Subordination of Subordinated Debt. (i) Until all Senior Debt shall have been Paid in Full, no payment in cash or other property or otherwise (other than Reorganization Subordinated Securities) and other than the issuance of common stock of the Company upon conversions of the Subordinated Debentures) on account of any Subordinated Debt shall be made by or on behalf of the Obligors, and the Subordinated Lender will not ask, demand, xxx for, take, or receive any such payment, directly or indirectly, from or on behalf of the Obligors if, at the time of payment or immediately after giving effect thereto there shall have occurred and be continuing an Event of Default (as defined in any Senior Documents) which Event of Default arises out of the failure to make any payment with respect to any Senior Indebtedness.
(ii) Upon (i) any acceleration of the principal amount due on any Subordinated Debt or (ii) any payment or distribution of assets of any Obligor, of any kind or character, whether in cash, property or securities (other than Reorganization Subordinated Securities), following commencement of a Bankruptcy Case, all amounts due or to become due upon all Senior Debt shall first be Paid in Full, before any payment is made on account of any of the Subordinated Debt; and following commencement of a Bankruptcy Case, any payment or distribution of assets of any Obligor any kind or character, whether in cash, property or securities (other than Reorganization Subordinated Securities), to which the Subordinated Lender would be entitled, except for the provisions hereof, shall be paid by Obligors or any other person making such payment or distribution, or by the Subordinated Lender if received by it, directly to the Senior Agent, for the benefit of the Senior Agent and the Senior Lenders (in accordance with the terms of the Senior Securities Purchase Agreement), to the extent necessary to result in all Senior Debt being Paid in Full, before any payment or distribution is made to the Subordinated Lender.
(iii) the Subordinated Lender will duly and promptly take such action as the Senior Agent may reasonably request in writing (x) to collect the Subordinated Debt for the account of the Senior Agent and the Senior Lenders and to file appropriate claims or proofs of claim with respect thereto, and (y) to collect and receive for the account of the Senior Agent and the Senior Lenders any and all payments or distributions which may be payable or deliverable upon or with respect to the Subordinated Debt.
(iv) I...
Subordination of Subordinated Debt. This Agreement, and all amendments, modifications, extensions, renewals, refinancings and refundings hereof, constitute the “Senior Credit Agreement” within the meaning of the applicable Subordinated Debt Document; this Agreement, together with each of the other Loan Documents and all amendments, modifications, extensions, renewals, refinancings and refundings hereof and thereof, constitute “Senior Loan Documents” within the meaning of the applicable Subordinated Debt Document; and the Loans and all other Obligations of the Borrower to the Lenders and the Administrative Agent under this Agreement and all other Loan Documents, and all amendments, modifications, extensions, renewals, refinancings or refundings of any of the foregoing, constitute “Senior Indebtedness” of the Borrower within the meaning of the applicable Subordinated Debt Document, and the holders thereof from time to time shall be entitled to all of the rights of a holder of “Senior Indebtedness” pursuant to the applicable Subordinated Debt Document.
Subordination of Subordinated Debt. The Debtor, for itself and its respective successors and assigns, covenants and agrees, and the Creditor, on its own behalf and on behalf of each subsequent holder of Subordinated Debt, likewise covenants and agrees, that, to the extent and in the manner set forth in this Agreement, the Subordinated Debt and the payment from whatever source of the principal of, and interest and premium (if any) on, the Subordinated Debt, are hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash of all Senior Debt and in that connection hereby agree that, except and to the extent permitted under Section 2.03 hereof, (a) no payment on account of the Subordinated Debt or any judgment with respect thereto shall be made by or on behalf of the Debtor and (b) the Creditor shall not (i) ask, demand, xxx for, take or receive from the Debtor, by set-off or in any other manner payment on account of the Table of Contents Subordinated Debt, or (ii) seek any other remedy allowed at law or in equity against the Debtor for breach of the Debtor’s obligations under the instruments representing such Subordinated Debt. In the event that, notwithstanding the foregoing provisions of this Section 2.01, the Creditor shall have received any payment not permitted by the provisions of Section 2.03 hereof, including, without limitation, any such payment arising out of the exercise by the Creditor of a right of set-off or counterclaim and any such payment received by reason of other indebtedness of the Debtor being subordinated to the Subordinated Debt, then, and in any such event, such payment shall be held in trust for the benefit of, and shall be immediately paid over or delivered to, the Administrative Agent, to be paid to the Holders, ratably according to the aggregate amounts remaining unpaid on account of the principal of, and interest and premium (if any) on, the Senior Debt held or represented by each Holder, for application to such Senior Debt remaining unpaid, whether or not then due and payable.
