Subordinated Obligation a) The rights of the Holder under this Note shall be subject to and subordinate to the rights of the holders of any secured indebtedness of the Company.
Subordinated Obligation. (i) Neither Borrower nor any Guarantor shall, directly or indirectly, make or permit any payment to be made in respect of any indebtedness, claims, rights, liabilities, or obligations, direct or contingent, including, without limitation, the Subordinated Debt (as hereinbelow defined), to any of its shareholders or other Affiliates or their respective successors and assigns (hereinafter each referred to as a "Subordinated Party"), and payment of any or all of the Subordinated Debt is hereby expressly made subordinate and junior in right of payment and satisfaction in full of each and every Senior Obligation (as hereinbelow defined); provided, however, that for so long as no Default or Event of Default exists with respect to the Senior Obligations and payment of any such Subordinated Debt would not render Borrower or any Guarantor insolvent or subject to any voluntary or involuntary bankruptcy, receivership, liquidation, reorganization, arrangement, assignment for the benefit of its creditors, or any similar proceedings or occurrence, such Subordinated Debt may be repaid in the ordinary course of Borrower's or the applicable Guarantor's business under such regularly scheduled payment terms as are approved in writing by Lender.
Subordinated Obligation. +1 (C) if such Collateral Obligation is not rated by S&P but there is a public issuer credit rating of the issuer of such Collateral Obligation by S&P as published by S&P, or the guarantor which unconditionally and irrevocably guarantees such Collateral Obligation, then such issuer credit rating will at the election of the Collateral Manager be determined in accordance with subclause (i)(B) (for such purposes, treating such public issuer credit rating as if it were a rating of a parallel security); or (D) if such Collateral Obligation is a DIP Collateral Obligation, no Xxxxx’x Rating or Moody’s Default Probability Rating may be determined based on a rating by S&P or any other rating agency; (ii) if such Collateral Obligation is not rated by Moody’s or S&P and no other security or obligation of the issuer of such Collateral Obligation is rated by Moody’s or S&P, and if Moody’s has been requested by the Issuer, the Collateral Manager or the issuer of such Collateral Obligation to assign a rating or rating estimate with respect to such Collateral Obligation but such rating or rating estimate
Subordinated Obligation. 21 Subsidiary.....................................................................................21
Subordinated Obligation. Other than the Company’s obligation to redeem this Debenture pursuant to Section 6, the obligations of the Company under this Debenture are subordinated to the obligations of the Company owed to Iliad Research and Trading, L.P. (“Iliad”), pursuant to a Secured Convertible Promissory Note, dated May 8, 2018, by and between the Company and Iliad.
Subordinated Obligation. The rights of the Lender under this Note are subject to and subordinate to the rights of the holders of the Secured Debentures pursuant to the Subordination Agreement.
Subordinated Obligation. This Note is a subordinated general obligation of the Company and, pursuant to the terms and conditions of the Subordination Agreement, is specifically subordinate in all ways to any Senior Debt now or hereafter created, issued made or outstanding, to or held by any Secured Parties. The Holder specifically agrees to provide such additional documentation as any of such Secured Parties shall reasonably believe may be necessary to protect, defend or perfect such secured status.
