Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of Subordinated Indebtedness and Agent. Nothing in this Agreement shall impair, as between each Loan Party and Subordinated Lender the unconditional and absolute obligation of such Loan Party to punctually pay the principal, interest and any other amounts and obligations owing under Subordinated Agreements in accordance with the terms thereof, subject to the rights of Agent under this Agreement.
Appears in 2 contracts
Sources: Subordination and Intercreditor Agreement, Subordination and Intercreditor Agreement (Stream Global Services, Inc.)
Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of the Subordinated Indebtedness and Agent. Nothing in this Agreement shall impair, as between each Loan Party and Subordinated Lender the unconditional Senior Creditor and absolute obligation of such Loan Party shall not be construed to punctually pay the principal, interest and grant any other amounts and obligations owing under Subordinated Agreements in accordance with the terms thereof, subject rights or benefits to the rights of Agent under this AgreementDebtor.
Appears in 2 contracts
Sources: Senior Secured Revolving Credit Facility Agreement (Sunpeaks Ventures, Inc.), Senior Secured Revolving Credit Facility Agreement (Sunpeaks Ventures, Inc.)
Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of the Subordinated Indebtedness and Agent. Nothing in this Agreement shall impair, as between each Loan Party and Subordinated Lender the unconditional Senior Creditor and absolute obligation of such Loan Party shall not be construed to punctually pay the principal, interest and grant any other amounts and obligations owing under Subordinated Agreements in accordance with the terms thereof, subject rights or benefits to the rights of Agent under this AgreementBorrower.
Appears in 2 contracts
Sources: Subordination Agreement (Redfin Network, Inc.), Subordination Agreement (Redfin Network, Inc.)
Scope of Subordination. The provisions of this Agreement are solely to define the relative rights of any Holder of the Subordinated Indebtedness Creditor and Agentthe Senior Creditors. Nothing in this Agreement shall impair, as between each any Loan Party and the Subordinated Lender Creditor, the unconditional and absolute obligation of such each Loan Party to punctually pay the principal, interest and any other amounts and obligations owing under the Subordinated Agreements Agreement in accordance with the terms thereof, subject to the rights of Agent Senior Agents and other Senior Creditors under this Agreement.
Appears in 1 contract
Sources: Earn Out Subordination Agreement (Joe's Jeans Inc.)