Common use of Subordination Default Clause in Contracts

Subordination Default. Any document with respect to the Senior Indebtedness is amended or modified in violation of the Subordination Agreement, a blocking period provided for in the Subordination Agreement is commenced, payment of any amount due under this Note is prevented due to compliance with or enforcement of the Subordination Agreement, any amounts previously paid to the Payee must be repaid or held in trust by the Payee due to compliance with or enforcement of the Subordination Agreement, or the Makers obtain forbearance with respect to the payment of any principal or interest due under the Senior Indebtedness.

Subordination Default. Any document agreement with respect to the Senior Indebtedness is amended or modified in violation of the Subordination Intercreditor Agreement, a the blocking period provided for in the Subordination Intercreditor Agreement is commenced, payment of any amount due under this Note is prevented due to compliance with or the enforcement of the Subordination Agreement, Intercreditor Agreement or any amounts amount previously paid with respect to the Payee must be this Note are repaid or held in constructive trust by the Payee due to compliance with or the enforcement of the Subordination Agreement, Intercreditor Agreement or the Makers obtain Maker seeks forbearance with respect to the payment of any principal or interest amounts due under the Senior Indebtedness.