Common use of Securities Subordinate to Senior Indebtedness of the Company Clause in Contracts

Securities Subordinate to Senior Indebtedness of the Company. The Company covenants and agrees, and each holder of Securities issued hereunder and under any supplemental indenture or by any resolutions by the Board of Directors (“Additional Provisions”), by such holder’s acceptance thereof, whether upon original issue or upon transfer or assignment, likewise covenants and agrees, that, to the extent and in the manner set forth in this Article XIV, the payment of the principal of and premium, if any, and interest on each and all of the Securities is hereby expressly made subordinate and junior in right of payment to the prior payment in full of all amounts then due and payable in respect of all Senior Indebtedness of the Company. Each holder of Securities, by its acceptance hereof, waives all notice of acceptance of the subordination provisions contained herein by each holder of Senior Indebtedness of the Company, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. No provision of this Article XIV shall prevent the occurrence of any Default or Event of Default hereunder.

Appears in 3 contracts

Samples: Subordinated Indenture (Equitable Holdings, Inc.), Subordinated Indenture (AXA Equitable Holdings, Inc.), Subordinated Indenture (Brighthouse Financial, Inc.)

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Securities Subordinate to Senior Indebtedness of the Company. The Company covenants and agrees, and each holder of Securities issued hereunder and under any supplemental indenture or by any resolutions by the Board of Directors (“Additional Provisions”), by such holder’s acceptance thereof, whether upon original issue or upon transfer or assignment, likewise covenants and agrees, that, to the extent and in the manner set forth in this Article XIV, the payment of the principal of and premium, if any, and interest (including any Additional Interest) on each and all of the Securities is hereby expressly made subordinate and junior in right of payment to the prior payment in full of all amounts then due and payable in respect of all Senior Indebtedness of the Company. Each holder of Securities, by its acceptance hereof, waives all notice of acceptance of the subordination provisions contained herein by each holder of Senior Indebtedness of the Company, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. No provision of this Article XIV shall prevent the occurrence of any Default or Event of Default hereunder.

Appears in 3 contracts

Samples: Junior Subordinated Indenture (Equitable Holdings, Inc.), Junior Subordinated Indenture (Brighthouse Financial, Inc.), Junior Subordinated Indenture (Brighthouse Financial, Inc.)

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