Common use of Subordination to Senior Debt Clause in Contracts

Subordination to Senior Debt. The indebtedness (including unpaid principal of and interest on this Convertible Debenture) as well as all other obligations and liabilities of MORO to Lender hereunder evidenced in this Convertible Debenture is subordinated to the prior payment when due of the principal of, premium, if any, interest on, and all other amounts due in connection with or under all "Senior Debt" (as defined below) as follows: Upon any distribution of its assets in a liquidation or dissolution of MORO, or in bankruptcy, reorganization, insolvency, receivership or similar proceedings relating to MORO, the Lender shall not be entitled to receive payment until the holders of Senior Debt are paid in full. Until a payment default occurs with respect to any Senior Debt, all payments of principal and interest due to Lender under this Convertible Debenture shall be made in accordance with this Convertible Debenture. Upon the occurrence of any payment default with respect to any Senior Debt then, upon written notice thereof to MORO and Lender by any holder of such Senior Debt or its representative, no payments of principal or interest on the Convertible Debenture shall be made by MORO until such payment default has been cured to the satisfaction of the holder of such Senior Debt or waived by such holder, provided, however, that if during the 180 day period following such default, the holder of Senior Debt has not accelerated its loan, commenced foreclosure proceedings or otherwise undertaken to act on such default then MORO shall be required to continue making payments under the Convertible Debenture, including any which had not been paid during such 180 day period. In the event that any Bank Or Other Financial Institution at any time so requires, the Lender shall execute, upon request of MORO, any intercreditor or subordination agreement(s) with and/or in favor of any such Bank Or Other Financial Institution on terms not materially more adverse to the Lender then the subordination terms contained in this Convertible Debenture.

Subordination to Senior Debt. The indebtedness (including unpaid principal Section 21.1. Tenant's obligations under this Lease are and at all times hereafter will be junior and subordinate in right of payment and interest on this Convertible Debenture) as well as all other obligations and liabilities exercise of MORO to Lender hereunder evidenced in this Convertible Debenture is subordinated remedies to the indefeasible prior payment when due in full in cash of all obligations owed in respect of the principal of, premium, if any, interest on, and all other amounts due in connection with or under all "Senior Debt" Debt (as defined in Section 22.2 below) as follows: Upon any distribution ). The subordination of its assets in a liquidation or dissolution the obligations under this Lease is for the benefit of MORO, or in bankruptcy, reorganization, insolvency, receivership or similar proceedings relating to MORO, the Lender shall not be entitled to receive payment until the all holders of Senior Debt are paid in fullfrom time to time, whether such Senior Debt is outstanding on the date hereof or incurred, created or arising hereafter. Until a payment Upon the occurrence and during the continuance of any default occurs with respect to or event of default under any Senior Debt, all payments Tenant will have no obligation to make, and Landlord will not accept or receive or take any action to collect, any payment of principal and interest due to Lender any portion of the obligations under this Convertible Debenture shall be made in accordance with this Convertible Debenture. Upon the occurrence of any payment default Lease until all obligations with respect to any Senior Debt then, upon written notice thereof to MORO and Lender by any holder of such Senior Debt have been indefeasibly discharged in full in cash. Should any payment, distribution, security, or its representativeproceeds thereof be received by Landlord contrary to the terms hereof, no payments Landlord shall immediately deliver the same to the holders of principal the Senior Debt in precisely the form received (except for endorsement or interest assignment of Landlord where necessary), for application on or to secure the Convertible Debenture Senior Debt, whether it is due or not due, and until so delivered the same shall be made held in trust by MORO until such payment default has been cured to the satisfaction Landlord as property of the holder holders of such the Senior Debt or waived by such holder, provided, however, that if during the 180 day period following such default, the holder of Senior Debt has not accelerated its loan, commenced foreclosure proceedings or otherwise undertaken to act on such default then MORO shall be required to continue making payments under the Convertible Debenture, including any which had not been paid during such 180 day periodDebt. In the event that any Bank Or Other Financial Institution at any time so requires, the Lender shall execute, upon request of MORO, any intercreditor or subordination agreement(s) with and/or in favor of any such Bank Or Other Financial Institution on terms not materially more adverse to the Lender then the subordination terms contained Nothing in this Convertible Debenturesection shall prohibit Landlord from receiving and retaining amounts due to Landlord hereunder, provided that at the time such amount is paid to Landlord there shall not have occurred or be continuing any default or event of default of which Landlord has received notice under any Senior Debt.

