Common use of Subordination to Senior Indebtedness Clause in Contracts

Subordination to Senior Indebtedness. The indebtedness evidenced by this Note, and the payment of the principal hereof, and any interest hereon, is wholly subordinated, junior and subject in right of payment, to the extent and in the manner hereinafter provided, to the prior payment of all Senior Indebtedness of the Company now outstanding or hereinafter incurred. "Senior Indebtedness" means the principal of, and premium, if any, and interest on (i) all indebtedness of the Company for monies borrowed from banks, trust companies, insurance companies and other financial institutions, including commercial paper and accounts receivable sold or assigned by the Company to such institutions, (ii) obligations of the Company as lessee under leases of real or personal property, which obligations have been or should be, in accordance with generally accepted accounting principles, capitalized on the books of the lessee, (iii) principal of, and premium, if any, and interest on any indebtedness or obligations of others of the kinds described in (i) and (ii) above assumed or guaranteed in any manner by the Company, and (iv) deferrals, renewals, extensions and refundings of any such indebtedness or obligations described in (i), (ii) and (iii) above, unless such indebtedness, by its terms or the terms of the instrument creating or evidencing it, is subordinate or pari passu in right of payment to the Notes; PROVIDED that the aggregate principal amount of Senior Indebtedness shall not in any event exceed $15,000,000 at any time outstanding. Notwithstanding the foregoing, "Senior Indebtedness" shall not include indebtedness of the Company evidenced by the other Notes, which shall rank equally and ratably with this Note.

Subordination to Senior Indebtedness. The indebtedness evidenced by this Note, and the payment of the principal hereof, and any interest hereon, is wholly subordinated, junior and subject in right of payment, to the extent and in the manner hereinafter provided, to the prior payment of all Senior Indebtedness of the Company Maker now outstanding or hereinafter incurred. "Senior Indebtedness" means the principal of, and premium, if any, and interest on (i) all indebtedness of the Company Maker for monies borrowed from banks, trust companies, insurance companies and other financial institutions, including commercial paper and accounts receivable sold or assigned by the Company Maker to such institutions, (ii) all indebtedness of the Maker for monies borrowed by the Maker from other persons or entities, (iii) obligations of the Company Maker as lessee under leases of real or personal property, which obligations have been or should be, in accordance with generally accepted accounting principles, capitalized on the books of the lessee, (iiiiv) principal of, and premium, if any, and interest on any indebtedness or obligations of others of the kinds described in (i), (ii) and (iiiii) above assumed or guaranteed in any manner by the CompanyMaker, and (ivv) deferrals, renewals, extensions and refundings of any such indebtedness or obligations described in (i), (ii), (iii) and (iiiiv) above, unless such indebtedness, by its terms or the terms and (vi) any other indebtedness of the instrument creating or evidencing itMaker which the Maker and the holder hereof may hereafter from time to time expressly and specifically agree in writing shall constitute Senior Indebtedness; provided, is subordinate or pari passu in right of payment to the Notes; PROVIDED however, that the aggregate principal amount of Senior Indebtedness shall not in any event exceed $15,000,000 at any time outstanding. Notwithstanding the foregoing, "Senior Indebtedness" shall not include mean the principal of, and premium, if any, and interest on indebtedness of or obligations described in (i), (ii), (iii) and (iv) above which in the Company evidenced by the other Notes, which shall rank equally and ratably with this Noteaggregate at any point in time exceeds $50,000,000.

Subordination to Senior Indebtedness. The indebtedness evidenced by this Note, and the payment of the principal hereof, and any interest hereon, is wholly subordinated, junior and subject in right of payment, to the extent and in the manner hereinafter provided, to the prior payment of all Senior Indebtedness of the Company now outstanding or hereinafter incurred. "“Senior Indebtedness" ” means the principal of, and premium, if any, and interest on (i) all indebtedness of the Company for monies borrowed from banks, trust companies, insurance companies companies, venture debt providers and other financial institutions, including commercial paper and accounts receivable sold or assigned by the Company to such institutions, (ii) obligations of the Company as lessee under leases of real or personal property, which obligations have been or should be, in accordance with generally accepted accounting principles, capitalized on the books of the lessee, (iii) principal of, and premium, if any, and interest on any indebtedness or obligations of others of the kinds described in (i) and (ii) above assumed or guaranteed in any manner by the Company, and (iv) deferrals, renewals, extensions and refundings of any such indebtedness or obligations described in (i), (ii) and (iii) above, unless such indebtedness, by its terms or the terms of the instrument creating or evidencing it, is subordinate or pari passu in right of payment to the Notes; PROVIDED that the aggregate principal amount of Senior Indebtedness shall not in and (v) any event exceed $15,000,000 at any time outstanding. Notwithstanding the foregoing, "Senior Indebtedness" shall not include other indebtedness of the Company evidenced by that the other Notes, which Company and the holder of this Note may hereafter from time to time expressly and specifically agree in writing shall rank equally and ratably with this Noteconstitute Senior Indebtedness.

Subordination to Senior Indebtedness. The indebtedness evidenced by this the Note, and the payment of the principal hereofthereof, and any interest hereonthereon, is wholly subordinated, junior and subject in right of payment, to the extent and in the manner hereinafter provided, to the prior payment of all Senior Indebtedness of the Company now outstanding or hereinafter incurred. "Senior Indebtedness" means the principal of, and premium, if any, and interest on (ia) all indebtedness of the Company for monies borrowed from banks, trust companies, insurance companies and other financial institutions, including commercial paper and accounts receivable sold or assigned by the Company to such institutions, (iib) all indebtedness of the Company for monies borrowed by the Company from other persons or entities, (c) obligations of the Company as lessee under leases of real or personal property, which obligations have been or should be, in accordance with generally accepted accounting principles, capitalized on the books of the lessee, (iiid) principal of, and premium, if any, and interest on any indebtedness or obligations of others of the kinds described in (ia), (b) and (iic) above assumed or guaranteed in any manner by the Company, and (ivd) deferrals, renewals, extensions and refundings of any such indebtedness or obligations described in (ia), (iib), (c) and (iiid) above, unless such indebtedness, by its terms or the terms of the instrument creating or evidencing it, is subordinate or pari passu in right of payment to the Notes; PROVIDED that the aggregate principal amount of Senior Indebtedness shall not in and (f) any event exceed $15,000,000 at any time outstanding. Notwithstanding the foregoing, "Senior Indebtedness" shall not include other indebtedness of the Company evidenced by which the other Notes, which Company and the holder of the Note may hereafter from time to time expressly and specifically agree in writing shall rank equally and ratably with this Noteconstitute Senior Indebtedness.