Scope of Subordination Sample Clauses

Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of Subordinated Lender and Bank. Nothing in this Agreement shall impair, as between Company and Subordinated Lender the unconditional and absolute obligation of Company to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Note and Subordinated Lending Agreements in accordance with the terms thereof, subject to the rights of Bank under this Agreement.

Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of Subordinated Indebtedness and Briar. Nothing in this Agreement shall impair, as between the Company and Subordinated Lender, the unconditional and absolute obligation of the Company to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Lender Agreements in accordance with the terms thereof, subject to the rights of Briar under this Agreement.

Scope of Subordination. The Subordination Provisions hereof are solely to define the relative rights of the Subordinated Lender and the Senior Creditors. Nothing in this Annex A shall impair, as between Maker and the Subordinated Lender the unconditional and absolute obligation of Maker to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Note and the Subordinated Lending Agreements in accordance with the terms thereof, subject to the rights of the Senior Creditors hereunder.

Scope of Subordination. (a) The provisions of this Section 2 are solely to define the relative rights of Subordinated Creditors and Senior Creditors. Nothing in this Subordination and Intercreditor Agreement shall impair, as between any Obligor and Subordinated Creditor the unconditional and absolute obligation of Obligors to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Loan Documents in accordance with the terms thereof, subject to the rights of Senior Creditors under this Subordination and Intercreditor Agreement. (b) Subject to the Payment in Full of the Senior Facility Debt, in the event and to the extent cash, property or securities otherwise payable or deliverable to the holders of the Subordinated Indebtedness shall have been applied pursuant to this Subordination and Intercreditor Agreement to the payment of Senior Facility Debt, then and in each such event, the holders of the Subordinated Indebtedness shall be subrogated to the rights of each holder of Senior Facility Debt to receive any further payment or distribution in respect of or applicable to the Senior Facility Debt; and, for the purposes of such subrogation, no payment or distribution to the holders of Senior Facility Debt of any cash, property or securities to which any holder of Subordinated Indebtedness would be entitled except for the provisions of this Subordination and Intercreditor Agreement shall, and no payment pursuant to the provisions of this Subordination and Intercreditor Agreement to the holders of Senior Facility Debt by the holders of the Subordinated Indebtedness shall, as between any Obligor, its creditors other than the holders of Senior Facility Debt and the holders of Subordinated Indebtedness, be deemed to be a payment by such Obligor to or on account of Senior Facility Debt.

Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any holder of Subordinated Indebtedness and Senior Agent and Senior Lenders. Nothing in this Agreement shall impair, as between Borrowers and Subordinated Lenders, the joint and several, unconditional and absolute obligation of Borrowers to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Note and Subordinated Lending Agreements in accordance with the terms thereof, subject to the rights of Senior Agent and Senior Lenders under this Agreement.

Scope of Subordination. Nothing contained in the subordination provisions set forth above is intended to or will impair, as between the Partnership and the payee, the obligations of the Partnership, which are absolute and unconditional, to pay to the payee the principal of and interest on this Note as and when due and payable in accordance with its terms, or is intended to or will affect the relative rights of the payee and other creditors of the Partnership other than the holders of Senior Indebtedness.

Scope of Subordination. The provisions of this Agreement are for the benefit of Desjardins and not for the benefit of the Debtors, and the fact that the Debtors may be prevented hereby from making payments to the Secured Parties does not diminish, modify or affect the provisions of the SPAC Credit Documents which provide that the failure to pay any amount due constitutes a default of the Debtors under the SPAC Credit Documents. 5. STANDSTILL PERIOD

Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of Subordinated Indebtedness and the Senior Lender. Nothing in this Agreement shall impair, as between the Company, Guarantor and the Subordinated Lender the unconditional and absolute obligation of the Company and/or Guarantor to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Note and/or Subordinated Lending Agreements in accordance with the terms thereof, subject to the rights of the Senior Lender under this Agreement. If the Borrower fails because of this Agreement to pay principal of, premium, if any, and interest on the Subordinated Notes or any other obligations owing under the Subordinated Lending Agreements on the date when such payment is due (other than any payment due after, and during the effectiveness of, a Default Notice), the failure to make such payment shall be an Event of Default under the Subordinated Lending Agreements notwithstanding any provision of this Agreement.

Scope of Subordination. The subordination provisions of this Section 3.6 are intended solely to define the relative rights of the holders of Subordinated Indebtedness and the holders of Senior Indebtedness. Nothing in this Section 3.6 or any Subordinated Instrument shall impair, as between the Company, its creditors (other than the holders of Senior Indebtedness) and the holders of Subordinated Indebtedness, the unconditional and absolute obligation of the Company to timely pay the principal, interest, and other amounts and obligations owing under the terms of such Subordinated Instrument or affect the relative rights of the holders of such Subordinated Instrument and creditors of the Company (other than the holders of Senior Indebtedness), nor shall anything prevent any holder of Subordinated Indebtedness from accepting any payment with respect to such Subordinated Indebtedness or exercising all remedies otherwise permitted by applicable law upon default with respect to such Subordinated Indebtedness or this Agreement, subject to any rights under this Section 3.6 of the holders of Senior Indebtedness in respect of such payment.