Common use of Waiver and Subordination of Rights Clause in Contracts

Waiver and Subordination of Rights. The Bank hereby waives its right to set off any obligations of the Pledgor to the Bank against any or all assets held by the Trustee as Collateral, and hereby agrees that any and all liens, encumbrances, claims or security interests which the Bank may have against the Collateral, either now or in the future are and shall be subordinate and junior to the prior payment in full of all obligations of the Pledgor now or hereafter existing under the Indenture, Notes and all other documents related thereto whether for principal, interest (including, without limitation, interest, as provided in the Notes, whether or not such interest accrues after the filing of such petition for purposes of the Bankruptcy Code or is an allowed claim in such proceeding), indemnities, fees, premiums, expenses or otherwise. The Bank will not agree with any third party that the Bank will comply with any instructions or directions of any kind concerning the Collateral originated by such third party without the prior written consent of the Trustee. Except for the claims and interests of the Trustee and the Pledgor in the Collateral, the Bank does not know of any claim to or security interest or other interest in the Collateral.