Subordination of Subordinated Indebtedness. Until the indefeasible payment in full in cash of all the Obligations and the termination of any commitments to lend under any Permitted Secured Indebtedness, the Subordinated Lenders and Sharyland hereby agree that (i) all Subordinated Indebtedness is and shall be subordinated in right of liquidation in relation to all System Lease Obligations to the extent and in the manner hereinafter set forth, (ii) upon the occurrence and during the continuance of any default or event of default under any System Lease (or if after giving effect to a proposed distribution in respect of any part of the Subordinated Indebtedness, a default or event of default under any System Lease will exist), no payments or other distributions whatsoever in respect of any part of the Subordinated Indebtedness shall be made, (iii) upon the occurrence and during the continuance of an Insolvency Event, no payments or other distributions whatsoever in respect of any part of the Subordinated Indebtedness shall be made nor shall any property or assets of Sharyland be applied to the purchase or other acquisition or retirement of any part of the Subordinated Indebtedness, and (iv) upon the occurrence and during the continuance of an Insolvency Event, the Subordinated Lenders shall not accept any payment by or on behalf of Sharyland on account of the principal of, premium or interest on, or any other amount in respect of, the Subordinated Indebtedness other than the payment of indemnity obligations and reasonable out of pocket costs and expenses (including reasonable attorney’s fees) in each case as and when due and payable in accordance with the terms of the Subordinated Debt Documents.
Subordination of Subordinated Indebtedness. The Obligations are “Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any Subordinated Indebtedness Documentation.
Subordination of Subordinated Indebtedness. The Payee, for itself and its successors and assigns, by acceptance hereof, covenants and agrees, for the benefit of the holders of Senior Indebtedness from time to time, and the Borrower acknowledges and agrees, that the Subordinated Indebtedness shall be subordinated and subject and junior in right of payment, to the extent and in the manner set forth in this Section 4, to all Senior Indebtedness.
Subordination of Subordinated Indebtedness. This ------------------------------------------ Agreement, and all amendments, modifications, extensions, renewals, refinancings and refundings hereof, constitute the "Senior Credit Agreement" within the meaning of the Bridge Note Purchase Agreement and the Ramsay Subordinated Note Purchase Agreement; this Agreement, together with each of the other Loan Documents and all amendments, modifications, extensions, renewals, refinancings and refundings hereof and thereof, constitute "Senior Credit Documents" within the meaning of the Bridge Note Purchase Agreement and the Ramsay Subordinated Note Purchase Agreement; and the Term Loans, the Revolving Credit Loan, the Letter of Credit Obligations and all other Obligations of Borrower to the Lenders and the Agents under this Agreement, the Term Notes, the Revolving Credit Notes and any of the other Loan Documents, and all amendments, modifications, extensions, renewals, refundings or refinancings of any of the foregoing constitute "Senior Indebtedness" of Borrower within the meaning of the Bridge Note Purchase Agreement and the Ramsay Subordinated Note Purchase Agreement, and the holders of the Bridge Notes and the holders of the Ramsay Subordinated Note from time to time shall be entitled to all of the rights of a holder of "Senior Indebtedness" pursuant to Article 9 of the Bridge Note Purchase Agreement and pursuant to Section 4 of the Ramsay Subordinated Note Purchase Agreement, respectively.
2. Amendment to Section 6.01(g). The Credit Agreement is hereby further ---------------------------- amended by deleting subsection (g) of Section 6.01 thereof in its entirety and by substituting in lieu thereof the following subsection (g):
Subordination of Subordinated Indebtedness. The payment of the ------------------------------------------ Subordinated Indebtedness and the rights of the holders thereof are subordinated to the payment of the Superior Indebtedness and the rights of the holders thereof to the extent specified in this section 1.
