Common use of Subordination of Liabilities Clause in Contracts

Subordination of Liabilities. Holder by its acceptance of this Subordinated Note covenants and agrees that the payment of the principal of, interest on, and all other amounts owing in respect of, this Subordinated Note (the "Subordinated Indebtedness") is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full in cash of all Senior Indebtedness. The provisions of this Article One shall constitute a continuing offer to all persons who, in reliance upon such provisions, become holders of, or continue or hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are hereby made obligees hereunder the same as if their names were written herein as such, and they and/or each of them may proceed to enforce such provisions.

Subordination of Liabilities. Holder by The Seller, for itself and its acceptance of this Subordinated Note successors and assigns, covenants and agrees that that, except as provided in Section 5.03(b), the payment of the principal of, interest on, and all other amounts owing in respect of, this Subordinated Note (the "Subordinated Indebtedness") Deferred Purchase Price is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full in cash of all Senior IndebtednessIndebtedness (as defined in paragraph (f) of this Section 7.07). The provisions of this Article One Section 7.07 shall constitute a continuing offer to all persons who, in reliance upon such provisions, become holders of, or continue or to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are hereby made obligees hereunder the same as if their names were written herein as such, and they and/or each of them may proceed to enforce such provisions.

Subordination of Liabilities. Holder Each Borrower, for itself, and its successors and assigns, covenants and agrees, and each Lender under the Agreement by its acceptance of this Subordinated Note thereof likewise covenants and agrees agrees, that the payment of the principal of, interest on, and all other amounts owing in respect of, this Subordinated Note (the "Subordinated Indebtedness") Indebtedness is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full in cash of all Senior Indebtedness. The provisions of this Article One Annex A shall constitute a continuing offer to all persons who, in reliance upon such provisions, become holders of, or continue or to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are hereby made obligees hereunder the same as if their names were written herein as such, and they and/or each of them may proceed to enforce such provisions.

Subordination of Liabilities. Holder Xxxxxx by its acceptance of this Subordinated Note ---------------------------- covenants and agrees agrees, that the payment of the principal of, interest on, and all other amounts owing in respect of, this Subordinated Note (the "Subordinated Indebtedness") is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full in cash of all Senior IndebtednessDebt. The provisions of this Article One Subordination Section shall constitute a continuing offer to all persons who, in reliance upon such provisions, become holders payees of, or continue or to hold, Senior IndebtednessDebt, and such provisions are made for the benefit of the holders of Senior IndebtednessDebt, and such holders are hereby made obligees hereunder the same as if their names were written herein as such, and they and/or each of them may proceed to enforce such provisions.

Subordination of Liabilities. Holder by (a) Each of HET and HOCI, for itself, its acceptance of this Subordinated Note successors and assigns, covenants and agrees that the payment of the principal of, interest on, and all other amounts owing in respect of, this Subordinated Note (the "Subordinated Indebtedness") Obligations is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, to the prior payment in full in cash of all Senior IndebtednessSubordinated Notes Obligations. The provisions of this Article One Section 1 shall constitute a continuing offer to all persons Persons who, in reliance upon such provisions, become holders of, or continue or hold, to remain Senior Indebtedness, Subordinated Noteholders and such provisions are made for the benefit of the holders of Senior Indebtedness, Subordinated Noteholders and such holders Senior Subordinated Noteholders are hereby made obligees hereunder the same as if their names were written herein as such, and they and/or each of them may proceed to enforce such provisions.