Common use of Securities Subordinate to Senior Debt Clause in Contracts

Securities Subordinate to Senior Debt. Except as otherwise provided in a supplemental indenture or pursuant to Section 301, the Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the indebtedness represented by the Securities and the payment of the principal of and any premium and interest on each and all of the Securities or on the account of the purchase, redemption or other acquisition of the Securities or constituting a sinking fund or defeasance payment by the Company to the Trustee or any Paying Agent, as the case may be, in accordance with Article Twelve or Article Thirteen, respectively, on the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt. Notwithstanding the foregoing, this Article Fifteen shall not apply to the application of any amounts deposited with the Trustee or any Paying Agent pursuant to any sinking fund requirement or defeasance which, at the time such amounts were deposited with the Trustee or Paying Agent, as the case may be, such deposits were not prohibited by the provisions of this Article Fifteen ("Previous Payments").

Securities Subordinate to Senior Debt. Except as otherwise provided in a supplemental indenture or pursuant to Section 301, the Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the indebtedness represented by the Securities and the payment of the principal of and any premium and interest on each and all of the Securities or on the account of the purchase, redemption or other acquisition of the Securities or constituting a sinking fund or defeasance payment by the Company to the Trustee or any Paying Agent, as the case may be, in accordance with Article Twelve or Article Thirteen, respectively, on the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt. Notwithstanding the foregoing, this the Article Fifteen shall not apply to the application of any amounts deposited with the Trustee or any Paying Agent pursuant to any sinking fund requirement or defeasance which, at the time such amounts were deposited with the Trustee or Paying Agent, as the case may be, such deposits were not prohibited by the provisions of this Article Fifteen ("Previous Payments").

Securities Subordinate to Senior Debt. Except as otherwise provided in a supplemental indenture or pursuant to Section 301, the Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the indebtedness represented by the Securities and the payment of the principal of and any premium and interest on each and all of the Securities or on the account of the purchase, redemption or other acquisition of the Securities or constituting a sinking fund or defeasance payment by the Company to the Trustee or any Paying Agent, as the case may be, in accordance with Article Twelve or Article Thirteen, respectively, on the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Debt. Notwithstanding the foregoing, this Article Fifteen shall not apply to the application of any amounts deposited with the Trustee or any Paying Agent pursuant to any sinking fund requirement or defeasance which, at the time such amounts were deposited with the Trustee or Paying Agent, as the case may be, such deposits were not prohibited by the provisions of this Article Fifteen ("Previous Payments").