Common use of SUBORDINATION TO SENIOR SUBORDINATED NOTES Clause in Contracts

SUBORDINATION TO SENIOR SUBORDINATED NOTES. By accepting a share of Series B Preferred Stock or Debenture, the holder thereof shall be deemed to have acknowledged and agreed that (a) such holder's right to receive payments in respect of the Series B Preferred Stock or Debenture is subject and subordinated in right of payment to the payment in full and discharge of all amounts (however denominated) then due and payable under the Senior Subordinated Notes, and (b) until payment in full of all such amounts (however denominated) under the Senior Subordinated Notes has been made, no payment, whether directly or indirectly, by exercise of any right of set off or otherwise in respect of the Series B Preferred Stock or Debenture shall be made by the Corporation, and no deposit in respect of the Series B Preferred Stock or Debenture shall be made pursuant to the terms hereof. In the event that any payment by, or distribution of the assets of, the Corporation of any kind or character (whether in cash, property or securities, whether directly or indirectly, by exercise of any right of set-off or otherwise and whether as a result of a bankruptcy proceeding with respect to the Corporation or otherwise) shall be received by a holder of Series B Preferred Stock at any time when such payment is prohibited by this paragraph, such payment shall be held in trust for the benefit of, and shall be paid over to, the holders of Senior Subordinated Notes as their interests may appear. The preceding two sentences address the relative rights of holders of Series B Preferred Stock or Debentures, on the one hand, and the holders of Senior Subordinated Notes, on the other hand, and nothing in this Certificate of Designations shall impair, as between the Corporation and the holders of Series B Preferred Stock or Debentures, the obligation of the Corporation, which is absolute and unconditional, to pay amounts due in respect of the Series B Preferred Stock and Debentures in accordance with their terms. This Section G shall not be construed to limit in any manner the subordination provisions set forth in Section D of Article V hereof.

SUBORDINATION TO SENIOR SUBORDINATED NOTES. By accepting a share of Series B A Preferred Stock or Debenture, the holder thereof shall be deemed to have acknowledged and agreed that (a) such holder's right to receive payments in respect of the Series B A Preferred Stock or Debenture is subject and subordinated in right of payment to the payment in full and discharge of all amounts (however denominated) then due and payable under the Senior Subordinated Notes, and (b) until payment in full of all such amounts (however denominated) under the Senior Subordinated Notes has been mademade in cash, no payment, whether directly or indirectly, by exercise of any right of set off or otherwise in respect of the Series B A Preferred Stock or Debenture shall be made by the Corporation, and no deposit in respect of the Series B A Preferred Stock or Debenture shall be made pursuant to the terms hereof. In the event that any payment by, or distribution of the assets of, the Corporation of any kind or character (whether in cash, property or securities, whether directly or indirectly, by exercise of any right of set-off or otherwise and whether as a result of a bankruptcy proceeding with respect to the Corporation or otherwise) shall be received by a holder of Series B A Preferred Stock at any time when such payment is prohibited by this paragraph, such payment shall be held in trust for the benefit of, and shall be paid over to, the holders of Senior Subordinated Notes as their interests may appear. The preceding two sentences address the relative rights of holders of Series B A Preferred Stock or Debentures, on the one hand, and the holders of Senior Subordinated Notes, on the other hand, and nothing in this Certificate of Designations shall impair, as between the Corporation and the holders of Series B A Preferred Stock or Debentures, the obligation of the Corporation, which is absolute and unconditional, to pay amounts due in respect of the Series B A Preferred Stock and Debentures in accordance with their terms. This Section G shall not be construed to limit in any manner the subordination provisions set forth in Section D of Article V hereof.