Common use of Provisions Define Relative Rights Clause in Contracts

Provisions Define Relative Rights. This Agreement is intended solely for the purpose of defining the relative rights of the Senior Creditor on the one hand and Subordinated Creditor on the other, and no other person shall have any right, benefit or other interest under this Agreement. Except as expressly set forth in this Agreement, nothing herein shall (a) impair, as between any Obligor and Senior Creditor and any Obligor and Subordinated Creditor, the obligation of such Obligor, which is absolute and unconditional, to pay the Senior Indebtedness to Senior Creditor, on the one hand, and the Subordinated Indebtedness to Subordinated Creditor, on the other hand, in each case in accordance with their respective terms; or (b) affect the relative rights of the Senior Creditor or Subordinated Creditor with respect to any other creditors of any Obligor.

Provisions Define Relative Rights. This Agreement is intended solely for the purpose of defining the relative rights of the Senior Creditor Lender on the one hand and the Subordinated Creditor on the other, and no other person shall have any right, benefit or other interest under this Agreement. Except as expressly set forth in this Agreement, nothing herein shall (a) impair, as between any either Obligor and the Senior Creditor Lender and any either Obligor and the Subordinated Creditor, the obligation of such Obligor, which is absolute and unconditional, to pay the Senior Indebtedness to the Senior CreditorLender, on the one hand, and the Subordinated Indebtedness to the Subordinated Creditor, on the other hand, in each case in accordance with their respective terms; or (b) affect the relative rights of the Senior Creditor Lender or the Subordinated Creditor with respect to any other creditors of any either Obligor.