Common use of Securities Subordinated to Senior Indebtedness Clause in Contracts

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee and each Holder of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securities.

Appears in 2 contracts

Samples: Indenture (Chancellor Radio Broadcasting Co), Chancellor Media Mw Sign Corp

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Securities Subordinated to Senior Indebtedness. The Company covenants and agrees agrees, and the Trustee and each Holder of the Securitiesa Security, by its his acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten; and the Trustee and each Person holding any a Security, whether upon original issue issuance or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shallthat, to the extent and in the manner herein hereinafter set forthforth in this Article, be subordinated the indebtedness represented by the Securities and junior the payment of all Obligations on each and all of the Securities, and the amount, if any, of the Repurchase Price payable in respect of Securities pursuant to Article XIV, are hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash or Cash Equivalents (Equivalents, or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) Indebtedness of all Obligations on the all Senior Indebtedness; , that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the SecuritiesArticle XII.

Appears in 2 contracts

Samples: Building One Services Corp, Boss Investment LLC

Securities Subordinated to Senior Indebtedness. The Company Company, for itself its successors and assigns, covenants and agrees and the Trustee agrees, and each Holder of the Securitiesa Security, by its his acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten; and indebtedness evidenced by the Trustee and each Person holding any SecuritySecurities, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that including the payment of all Obligations on the Securities (except for the payment principal thereof and interest thereon, shall be subordinate and junior in right of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shallpayment, to the extent and in the manner herein set forthforth in this Article 5, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securities. In addition, all Securities of this issue rank as to payment of principal and interest equally and ratably, without priority one over the other. The provisions of this Article 5 are made for the benefit of all holders of Senior Indebtedness and any such holder may proceed to enforce such provisions. Notwithstanding anything contained in this Indenture or the Securities to the contrary, all the provisions of this Indenture and the Securities shall be subject to the provisions of this Article 5, so far as they may be applicable thereto.

Appears in 2 contracts

Samples: Smurfit Stone Container Corp, Smurfit Stone Container Corp

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee agrees, and each Holder of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten11; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on the Senior Indebtedness, including, without limitation, the Company's Obligations under the Credit Agreement; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior IndebtednessIndebtedness or their Representative, and that each holder of Senior Indebtedness or their Representative whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securities.

Appears in 2 contracts

Samples: Indenture (Kaydon Corp), Indenture (Kaydon Corp)

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee agrees, and each Holder of the Securities, by its acceptance thereof, thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations principal of and interest on the Securities (except for the payment is subordinated in right of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shallpayment, to the extent and in the manner herein set forthprovided in this Article, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the all Senior Indebtedness) of all Obligations , whether outstanding on the date of this Indenture or thereafter created, incurred, assumed or guaranteed. No payment on any Guarantee shall constitute payment "on behalf of" the Company within the meaning of this Article Ten; provided that a payment by a Subsidiary Guarantor on a Guarantee shall constitute a payment "on behalf of" the Company within the meaning of this Article Ten in the event that any guarantee by such Subsidiary of Indebtedness under the Bank Credit Agreement shall have been determined by a court of competent jurisdiction to be invalid or unenforceable, in whole or in part. This Article Ten shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness; that the subordination is , and such provisions are made for the benefit of, and shall be enforceable directly by, of the holders of Senior Indebtedness, and that such holders and/or each of them may enforce such provisions. No amendment of any provision of this Article Ten shall be effective as against any holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securitieswho has not consented thereto.

Appears in 2 contracts

Samples: Plains Resources Inc, Plains Resources Inc

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee and each Holder Holder, by its acceptance of Securities, agree that (a) the payment of the principal of and interest on the Securities and (b) any other payment in respect of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to including on account of the provisions acquisition or redemption of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shallis subordinated, to the extent and in the manner herein set forthprovided in this Article 11, be subordinated and junior in right of payment to the prior payment in full of all Senior Indebtedness of the Company, and all other Obligations in cash respect thereof, whether outstanding at the date of this Supplement or Cash Equivalents (thereafter created, incurred, assumed or such payment shall be duly provided guaranteed, and that these subordination provisions are for to the satisfaction benefit of the holders of the Senior Indebtedness) of . This Article 11 shall constitute a continuing offer to all Obligations on the Persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness; that the subordination is , and such provisions are made for the benefit of, and shall be enforceable directly by, of the holders of Senior Indebtedness, and that each holder such holders are made obligees hereunder and any one or more of Senior Indebtedness whether now outstanding them may enforce such provisions. To the extent any provision of this Article 11 conflicts or hereafter createdis inconsistent with any other provision of the Indenture or this Supplement, incurred, assumed the provisions of this Article 11 shall govern and supersede such inconsistent or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securitiesconflicting provision.

