Validity of Subordinated Debt. The provisions of this ----------------------------- Agreement subordinating the Subordinated Debt are solely for the purpose of defining the relative rights of the Lender and the Creditor and shall not impair, as between the Creditor and the Borrower, the obligation of the Borrower, which is unconditional and absolute, to pay the Subordinated Debt in accordance with its terms except as payment thereof may be postponed in accordance with this Agreement.
Appears in 3 contracts
Samples: Subordination Agreement (Marriott Diversified American Hotels L P), Subordination Agreement (Marriott Diversified American Hotels L P), Subordination Agreement (Marriott Diversified American Hotels L P)
Validity of Subordinated Debt. The provisions of this ----------------------------- Agreement subordinating the Subordinated Debt are solely for the purpose of defining the relative rights of the Lender Agents and the Lenders, and Subordinate Creditor and shall not impair, as between the Subordinate Creditor and the BorrowerDebtor, the obligation of the BorrowerDebtor, which is unconditional and absolute, to pay the Subordinated Debt in accordance with its terms except as payment thereof may be postponed in accordance with this Agreement.
Appears in 2 contracts
Samples: Agreement and Plan of Merger, Agreement and Plan of Merger (PNA Group Holding CORP)
Validity of Subordinated Debt. The provisions of this ----------------------------- Agreement subordinating the Subordinated Debt to the Senior Debt are solely for the purpose of defining the relative rights of the Lender Senior Creditor and the Subordinated Creditor and shall not impair, as between the Subordinated Creditor and the Borrower, the obligation of the Borrower, which is unconditional and absolute, to pay the Subordinated Debt in accordance with its terms except as payment thereof may be postponed in accordance with this Agreement.
Appears in 1 contract
Samples: Loan Agreement (Imatron Inc)
