SUBORDINATION TO SENIOR LIABILITIES. (a) Except as hereinafter expressly set forth in this Agreement or as the Bank may hereafter otherwise expressly consent in writing, the payment of all Subordinated Liabilities shall be postponed and subordinated to the indefeasible payment in full of all Senior Liabilities, and no payments or other distributions whatsoever, including, without limitation, payments of interest in respect of any Subordinated Liabilities shall be made, nor shall any property or assets of the Borrower or other Obligor be applied to the purchase or other acquisition or retirement of any Subordinated Liabilities, nor given as collateral security to secure repayment of same.
Appears in 5 contracts
Samples: Subordination and Pledge Agreement (Platinum Acquisition Corp), Subordination and Pledge Agreement (Platinum Acquisition Corp), Subordination and Pledge Agreement (Platinum Acquisition Corp)