Appears in 1 contract

Samples: Indenture (Health & Retirement Properties Trust)

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee agrees, and each Holder of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article TenFour; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on the Senior Indebtedness, including, without limitation, the Company's obligations under the Bank Facility; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securities.

Appears in 1 contract

Samples: Indenture (RSC Duval Inc)

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees agrees, and the Trustee and each Holder of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article TenEleven; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on or with respect to the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full when due, whether at stated maturity, by acceleration or otherwise, in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on or with respect to the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securities.

Appears in 1 contract

Samples: Aearo CO I

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee and each Holder Holder, by its acceptance of Securities, agree that (a) the payment of the principal of, premium, if any, and interest on and Liquidated Damages with respect to, the Securities and (b) any other payment in respect of the Securities, by its acceptance thereofincluding on account of the acquisition, likewise covenants and agrees, that all Securities shall be issued subject to the provisions defeasance or redemption of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall(but specifically excluding payments to the Trustee for its own benefit in its capacity as such), is subordinated, to the extent and in the manner herein set forthprovided in this Article XII, be subordinated and junior in right of payment to the prior payment in full in cash of all Senior Indebtedness of the Company, whether outstanding at the date of this Indenture or Cash Equivalents (thereafter created, incurred, assumed or such payment shall be duly provided guaranteed, and that these subordination provisions are for to the satisfaction benefit of the holders of the Senior Indebtedness) of . This Article XII shall constitute a continuing offer to all Obligations on the Persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness; that the subordination is , and such provisions are made for the benefit of, and shall be enforceable directly by, of the holders of Senior Indebtedness, and that each holder such holders are made obligees hereunder and any one or more of Senior Indebtedness whether now outstanding them may enforce such provisions. In addition, the payment of cash, property or hereafter created, incurred, assumed or guaranteed shall securities (other than Junior Securities) upon conversion of a Security pursuant to Article XIII will constitute payment on a Security and therefore will be deemed subject to have acquired Senior Indebtedness in reliance upon the covenants and subordination provisions contained in this Indenture and the SecuritiesIndenture.

Appears in 1 contract

Samples: General Semiconductor Inc

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee and each Holder of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securities.guaranteed

Appears in 1 contract

Samples: Indenture (Chancellor Radio Broadcasting Co)

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee agrees, and each Holder holder of the Securities, Securities issued hereunder by its his or her acceptance thereof, thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten5; and the Trustee and each Person person holding any Security, whether upon original issue or upon transfer, transfer or assignment or exchange thereof, accepts and agrees that the to be bound by such provisions. The payment of the principal of and interest, and premiums, if any, on all Obligations on Securities issued hereunder (including, without limitation, in connection with any redemption of Securities) and all other amounts payable in respect thereof now or hereafter existing under the Securities and this Indenture (except for collectively, the payment of fees and expenses of the Trustee and any indemnity under Section 7.07"Subordinated Indebtedness") by the Company shall, to the extent and in the manner herein hereinafter set forth, be subordinated and junior subject in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder whether outstanding at the date of Senior Indebtedness whether now outstanding this Indenture or hereafter thereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securitiesguaranteed.

Appears in 1 contract

Samples: Indenture (Family Golf Centers Inc)

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Securities Subordinated to Senior Indebtedness. The Company Issuer covenants and agrees and the Trustee and each Holder of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article TenXII; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.075.6) by the Company Issuer shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securities.

Appears in 1 contract

Samples: Southwestern Financial (Ich Corp /De/)

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee agrees, and each Holder of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten11; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) of all Obligations on the Senior Indebtedness, including, without limitation, the Company's Obligations under the Credit Agreement; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securities.

Appears in 1 contract

Samples: Execution Version (LNR Property Corp)

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee agrees, and each Holder of the Securitiesa Security, by its his acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shallthat, to the extent and in the manner herein hereinafter set forthforth in this Article 9, be subordinated the indebtedness represented by the Securities and junior all Payments or Distributions in Respect of the Securities are hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash or Cash Equivalents (or of all Senior Indebtedness. If at any time following the payment of any amount to a holder of Senior Indebtedness with respect to such Senior Indebtedness, such payment is rescinded or must otherwise be returned by such holder upon the insolvency, bankruptcy, reorganization, dissolution or liquidation of the Company or any other Person or otherwise, and is so rescinded or returned to the party or parties making such payment, such Senior Indebtedness shall be duly provided for reinstated to the satisfaction extent of such payment and the holders provisions of the Senior Indebtedness) this Article 9 shall be applicable as if such payment were never made. The provisions of all Obligations on the Senior Indebtedness; that the subordination is this Article 9 are for the benefit of, and shall be enforceable directly by, of the holders of Senior Indebtedness, and that each Holder of the Securities, by his purchase or other acquisition of the Securities, hereby agrees for the benefit of each holder of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed that his Securities are subject to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in of this Indenture and the SecuritiesArticle 9.

