Extent of Subordination. The subordinations and priorities specified herein are applicable irrespective of the time, manner or order of attachment or perfection of any security interests, liens or claims, or the time or order of filing of any financing statements, or the giving or failure to give notice of the acquisition or expected acquisition of any purchase money security interests or other security interests; provided, however, if, for any reason, a security interest, lien or claim of a party to which a security interest, lien or claim of the other party is hereby subordinated is not perfected or is avoidable, then the subordination of such security interest, lien or claim of such other party shall not be effective as to the particular collateral which is the subject of the unperfected or avoidable security interest, lien or claim.
Extent of Subordination. If any payment default has occurred and is continuing on any Senior Debt, or a non-payment default has occurred and is continuing on the Senior Debt and the Holder has received notice of such non-payment default, then the Company shall not make any direct or indirect payment or distribution of any kind or character, whether in cash, property or securities, to, or for the benefit of, the Holder pursuant to or in respect of this Promise (whether for principal or interest or otherwise, and whether before, after or in connection with any dissolution, winding up, liquidation or reorganization or receivership proceeding or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company). Notwithstanding the preceding sentence, if the Senior Debt has been paid in full or the relevant default has been cured or waived, the Company may make payments in respect of this Promise.
Extent of Subordination. The indebtedness evidenced by this Debenture shall be subordinate in right of payment to any given Senior Obligation (as defined below) in the manner and to the extent provided (i) in this Section 3 and (ii) in any written commitment which the Company may at any time make in good faith with respect to the given Senior Obligation. Without limiting by implication the generality of the preceding sentence, the Company shall have the right to enter into commitments with respect to any given Senior Obligation (either at the time such Senior Obligation shall be incurred or at any time thereafter) which may preclude the Company from making payments on this Debenture until all amounts on the Senior Obligation are satisfied or impose other restrictions on the payment of this Debenture and all other persons interested in this Debenture to the extent provided in such commitment, provided that such commitment shall be made in good faith.
Extent of Subordination. The indebtedness evidenced by this Convertible Note is hereby expressly subordinated and junior, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all the Company’s Senior Indebtedness.
Extent of Subordination. If any payment default has occurred and is continuing on any Senior Debt, or a non-payment default has occurred and is continuing on the Senior Debt and the Holder has received notice of such non-payment default, then the Guarantor shall not make any direct or indirect payment or distribution of any kind or character, whether in cash, property or securities, to, or for the benefit of, the Holder pursuant to or in respect of this Guaranty or Guaranty Debt (whether principal or interest or otherwise), and whether before, after or in connection with any dissolution, winding up, liquidation or reorganization or receivership proceeding or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Guarantor. Notwithstanding the preceding sentence, if the Senior Debt has been paid in full or the relevant default has been cured or waived, the Guarantor shall make payments in accordance with this Guaranty.
Extent of Subordination. The subordinations and priorities specified herein are applicable irrespective of the time, manner or order of attachment or perfection of any security interest in the Collateral, or the time or order of filing of any financing statements, or the giving or failure to give notice of the acquisition or expected acquisition of any purchase money security interest or other security interest. Such subordinations and priorities shall remain effective notwithstanding the amendment or modification of the documents governing the FSH/HHH Loan or governing the grant of any security interest in the Collateral to secure repayment of the indebtedness arising under the RSH/HHH Loan or the commencement of a case by or against either Dart of any obligor under the RSH/HHH Loan under Title 11 of the United 24 States Code or any similar insolvency or moratorium laws; except that such subordination shall not be effective to the extent that Dart hereafter increases the principal amount owing under the RSH/HHH Loan or extends the maturity date thereof.
Extent of Subordination. The indebtedness evidenced by the Notes is subordinate and junior in right of payment and collection (to the extent described herein) to the Company's "Obligations" under that certain Credit Agreement, dated as of September 1, 2000, as amended (as such credit agreement may be further amended, modified, supplemented, restated, replaced or refinanced, whether in whole or part, from time to time, the "Senior Credit Agreement"), among Commercial Vehicle Systems PLC (the "Borrower"), CVS Holdings Limited, as Guarantor, Bank of America, N.A., as Administrative Agent and Swing Line Lender, and the other financial institutions party thereto (whether such obligations are outstanding on the date hereof or hereafter created, incurred, assumed or guaranteed), and all obligations under that certain Guaranty, dated as of September 30, 2002, issued by the Company with respect thereto (collectively, the "Senior Indebtedness"). Such subordination shall be for the benefit of the holders of the Senior Indebtedness. The Notes are subordinate to the Senior Indebtedness only to the extent and in the manner herein set forth:
Extent of Subordination. All amounts (including all principal, interest, premiums and other payments) payable by the Company under the Notes (the “Subordinated Debt”) are and shall be subordinate and junior in right of payment to the prior payment in full of the Senior Debt (as defined below) to the extent and in the manner set forth in this paragraph 3. Each holder of the Senior Debt, whether now outstanding or hereafter incurred, shall be deemed to have acquired the Senior Debt in reliance upon the provisions contained in this paragraph 3. This paragraph 3 shall constitute a continuing offer to all persons who become holders of, or continue to hold, the Senior Debt, and the provisions herein are made for the benefit of the holders of the Senior Debt, and such holders are made obligees hereunder and any one or more of them may enforce such provisions.
Extent of Subordination. The indebtedness evidenced by the Notes is subject to the terms of two separate Subordination Agreements - Xxxxxx Boats, Inc. Indebtedness to Brunswick Corporation, each dated as of the date hereof, one with respect to Transamerica Commercial Finance Corporation as senior lender and one with respect to Deutsche Financial Services Corporation as senior lender. No provision of this Section 9.1 shall be deemed to subordinate, to any extent, any claim or right of any holder of the Notes to any claim against the Company by any creditor or any other Person except to the extent expressly provided in the above referenced Subordination Agreements.
Extent of Subordination. All amounts (including all principal, interest, premiums and other payments) payable by the Company pursuant to this Note (the “Subordinated Debt”) are and shall be subordinated and junior in right of payment to the prior payment in full in cash of the Senior Debt (as defined below) to the extent and in the manner set forth herein. Each holder of Senior Debt, whether now outstanding or hereafter arising, shall be deemed to have acquired Senior Debt in reliance upon the provisions contained herein.