Subordination to Senior Debt. The indebtedness (including unpaid principal of and interest on this Convertible DebentureSenior Note) as well as all other obligations and liabilities of MORO USA to Lender hereunder evidenced in this Convertible Debenture Senior Note is subordinated to the prior payment when due of the principal of, premium, if any, interest on, and all other amounts due in connection with or under all "Senior Debt" (as defined below) as follows: Upon any distribution of its assets in a liquidation or dissolution of MOROUSA, or in bankruptcy, reorganization, insolvency, receivership or similar proceedings relating to MOROUSA, the Lender shall not be entitled to receive payment until the holders of Senior Debt are paid in full. Until a payment default occurs with respect to any Senior Debt, all payments of principal and interest due to Lender under this Convertible Debenture Senior Note shall be made in accordance with this Convertible DebentureSenior Note. Upon the occurrence of any payment default with respect to any Senior Debt then, upon written notice thereof to MORO USA and Lender by any holder of such Senior Debt or its representative, no payments of principal or interest on the Convertible Debenture Senior Note shall be made by MORO USA until such payment default has been cured to the satisfaction of the holder of such Senior Debt or waived by such holder, provided, however, that if during the 180 day period following such default, the holder of Senior Debt has not accelerated its loan, commenced foreclosure proceedings or otherwise undertaken to act on such default then MORO USA shall be required to continue making payments under the Convertible DebentureSenior Note, including any which had not been paid during such 180 day period. In the event that any Bank Or Other Financial Institution at any time so requires, the Lender shall execute, upon request of MOROUSA, any intercreditor or subordination agreement(s) with and/or in favor of any such Bank Or Other Financial Institution on terms not materially more adverse to the Lender then the subordination terms contained in this Convertible DebentureSenior Note.

Subordination to Senior Debt. The indebtedness (including unpaid principal Section 22.1. Tenant's obligations under this Lease are and at all times hereafter will be junior and subordinate in right of payment and interest on this Convertible Debenture) as well as all other obligations and liabilities exercise of MORO to Lender hereunder evidenced in this Convertible Debenture is subordinated remedies to the indefeasible prior payment when due in full in cash of all obligations owed in respect of the principal of, premium, if any, interest on, and all other amounts due in connection with or under all "Senior Debt" Debt (as defined in Section 22.2 below) as follows: Upon any distribution ). The subordination of its assets in a liquidation or dissolution the obligations under this Lease is for the benefit of MORO, or in bankruptcy, reorganization, insolvency, receivership or similar proceedings relating to MORO, the Lender shall not be entitled to receive payment until the all holders of Senior Debt are paid in fullfrom time to time, whether such Senior Debt is outstanding on the date hereof or incurred, created or arising hereafter. Until a payment Upon the occurrence and during the continuance of any default occurs with respect to or event of default under any Senior Debt, all payments Tenant will have no obligation to make, and Landlord will not accept or receive or take any action to collect, any payment of principal and interest due to Lender any portion of the obligations under this Convertible Debenture shall be made in accordance with this Convertible Debenture. Upon the occurrence of any payment default Lease until all obligations with respect to any Senior Debt then, upon written notice thereof to MORO and Lender by any holder of such Senior Debt have been indefeasibly discharged in full in cash. Should any payment, distribution, security, or its representativeproceeds thereof be received by Landlord contrary to the terms hereof, no payments Landlord shall immediately deliver the same to the holders of principal the Senior Debt in precisely the form received (except for endorsement or interest assignment of Landlord where necessary), for application on or to secure the Convertible Debenture Senior Debt, whether it is due or not due, and until so delivered the same shall be made held in trust by MORO until such payment default has been cured to the satisfaction Landlord as property of the holder holders of such the Senior Debt or waived by such holder, provided, however, that if during the 180 day period following such default, the holder of Senior Debt has not accelerated its loan, commenced foreclosure proceedings or otherwise undertaken to act on such default then MORO shall be required to continue making payments under the Convertible Debenture, including any which had not been paid during such 180 day periodDebt. In the event that any Bank Or Other Financial Institution at any time so requires, the Lender shall execute, upon request of MORO, any intercreditor or subordination agreement(s) with and/or in favor of any such Bank Or Other Financial Institution on terms not materially more adverse to the Lender then the subordination terms contained Nothing in this Convertible Debenturesection shall prohibit Landlord from receiving and retaining amounts due to Landlord hereunder, provided that at the time such amount is paid to Landlord there shall not have occurred or be continuing any default or event of default of which Landlord has received notice under any Senior Debt.