Securities Subordinate to Debenture. All equity securities of the Company shall be subordinate and junior in right of payment as to dividends, and on liquidation, to the rights of the Debenture to payment of principal and interest and on liquidation.
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Samples: Debenture Agreement (Pioneer Drilling Co), Debenture Agreement (South Texas Drilling & Exploration Inc), Debenture Purchase Agreement (Wedge Energy Services LLC)
Securities Subordinate to Debenture. All equity securities of the Company shall be subordinate and junior in right of payment as to dividends, and on liquidation, to the rights of the Debenture to payment of principal and interest and on liquidation.. ARTICLE VII
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