Appears in 6 contracts
Samples: Subordination Agreement (Integrated Security Systems Inc), Subordination Agreement (Integrated Security Systems Inc), Subordination Agreement (Integrated Security Systems Inc)
Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of Subordinated Indebtedness and Briar. Nothing in this Agreement shall impair, as between the Company or the Guarantors and Subordinated Lender, the unconditional and absolute obligation of the Company and Guarantors to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Notes and Subordinated Lender Agreements in accordance with the terms thereof, subject to the rights of Briar under this Agreement.
Appears in 1 contract
Samples: Subordination Agreement (Integrated Security Systems Inc)