Appears in 1 contract

Samples: Supplemental Indenture (Integrated Health Services Inc)

Securities Subordinated to Senior Indebtedness. The Company covenants Company, for itself and agrees and the Trustee its successors, and each Holder of the SecuritiesHolder, by its acceptance thereof, likewise covenants and agrees, that all of Securities shall be issued subject to the provisions of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment payments of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall, to the extent and in the manner herein set forth, shall be subordinated and junior in right of payment in accordance with the provisions of this Article XI to the prior payment in full full, in cash or Cash Equivalents (or such payment shall be duly provided for to the satisfaction of the holders of the Senior Indebtedness) Equivalents, of all Obligations on the Senior Indebtedness; Indebtedness (including the Obligations with respect to the Credit Facilities), whether now outstanding or hereafter created, incurred, assumed or guaranteed (including any interest accruing subsequent to an event specified in Sections 6.1(7) and 6.1(8) hereof whether or not such interest is an allowed claim against the Company), that the subordination is for the benefit of, and shall be enforceable directly by, of the holders of Senior Indebtedness, and that each holder of Senior Indebtedness Indebtedness, whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness Indebtedness, in reliance upon the covenants and provisions contained in this Indenture Indenture. Notwithstanding the foregoing, payments and distributions made in Permitted Junior Securities or made relating to the SecuritiesSecurities pursuant to the trust set forth in Article VIII hereof will not be so subordinated in right of payment to any Senior Indebtedness or subject to these restrictions.

Appears in 1 contract

Samples: Doane Pet Care Co

Securities Subordinated to Senior Indebtedness. The Notwithstanding anything to the contrary contained herein, the Company covenants and agrees and the Trustee and each Holder Holder, by its acceptance of Securities, agree that (a) the payment of the principal of, premium, if any, and interest on and Liquidated Damages with respect to, the Securities and (b) any other payment in respect of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to including on account of the provisions acquisition or redemption of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Securities (except for the payment of fees and expenses of the Trustee and any indemnity under Section 7.07) by the Company shall(but specifically excluding payments to the Trustee for its own benefit), is subordinated, to the extent and in the manner herein set forthprovided in this Article XII, be subordinated and junior in right of payment to the prior payment in full in cash of all Obligations on Senior Indebtedness of the Company, whether outstanding at the date of this Indenture or Cash Equivalents (thereafter created, incurred, assumed or such payment shall be duly provided guaranteed, and that these subordination provisions are for to the satisfaction benefit of the holders of the Senior Indebtedness) of . This Article XII shall constitute a continuing offer to all Obligations on the Persons who, in reliance upon such provisions, become holders of, or continue to hold, Senior Indebtedness; that the subordination is , and such provisions are made for the benefit of, and shall be enforceable directly by, of the holders of Senior Indebtedness, and that each holder such holders are made obligees hereunder and any one or more of Senior Indebtedness whether now outstanding them may enforce such provisions. In addition, the payment of cash, property or hereafter created, incurred, assumed or guaranteed shall securities (other than Junior Securities) upon conversion of a Security pursuant to Article XIII will constitute payment on a Security and therefore will be deemed subject to have acquired Senior Indebtedness in reliance upon the covenants and subordination provisions contained in this Indenture and the SecuritiesIndenture.

Appears in 1 contract

Samples: Arris Group Inc

Securities Subordinated to Senior Indebtedness. The Company covenants and agrees and the Trustee and each Holder of a Security, by his acceptance thereof, agree that (i) (a) the payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to each and all the Securities and (b) any other payment in respect of the Securities, by its acceptance thereof, likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article Ten; and the Trustee and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations including on the Securities (except for the payment of fees and expenses account of the Trustee and any indemnity under Section 7.07) acquisition or redemption of Securities by the Company shallCompany, is subordinated, to the extent and in the manner herein set forthprovided in this Article Thirteen, be to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the date of this Indenture or thereafter created, incurred, assumed or guaranteed, and that these subordination provisions are for the benefit of the holders of Senior Indebtedness; (ii) the payment of each Guarantor's obligations in respect of its Senior Subordinated Guarantee is hereby expressly made subordinated and junior subject in right of payment to the prior payment in full of all obligations of such Guarantor under all Senior Indebtedness of such Guarantor. This Article Thirteen shall constitute a continuing offer to all Persons who, in cash reliance upon such provisions, become holders of, or Cash Equivalents (or such payment shall be duly provided for continue to the satisfaction of the holders of the hold, Senior Indebtedness) of all Obligations on the Senior Indebtedness; that the subordination is , and such provisions are made for the benefit of, and shall be enforceable directly by, of the holders of Senior Indebtedness, and that each holder such holders are made obligees hereunder and any one or more of Senior Indebtedness whether now outstanding or hereafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Securitiesthem may enforce such provisions.

Appears in 1 contract

Samples: Key Energy Services Inc

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