Common use of Subordination of Liabilities Clause in Contracts

Subordination of Liabilities. The Company, for itself, its successors and assigns, covenants and agrees, and each holder of this Note (together with its successors and assigns, the "holder of this Note") by its acceptance hereof likewise covenants and agrees, that the payment of the principal of, interest on, and all other amounts owing in respect of, this 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 Section 11 shall constitute a continuing offer to all persons or other entities who, in reliance upon such provisions, become holders of, or continue 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. No provisions of this Section 11 shall prevent the occurrence of any default or Event of Default hereunder.

Subordination of Liabilities. The Company, for itself, its successors and assigns, covenants and agrees, and each holder of this Note (together with its successors and assigns, the "holder of this Note") by its acceptance hereof likewise covenants and agrees, that the payment of the principal of, interest on, and all other amounts owing in respect of, this Note (the "SUBORDINATED INDEBTEDNESSSubordinated 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 Section 11 11, and the provisions of Sections 2 and 6 of this Note, each shall constitute a continuing offer to all persons or other entities who, in reliance upon such provisions, become holders of, or continue 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. No provisions of this Section 11 shall prevent the occurrence of any default or Event of Default hereunder.

Subordination of Liabilities. The EnerSys (the “Company”), for itself, its successors and assigns, covenants and agrees, and each holder of the Note to which this Note Annex A is attached (together with its successors and assigns, the "holder of this “Note"”) by its acceptance hereof thereof likewise covenants and agrees, that the payment of the principal of, interest on, and all other amounts owing in respect of, this the Note (the "SUBORDINATED INDEBTEDNESS"“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 IndebtednessIndebtedness (as defined in Section 1.07 of this Annex A), or with respect to any Senior Indebtedness constituted by Letters of Credit, such Letters of Credit having been terminated, back-stopped pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer or Cash Collateralized. The provisions of this Section 11 Annex A shall constitute a continuing offer to all persons or other entities who, in reliance upon such provisions, become holders of, or continue 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 such, and they and/or each of them may proceed to enforce such provisions. No provisions of this Section 11 shall prevent the occurrence of any default or Event of Default hereunder.

Subordination of Liabilities. The Company[Name of Payor] (the “Payor”), for itself, its successors and assigns, covenants and agrees, and each holder of the [intercompany note]10 to which this Note Annex __ is attached (together with its successors and assigns, the "holder of this “Intercompany Note"”) by its acceptance hereof thereof likewise covenants and agrees, that the payment of the principal of, interest on, and all other amounts owing in respect of, this the Intercompany Note (the "SUBORDINATED INDEBTEDNESS"“Subordinated Indebtedness”) is hereby expressly subordinated, to the extent and in the manner hereinafter set forthforth below, to the prior payment in full in cash of all Senior IndebtednessIndebtedness (as defined in Section 1.07 of this Annex __). The provisions of this Section 11 Annex __ shall constitute a continuing offer to all persons or other entities who, in reliance upon such provisions, become holders of, or continue 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 such, and they and/or each of them may proceed to enforce such provisions. No provisions of this Section 11 shall prevent the occurrence of any default or Event of Default hereunder.