Subordination of Subordinated Debt. This Agreement, and all amendments, modifications, extensions, renewals, refinancings and refundings hereof, constitute the “Senior Credit Agreement” (or other comparable term) within the meaning of the Subordinated Debt Documents; this Agreement, together with each of the other Loan Documents and all amendments, modifications, extensions, renewals, refinancings and refundings hereof and thereof, constitute “Senior Loan Documents” (or other comparable term) within the meaning the Subordinated Debt Documents; and the Revolving Loans, the Term Loans, the Add-On Term Loans, the Incremental Term Loan A and all other Obligations of the Borrower to the Lenders and the Administrative Agent under this Agreement and all other Loan Documents, and all amendments, modifications, extensions, renewals, refundings or refinancings of any of the foregoing constitute “Senior Indebtedness” (or other comparable term) of the Borrower within the meaning of the Subordinated Debt Documents, and the holders thereof from time to time shall be entitled to all of the rights of a holder of “Senior Indebtedness” (or other comparable term) pursuant to the Subordinated Debt Documents.
Subordination of Subordinated Debt. The Company, for itself and its successors and assigns, covenants and agrees, and the Subordinated Creditor, for itself and its successors and assigns, likewise covenants and agrees, that, to the extent and in the manner set forth in this Agreement, the Subordinated Debt, is hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash of all Senior Debt.
Subordination of Subordinated Debt. The payment of the Subordinated ----------------------------------- Debt is expressly subordinated to the prior payment in full in cash of the Senior Debt to the extent and in the manner set forth in this Agreement. Except as provided in Section 3 and Section 4 of this Agreement, the Borrower and Subordinated Lender hereby postpone and subordinate the Subordinated Debt to all Senior Debt. The Borrower and Subordinated Lender agree that so long as the Senior Loan Agreement is in effect and thereafter until the Senior Debt is paid in full in cash and, except as provided in Section 3 and Section 4 of this Agreement, Subordinated Lender will not demand, take or receive from the Borrower, in cash or property or by set-off or in any other manner, payment of or on account of, and the Borrower will not pay, the whole or any part of the
Subordination of Subordinated Debt. The Revolving Loans, the Term Loans and all other Obligations of the Borrower to the Lenders and the Administrative Agent under this Agreement and all other Loan Documents, and all amendments, modifications, extensions, renewals, refinancings or refundings of any of the foregoing, constitute “Senior Indebtedness”, “Senior Debt”, “Designated Senior Indebtedness” or any similar designation under and as defined in any agreement governing any Permitted Subordinated Indebtedness of the Borrower and the subordination provisions set forth in each such agreement are legally valid and enforceable against the parties thereto.
Subordination of Subordinated Debt. Each Subordinated Borrower, for itself and its successors and assigns, covenants and agrees, and the Subordinated Creditors, on each of their own behalf and on behalf of each subsequent holder of Subordinated Debt, likewise covenant and agree, that, to the extent and in the manner set forth in these Terms of Subordination, the Subordinated Debt, and the payment from whatever source of the principal of, and interest and premium (if any) on, the Subordinated Debt, are hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash of all Senior Debt.
Subordination of Subordinated Debt. This Agreement, together with each of the other Loan Documents and all amendments, modifications, extensions, renewals, refinancings and refundings hereof and thereof, constitute “Senior Loan Documents” within the meaning the Subordinated Debenture Purchase Agreement; and the Revolving Loans and all other Obligations of the Borrowers to the Lenders and the Administrative Agent under this Agreement, the Notes and all other Loan Documents, and all amendments, modifications, extensions, renewals, refundings or refinancings of any of the foregoing constitute “Senior Debt” of the Borrowers within the meaning of the Subordinated Debenture Purchase Agreement, and the holders thereof from time to time shall be entitled to all of the rights of a holder of “Senior Debt” pursuant to the Subordinated Debenture Purchase Agreement.
Subordination of Subordinated Debt. This Agreement, and all amendments, modifications, extensions, renewals, refinancings and refundings hereof, constitute the “Senior Credit Agreement” (or similar or analogous term) within the meaning of the applicable Subordinated Debt Document; and the Revolving Loans, the Term Loans and all other Obligations of the Borrower to the Lenders and the Administrative Agent under this Agreement and all other Loan Documents, and all amendments, modifications, extensions, renewals, refinancings or refundings of any of the foregoing, constitute “Senior Indebtedness” (or similar or analogous term) of the Borrower within the meaning of the applicable Subordinated Debt Document, and the holders thereof from time to time shall be entitled to all of the rights of a holder of “Senior Indebtedness” (or similar or analogous term) pursuant to the applicable Subordinated Debt Document.
