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

Subordination of Subordinated Indebtedness to Senior Indebtedness. Each Company covenants and agrees, and the Subordinated Lender by its acceptance of the Subordinated 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 Documents, that the payment of any and all of the Subordinated Indebtedness shall be subordinate and subject in right and time of payment, to the extent and in the manner hereinafter set forth, to the Final Payment of all Senior Indebtedness; provided that the foregoing shall in no way limit the ability of each company to pay the amounts detailed in the proviso to Section 6 below. Each holder of Senior Indebtedness, whether now outstanding or hereafter created, incurred, assumed or guaranteed, shall be deemed to have acquired Senior Indebtedness in reliance upon the provisions contained in this Agreement.

Subordination of Subordinated Indebtedness to Senior Indebtedness. Each The Company covenants and agrees, and the Subordinated Lender by its acceptance of the Subordinated Loan 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 Loan Documents, that the payment of any and all of the Subordinated Indebtedness shall be be, in the event of an Event of Default, subordinate and subject in right and time of payment, to the extent and in the manner hereinafter set forth, to the Final Payment Initial Share of all the Senior Indebtedness; provided that the foregoing shall in no way limit the ability of each company to pay the amounts detailed in the proviso to Section 6 belowLender. Each holder of Senior Indebtedness, whether now outstanding or hereafter created, incurred, assumed or guaranteed, shall be deemed to have acquired Senior Indebtedness in reliance upon the provisions contained in this Agreement.