Common use of Subordination Agreement Clause in Contracts

Subordination Agreement. Each Class A Noteholder, by accepting a Class A Note, hereby covenants and agrees that, to the extent it is deemed to have any interest in any assets of the Seller or the Depositor, or a securitization vehicle (other than the Trust) related to the Seller or the Depositor, dedicated to other debt obligations of the Seller or the Depositor or debt obligations of any other securitization vehicle (other than the Trust) related to the Seller or the Depositor, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets. Furthermore, each Class A Noteholder, by accepting a Class A Note, hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

Subordination Agreement. Each [Class A A] Noteholder, by accepting a [Class A A] Note, hereby covenants and agrees that, to the extent it is deemed to have any interest in any assets of the Seller or the Depositor, or a securitization vehicle (other than the Trust) related to the Seller or the Depositor, dedicated to other debt obligations of the Seller or the Depositor or debt obligations of any other securitization vehicle (other than the Trust) related to the Seller or the Depositor, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets. Furthermore, each [Class A A] Noteholder, by accepting a [Class A A] Note, hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

Subordination Agreement. Each Class A Noteholder, by accepting a Class A Note, hereby covenants and agrees that, to the extent it is deemed to have any interest in any assets of the Seller or the DepositorSeller, or a securitization vehicle (other than the Trust) related to the Seller or the DepositorSeller, dedicated to other debt obligations of the Seller or the Depositor or debt obligations of any other securitization vehicle (other than the Trust) related to the Seller or the DepositorSeller, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets. Furthermore, each Class A Noteholder, by accepting a Class A Note, hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.