Common use of Notes Subordinate to Senior Indebtedness Clause in Contracts

Notes Subordinate to Senior Indebtedness. The Company covenants and agrees, and each holder of a Note, by its acceptance thereof, likewise covenants and agrees, for the benefit of the holders, from time to time, of Senior Indebtedness that, to the extent and in the manner hereinafter set forth in this Article, the Indebtedness represented by the Notes and the payment of the principal of (and premium, if any) and interest on each and all of the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all Senior Indebtedness.

Appears in 2 contracts

Samples: Indenture (MGM Mirage), Indenture (MGM Grand Inc)

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Notes Subordinate to Senior Indebtedness. The Company covenants and agrees, and each holder Holder of a Note, by its his acceptance thereof, likewise covenants and agrees, for the benefit of the holders, from time to time, of Senior Indebtedness that, to the extent and in the manner hereinafter set forth in this ArticleArticle 6, the Indebtedness indebtedness represented by the Notes and the payment of the principal of (and of, premium, if any) , and interest on each and all of the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all Senior Indebtedness.

Appears in 2 contracts

Samples: Noteholders Agreement (Hybridon Inc), Noteholders Agreement (Hybridon Inc)

Notes Subordinate to Senior Indebtedness. The Company covenants and agrees, and each holder Holder of a Note, by its his acceptance thereof, likewise covenants and agrees, for the benefit of the holders, from time to time, of Senior Indebtedness that, to the extent and in the manner hereinafter set forth in this ArticleArticle (subject to the provisions of Article 4), the Indebtedness represented by the Notes and the payment of the principal of (and premium, if any) and interest on each and all of the Notes (including any repurchases or payments pursuant to Article 14) are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all Senior Indebtedness.

Appears in 2 contracts

Samples: Prime Hospitality Corp, Buffets Inc

Notes Subordinate to Senior Indebtedness. The Company covenants and agrees, and each holder Holder of a Note, by its his acceptance thereof, likewise covenants and agrees, for the benefit of the holders, from time to time, of Senior Indebtedness that, to the extent and in the manner hereinafter set forth in this ArticleArticle 10, the Indebtedness represented by the Notes and the payment of the principal of (and premium, if any) and interest on each and all of the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all Senior IndebtednessIndebtedness and senior, in right of payment to all Subordinated Obligations.

Appears in 1 contract

Samples: Exhibit T3c (Envirosource Inc)

Notes Subordinate to Senior Indebtedness. The Company ----------------------------------------- covenants and agrees, and each holder Holder of a Note, by its his acceptance thereof, likewise covenants and agrees, for the benefit of the holders, from time to time, of Senior Indebtedness that, to the extent and in the manner hereinafter set forth in this ArticleArticle 10, the Indebtedness represented by the Notes and the payment of the principal of (and premium, if any) and interest on each and all of the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all Senior IndebtednessIndebtedness and senior, in right of payment to all Subordinated Obligations.

Appears in 1 contract

Samples: Envirosource Inc

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Notes Subordinate to Senior Indebtedness. The Company covenants and agrees, and each holder Holder of a Note, by its his acceptance thereof, likewise covenants and agrees, for the benefit of the holders, from time to time, of Senior Indebtedness that, to the extent and in the manner hereinafter set forth in this ArticleArticle XII, the Indebtedness indebtedness represented by the Notes and the payment of the principal of (and premium, if any) and interest on each and all of the Notes and all obligations of the Company under this Indenture are hereby expressly made subordinate and subject in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all Senior Indebtedness.

Appears in 1 contract

Samples: Indenture (Kranzco Realty Trust)

Notes Subordinate to Senior Indebtedness. The Company covenants and agrees, and each holder of a Note, by its his or her acceptance thereof, likewise covenants and agrees, for the benefit of the holders, from time to time, of Senior Indebtedness that, anything contained in this Indenture to the extent and in the manner hereinafter set forth in this Articlecontrary notwithstanding, the Indebtedness represented by the Notes and the payment of the principal of (and of, premium, if any) , and interest on on, each and all of the Notes are hereby expressly made subordinate and subject junior in right of payment as provided in this Article to the prior payment in full in cash or cash equivalents of all Senior Indebtedness, to the extent hereinafter set forth.

Appears in 1 contract

Samples: Aurora Electronics Inc

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