Terms and Conditions of Subordination. The Company, for itself and its successors, and each holder, by its acceptance of Exchangeable Notes, agree that the payment of the principal of or interest on or any other amounts due on the Exchangeable Notes is subordinated in right of payment, to the extent and in the manner stated in this Article 10, to the prior payment in full of all existing and future Senior Indebtedness of the Company. The Exchangeable Notes shall rank pari passu with, and shall not be senior in right of payment to, such other Indebtedness of the Company whether outstanding on the date of this Indenture or hereafter created, incurred, issued or guaranteed by the Company, where the instrument creating or evidencing such Indebtedness expressly provides that such Indebtedness ranks pari passu with the Exchangeable Notes. The Exchangeable Notes shall be subordinate in right of payment to all existing and future Senior Indebtedness of the Company. The payment of the principal of, Redemption Price, Liquidated Damages, interest on or any other amounts due on the Exchangeable Notes is subordinated in right of payment to the prior payment in full of all existing and future Senior Indebtedness. No payment on account of principal of, redemption of, interest on or any other amounts due on the Exchangeable Notes, including, without limitation, any payments on the Fundamental Change Offer, and no redemption, purchase or other acquisition of the Exchangeable Notes may be made, except payments comprised solely of Permitted Junior Securities, if:
Terms and Conditions of Subordination. 60 Section 11.02. Distribution on Acceleration of Securities; Dissolution and Reorganization....................61 Section 11.03. Notice to Lender Under the Credit Facility....................................................65
Terms and Conditions of Subordination. Upon written approval of the Lessor of an approved encumbrance, the rights of the Lessor to terminate this lease for any default against the Lessee shall be subordinated to the approved encumbrance subject to the following:
