In Furtherance of Subordination Clause Samples

In Furtherance of Subordination. The Subordinated Creditor agrees as follows: (a) All payments or distributions upon or with respect to the Subordinated Debt which are received by the Subordinated Creditor contrary to the provisions of this Agreement shall be received in trust for the benefit of the Lenders, shall be segregated from other funds and property held by the Subordinated Creditor and shall be forthwith paid over to the Administrative Agent for the account of the Lenders in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Obligations in accordance with the terms of the Credit Agreement. (b) The Subordinated Creditor hereby waives and agrees not to assert against Administrative Agent or any Lender any rights which a guarantor or surety with respect to any indebtedness of the Company or any obligor could exercise. The Subordinated Creditor shall not assert, enforce, or otherwise exercise (a) any right of subrogation to any of the rights or Liens of Administrative Agent or any Lender or any other Person against the Company or any of its Subsidiaries or any other obligor on all or any part of the Obligations or any collateral or other security, or (b) any right of recourse, reimbursement, contribution, indemnification, or similar right against the Company or any of its Subsidiaries or any other obligor on all or any part of the Obligations or any collateral or any security, and the Subordinated Creditor hereby waives any and all of the foregoing rights and the benefit of, and any right to participate in, any collateral or other security given to Administrative Agent or any Lender or any other Person to secure payment of the Obligations, however any such Rights arise, whether hereunder or any other Loan Paper or by operation of Law until after the Credit Agreement Termination Date has occurred. (d) The Administrative Agent is hereby authorized to demand specific performance of this Agreement, whether or not the Company shall have complied with any of the provisions hereof applicable to it, at any time when the Subordinated Creditor shall have failed to comply with any of the provisions of this Agreement applicable to it. The Subordinated Creditor hereby irrevocably waives any defense based on the adequacy of a remedy at law, which might be asserted as a bar to such remedy of specific performance. (e) No assets or Properties ...

In Furtherance of Subordination. Each Subordinated Creditor agrees as follows:

In Furtherance of Subordination. (a) All payments or distributions upon or with respect to this Note that are received by the Holder contrary to the provisions of this Article shall be received in trust for the benefit of the holders and owners of Senior Indebtedness, shall be segregated from other funds and property held by the Holder and shall be forthwith paid over to the holders and owners of Senior Indebtedness in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Senior Indebtedness in accordance with its terms. (b) The holders and owners of Senior Indebtedness are hereby authorized to demand specific performance of the provisions of this Article, whether or not the Company shall have complied with any of the provisions hereof applicable to it, at any time when the Holder shall have failed to comply with any of the provisions of this Article applicable to it. The Holder of this Note hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance.

In Furtherance of Subordination. Each holder of the Note agrees as follows:

In Furtherance of Subordination. Each holder of the Note agrees as follows: (a) If any proceeding referred to in Section 1.03 above is commenced by or against the Guarantor (i) the Security Agent (as defined in the Guarantee and Agreement referred to in Section 1.08 below), acting on behalf of each holder of the Senior Indebtedness, is hereby irrevocably authorized and empowered (in its own name or in the name of the holder of the Note or otherwise), but shall have no obligation, to demand, ▇▇▇ for, collect and receive every payment or distribution referred to in Section 1.03(b) and give acquittance therefor and to file claims and proofs of claim and take such other action (including, without limitation, voting the claims arising under the Note or enforcing any security interest or other lien securing payment of the Note) as it may deem necessary or advisable for the exercise or enforcement of or causing the enforcement of any of the rights or interests of the holders of the Senior Indebtedness hereunder; and (ii) The holders of the Senior Indebtedness are hereby authorized to demand specific performance of this Note, whether or not the Guarantor shall have complied with any of the provisions hereof applicable to it, at any time when the holder of the Note shall have failed to comply with any of the provisions of this Note applicable to it. The holder of the Note hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance.

In Furtherance of Subordination. At the Maker’s expense, the Holder shall take such action (including such actions as may be requested by the holders of the Senior Obligations, or any agent therefor) as may be necessary or appropriate to effectuate the subordination as provided hereunder with respect to the Senior Obligations. All payments or distributions (whether in cash, property or securities) upon or with respect to the Subordinated Indebtedness that are received by the Holder contrary to these subordination provisions shall be received in trust for the benefit of the applicable holders of Senior Obligations, shall be segregated from other funds and property held by the Holder and shall be forthwith paid over to, prior to the Payment in Full of the Senior Obligations, the applicable holders of Senior Obligations (or an agent therefor, as applicable) in the same form as so received (with any necessary endorsement).

In Furtherance of Subordination. EPC agrees that all payments or distributions upon or with respect to the Subordinated Debt which are received by EPC contrary to the provisions of this Agreement and the Guarantee shall be received in trust for the benefit of the holders of the Secured Obligations under the Guarantee (as defined therein), shall be segregated from other funds and property held by EPC and shall be forthwith paid over to the Collateral Trustee for application in accordance with the Collateral Trust Indenture and the Guarantee.

In Furtherance of Subordination. Each Lender authorizes and directs the Administrative Agent on its behalf to take such action as may be necessary or appropriate to effectuate, as between the Lenders and the Senior Agent and the Senior Credit Facility Lenders, the subordination as provided in this Article and appoints the Administrative Agent its attorney-in-fact for any and all such purposes.

In Furtherance of Subordination. Cameron Telephone agrees as follows: A. Upon any distribution of all or any of the assets of Mississippi One to its creditors upon the dissolution, winding up, liquidation, arrangement or reorganization of Mississippi One, whether in any bankruptcy, insolvency, arrangement, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of Mississippi One or otherwise, any payment or distribution of any kind (whether in cash, property or securities) which otherwise would be payable or deliverable upon or with respect to the Subordinated Debt shall be paid or delivered directly to CoBank for application (in the case of cash) to or as collateral (in the case of non-cash property or securities) for the payment or prepayment of the CoBank Debt until the CoBank Debt shall have been paid in full. B. If any proceeding referred to in Clause A above is commenced by or against Mississippi One after the date hereof, (i) CoBank is hereby irrevocably authorized and empowered (in its own name or in the name of Cameron Telephone), but shall have no obligation, to demand, sue ▇▇▇, collect and receive every payment or distribution referred to in Clause A above and give acquittance therefor and to file claims and proofs of claim and take such other action (including, without limitation, voting the Subordinated Debt or enforcing any security interest or other lien securing payment of the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of its rights or interests hereunder; and (ii) Cameron Telephone shall duly and promptly take such action as CoBank may request (a) to collect the Subordinated Debt for the account of CoBank and to file appropriate claims or proofs of claim in respect of the Subordinated Debt; (b) to execute and deliver to CoBank such powers of attorney, assignments or other instruments as it may request in order to enable it to enforce any and all claims with respect to, and any security interests and other liens securing payment of, the Subordinated Debt; and (c) to collect and receive any and all payments or distributions which may be payable or deliverable upon or with respect to the Subordinated Debt. C. All payments or distributions upon or with respect to the Subordinated Debt which are received by Cameron Telephone prior to the payment or prepayment in full of the CoBank Debt shall be received in trust for the benefit of C...