Subordination of Note. The Company's obligation under the Note shall be subordinate in payment and priority to the indebtedness of the Company due and owing to Comerica Bank -- California (the "BANK") evidenced by the Loan Agreement, and any other instruments evidencing indebtedness or obligations of the Company to Comerica Bank -- California (the "SENIOR DEBT") as provided in that certain Subordination Agreement between the Bank and Investor to be entered into prior to the Closing.
Subordination of Note. This loan is subordinated to the loan outstanding to People's Bank.
Subordination of Note. The payment of principal, interest, fees and other sums arising pursuant this Note (the "Subordinated Debt") is expressly subordinated, in the manner hereinafter set forth, in right of payment to the prior payment and satisfaction in full of the Senior Debt. As used herein, "Senior Debt" means the principal, interest, fees and other sums currently payable to Coast Business Credit (the "Senior Lender") and any future restructuring of such indebtedness (including any restructurings where a new lender is substituted for the Senior Lender), but not including any additional borrowings from the Senior Lender (or any substitute Senior Lender) made after the date of this Agreement. So long as any part of the Senior Debt shall be due to the Senior Lender (or any substitute Senior Lender) and unpaid, no payment of any Subordinated Debt (whether in respect of principal, interest, fees, charges or otherwise) shall be made at any time by the Company or received by the Holder, without the prior written consent of the Senior Lender (or any substitute Senior Lender). Notwithstanding the foregoing, however, the Company may convert this Note pursuant to Article 3 hereof or redeem this Note pursuant to Article 2 hereof.
Subordination of Note. Until such time as the Note shall be paid in full, Seller, or its permitted assigns, shall promptly execute, acknowledge and deliver any agreement that any senior lender to Buyer may reasonably request to evidence the Note’s subordination to such senior lender’s interest.
Subordination of Note. This Note and the rights and obligations evidenced hereby are subordinate and junior, in the manner and to the extent set forth in the Subordination Agreement, dated as of ____________, 2004, among the original Noteholder, the Company, Healthcare Business Credit Corporation, and other parties named therein (as from time to time in effect, the "Specified Subordination Agreement"), and any other subordination agreement in favor of any senior lender of the Company, the terms of which subordination agreement are not more restrictive with respect to payment of amounts due under this Note than the terms set forth in the Specified Subordination Agreement (collectively with the Specified Subordination Agreement, the "Subordination Agreement"), in each case to all Senior Debt as defined therein.
Subordination of Note. This Note is subject to the provisions of the Subordination Agreement, dated as of September 19, 1997, among the Agent, the Lender, the Company and the Payee. In the event of a conflict between the provisions of this Note and the provisions of the Subordination Agreement, the provisions of the Subordination Agreement shall control.
Subordination of Note. Anything in this Note or the Basket Agreement to the contrary notwithstanding, the indebtedness evidenced by this Note, both principal and interest, shall be subordinated and junior to the extent set forth in subparagraphs (i) to (v), inclusive, below to all Senior Indebtedness.
(i) Upon the maturity of any Senior Indebtedness by lapse of time, acceleration or otherwise, then all principal of, premium, if any, and interest on all such matured Senior Indebtedness shall first be paid in full, or such payment shall have been provided for in cash or in a manner satisfactory to each of the holders, respectively, of such matured Senior Indebtedness, before any payment on account of principal or interest is made upon this Note or is made to acquire this Note.
(ii) Upon the occurrence of an event of default with respect to any Senior Indebtedness, as such event of default is defined therein or in the instrument under which it is outstanding, which event of default may result in the acceleration of the maturity thereof, any holder or holders of the Senior Notes, the Senior Subordinated Notes or the Senior Revolving Notes may request (in writing specifying such event of default with a copy to Lender) that Maker cease payment of all amounts due on this Note (a "Subordination Notice") and, in the event such a Subordination Notice is delivered, the holder of this Note shall not be entitled to receive any amounts due on this Note during the period (the "Standstill Period") commencing the date of receipt by Lender of the Subordination Notice and ending the earliest of (a) the first date on which no such default shall be continuing, (b) the date on which the provisions of subparagraph (i) or (iii) of this paragraph 14(a) shall become applicable (and all Senior Indebtedness shall have been paid in full, or such payment shall have been provided for in cash or in a manner satisfactory to each of the holders, respectively, of the Senior Indebtedness) and (c) the 60th day after the receipt of such Subordination Notice (unless (x) another event of default shall have occurred and be continuing and another Subordination Notice shall have been received by Lender or (y) an existing event of default is continuing and another Subordination Notice with respect to such event of default shall have been received by Lender during such Standstill Period, provided that the period under this clause (c) during which the holder of this Note shall not be entitled to receive amounts due on this ...
Subordination of Note. The Notes are subject to subordination in the manner, and to the extent, set forth in that certain Subordination Agreement, dated as of June 13, 2002, made by the Company and certain other persons in favor of Bank of America and certain senior creditors (the “Subordination Agreement”).
Subordination of Note. The indebtedness evidenced by this Note is subordinate and subject in the right of payment as to principal and interest to the prior payment in full of all principal, premium, if any, and interest on all indebtedness of the Company, regardless of when incurred, for money borrowed from any bank or other comparable financial institution up to a maximum of $________________Dollars ($___________) outstanding at any one time, but such maximum shall not apply to money borrowed that is secured by a first mortgage or other first lien on real property of the Company ("Senior Indebtedness"). Upon maturity of any Senior Indebtedness, payment in full must be made on such Senior Indebtedness before any payment is made on or in respect of this Note. During the continuance of any default with respect to any Senior Indebtedness entitling the holder thereof to accelerate the maturity thereof, or if any such default would be caused by any payment upon or in respect of the Debentures, no payment may be made by the Company upon or in respect of the Note. Upon any distribution of assets of the Company in any dissolution, winding up, liquidation, or reorganization of the Company, payment of the principal of and interest on the Note will be subordinated to the prior payment in full of all Senior Indebtedness. Such subordination will not prevent the occurrence of any Event of Default. The holder of this Note, by accepting the same, agrees to and shall be bound by the subordination provisions hereof and invites each present and any future holder of Senior Indebtedness now or hereafter outstanding to rely thereon.
Subordination of Note. 41 8.1. Note Subordinate to Senior Indebtedness . . . . . . . . . . . 41 8.2. Payment Over of Proceeds Upon Dissolution, Etc. . . . . . . . 42 8.3. Default on Senior Indebtedness. . . . . . . . . . . . . . . . 43 8.4.
