Common use of SUBORDINATION TO SENIOR LIABILITIES Clause in Contracts

SUBORDINATION TO SENIOR LIABILITIES. Except as set forth in Section 2.2 of this Agreement or as the Required Lenders may hereinafter otherwise expressly consent in writing, the payment of all Subordinated Liabilities shall be postponed and subordinated to the 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 Guarantors be applied to the purchase or other acquisition or retirement of any Subordinated Liabilities, nor given as collateral security to secure repayment of same.

SUBORDINATION TO SENIOR LIABILITIES. Except as set forth in Section 2.2 of this Agreement or as the Required Lenders Noteholders may hereinafter otherwise expressly consent in writing, the payment of all Subordinated Liabilities shall be postponed and subordinated to the 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 Senior Liabilities, shall be made, nor shall any property or assets of the Guarantors Guarantor be applied to the purchase or other acquisition or retirement of any Subordinated Liabilities, nor given as collateral security to secure repayment of same.

SUBORDINATION TO SENIOR LIABILITIES. Except as set forth in Section 2.2 of this Agreement or as the Required Lenders may hereinafter otherwise expressly consent in writing, the payment of all Subordinated Liabilities shall be postponed and subordinated to the 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 Guarantors be applied to the purchase or other acquisition or retirement of any Subordinated Liabilities, nor given to the Borrower as collateral security to secure repayment of same.