Subordination of Subordinated Indebtedness. The subordination provisions of any Subordinated Indebtedness are enforceable against the holders thereof, and the Loans and other monetary Obligations hereunder are and will be within the definition of "
Subordination of Subordinated Indebtedness. This Agreement, and all amendments, modifications, extensions, renewals, refinancings and refundings hereof, constitute the "Bridge Note Purchase Agreement" within the meaning of the Ramsay Subordinated Note Purchase Agreement; this Agreement, together with each of the other Bridge Note Documents and all amendments, modifications, extensions, renewals, refinancings and refundings hereof and thereof, constitute "Senior Credit Documents" within the meaning of the Ramsay Subordinated Note Purchase Agreement; and all of the Bridge Note Obligations, and all amendments, modifications, extensions, renewals, refundings or refinancings thereof constitute "Senior Indebtedness" of the Company within the meaning of the Ramsay Subordinated Note Purchase Agreement, and the Holders of the Bridge Notes from time to time constitute "Senior Lenders" entitled to all of the rights of a holder of "Senior Obligations" pursuant to Article 4 of the Ramsay Subordinated Note Purchase Agreement.
Subordination of Subordinated Indebtedness. All indebtedness evidenced by the Subordinated Note together with all accrued interest thereon; and any other indebtedness for borrowed money now owing or which hereafter may become owing by or from Borrower to Subordinated Lender, howsoever such indebtedness for borrowed money may be hereafter created, extended, renewed or evidenced, together with all accrued interest thereon and any and all other present and future obligations and liabilities owing by Borrower to Subordinated Lender, howsoever such obligations and liabilities may be created, extended, renewed or evidenced (all such indebtedness, obligations and liabilities referred to collectively as the "Subordinated Indebtedness") shall at all times and in all respects be subordinate and junior in right of payment to any and all indebtedness of Borrower to Senior Lender, its successors and assigns, including, without limitation, the Loans and any extensions, renewals, modifications, and amendments thereof and all accrued interest thereon (collectively, the "Senior Debt"). For purposes of this Agreement, Subordinated Indebtedness shall not include any amounts payable to Danixx X. Xxxxx xxxsuant to that certain Employment Agreement by and between Mr. Xxxxx xxx Borrower dated as of _____________, 1998 (the "Employment Agreement").
Subordination of Subordinated Indebtedness. This Agreement and the other Loan Documents to which Borrower or any Subsidiary is party, and, to the extent permissible under Section 4.06 of the Senior Subordinated Note Indenture, all further amendments, amendments and restatements, renewals, extensions, restructurings, supplements, modifications, refinancings, refundings, or replacements hereof and thereof constitute the "Credit Agreement" within the meaning of the Senior Subordinated Note Indenture, and the Term Loans, the Revolving Credit Loan, the Letter of Credit Obligations, and all other Obligations of Borrower to the Agent and the Lenders under this Agreement, the Notes and any of the other Loan Documents, and, to the extent permissible pursuant to Section 4.06 of the Senior Subordinated Note Indenture, all further amendments, amendments and restatements, renewals, extensions, restructurings, supplements, modifications, refinancings, refundings and replacements of any of the foregoing, constitute "Senior Indebtedness" of Borrower within the meaning of the Senior Subordinated Note Indenture, and the holders thereof from time to time shall be entitled to all of the rights of a holder of "Senior Indebtedness" pursuant to Article 11 of the Senior Subordinated Note Indenture.
Subordination of Subordinated Indebtedness. This ------------------------------------------ Agreement, and all amendments, modifications, extensions, renewals, refinancings and refundings hereof, constitute the "Senior Credit Agreement" within the meaning of the Bridge Note Purchase Agreement; this Agreement, together with each of the other Loan Documents and all amendments, modifications, extensions, renewals, refinancings and refundings hereof and thereof, constitute "Senior Credit Documents" within the meaning of the Bridge Note Purchase Agreement; and the Term Loans, the Revolving Credit Loan, the Letter of Credit Obligations and all other Obligations of Borrower to the Lenders and the Agents under this Agreement, the Term Notes, the Revolving Credit Notes and any of the other Loan Documents, and all amendments, modifications, extensions, renewals, refundings or refinancings of any of the foregoing constitute "Senior Indebtedness" of Borrower within the meaning of the Bridge Note Purchase Agreement, and the holders thereof from time to time shall be entitled to all of the rights of a holder of "Senior Indebtedness" pursuant to Article 9 of the Bridge Note Purchase Agreement.
