Common use of Subordination of Subordinated Debt to Senior Debt Clause in Contracts

Subordination of Subordinated Debt to Senior Debt. Each Subordinated Creditor by its acceptance of the Subordinated Debt Documents (whether upon original issue or upon transfer or assignment) covenants and agrees, notwithstanding anything to the contrary contained in any of the Subordinated Debt Documents, that the payment of any and all of the Subordinated Debt shall be subordinate and subject in right and time of payment, to the extent and in the manner hereinafter set forth, to the Payment in Full of all Senior Debt, whether now outstanding or hereafter incurred; provided that nothing contained herein shall modify the obligations of the Obligors to Subordinated Creditors set forth in the Subordinated Debt Documents. Each Senior Creditor, whether its Senior Debt is now outstanding or hereafter created, incurred, assumed or guaranteed, shall be deemed to have acquired Senior Debt in reliance upon the provisions contained in this Agreement, and the subordination contemplated by this Section 2 shall be for the benefit of, and enforceable by, each such Senior Creditor.

Subordination of Subordinated Debt to Senior Debt. Each Company covenants and agrees, and the Subordinated Creditor by its acceptance of the Subordinated Debt Documents (whether upon original issue or upon transfer or assignment) likewise covenants and agrees, notwithstanding anything to the contrary contained in any of the Subordinated Debt Documents, that the payment of any and all of the Subordinated Debt shall be subordinate and subject in right and time of payment, to the extent and in the manner hereinafter set forth, to the Payment prior indefeasible payment in Full full in cash of all Senior Debt. Each holder of Senior Debt (including, without limitation, each Senior Lender Party), whether now outstanding or hereafter incurred; provided that nothing contained herein shall modify the obligations of the Obligors to Subordinated Creditors set forth in the Subordinated Debt Documents. Each Senior Creditor, whether its Senior Debt is now outstanding or hereafter created, incurred, assumed or guaranteed, shall be deemed to have acquired Senior Debt in reliance upon the provisions contained in this Agreement. Except as otherwise permitted under Subsection 2.2 below, all Senior Debt shall first be indefeasibly paid in full in cash and all commitments to lend under the subordination contemplated by this Section 2 Senior Debt Documents shall be for terminated before any Distribution, whether in cash, securities or other property, shall be made to the benefit of, and enforceable by, each such Senior CreditorSubordinated Creditor on account of any Subordinated Debt.

Subordination of Subordinated Debt to Senior Debt. Each The Company covenants and agrees, and each Subordinated Creditor by its acceptance execution of the Subordinated Debt Transaction Documents to which it is a party and the acceptance of any Subordinated Notes (whether upon original issue or upon transfer or assignment) likewise covenants and agrees, notwithstanding anything to the contrary contained in any of the Subordinated Debt Transaction Documents, that the payment of any and all of the Subordinated Debt shall be subordinate and subject in right and time of payment, to the extent and in the manner hereinafter set forth, to the prior Payment in Full of all Senior Debt. Each holder of Senior Debt, whether now outstanding or hereafter incurred; provided that nothing contained herein shall modify the obligations of the Obligors to Subordinated Creditors set forth in the Subordinated Debt Documents. Each Senior Creditor, whether its Senior Debt is now outstanding or hereafter created, incurred, assumed or guaranteed, shall be deemed to have acquired Senior Debt in reliance upon the provisions contained in this Agreement. Notwithstanding the foregoing, and nothing herein shall restrict the subordination contemplated by this Section 2 shall be for rights of the benefit ofCompany to issue, and enforceable byor a Subordinated Creditor to accept, each such Senior Creditorshares of Common Stock in satisfaction, in whole or in part, of any obligation under any Subordinated Notes in accordance with the terms thereof in effect as of the Closing Date.