Common use of Acknowledgement of Subordination Clause in Contracts

Acknowledgement of Subordination. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, by executing below, hereby acknowledges, agrees and consents to the provisions set forth in 1(h) above, and agrees that any payment received by him in respect of the Insider Debt shall, at all times when the Note is outstanding, by held by him in trust for the benefit of the Holder and the holders of the Other Notes, and promptly remitted by him to the Holder and the holders of the Other Notes for application (on a pro rata basis, based on the amounts then outstanding) to amounts due under the Notes and the Other Notes. Since the date of original issuance of the Note, no Insider Debt has been sold or otherwise transferred by ▇▇▇▇▇, and he hereby covenants not to transfer the same unless the transferee shall have acknowledged the limitations on payment set forth herein, in the Note and it the Subordination Agreement.