Common use of Scope of Subordination Clause in Contracts

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.

Scope of Subordination. The subordination provisions of this Section 3.6 3.7 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 3.7 or any Subordinated Instrument Mezzanine Document 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 3.7 of the holders of Senior Indebtedness in respect of such payment.