Common use of Securities Subordinated to Senior Debt Clause in Contracts

Securities Subordinated to Senior Debt. The Company and each Holder of a Security, by his acceptance thereof, agree that (a) the payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to each and all the Securities and (b) any other payment in respect of the Securities, including on account of the acquisition or redemption of Securities by the Company, is subordinated, to the extent and in the manner provided in such Security or in the supplemental indenture pursuant to which such Security is issued, to the prior payment in full of all Senior Debt specified in such Security or in such supplemental indenture. Such subordination provisions shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold, any of such Senior Debt, and such provisions are made for the benefit of the holders of such Senior Debt and any one or more of them may enforce such provisions. The Trustee’s rights to compensation and indemnification as set forth in Section 6.7 herein shall not be subject to the subordination provisions of this Indenture.

Securities Subordinated to Senior Debt. The Company and each Holder of a Security, by his acceptance thereof, agree that (a) the payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to each and all the Securities and (b) any other payment in respect of the Securities, including on account of the acquisition or redemption of Securities by the Company, is subordinated, to the extent and in the manner provided in such Security or in the supplemental indenture pursuant to which such Security is issued, to the prior payment in full of all Senior Debt specified in such Security or in such supplemental indenture. Such subordination provisions shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold, any of such Senior Debt, and such provisions are made for the benefit of the holders of such Senior Debt and any one or more of them may enforce such provisions. Indenture The Trustee’s rights to compensation and indemnification as set forth in Section 6.7 herein shall not be subject to the subordination provisions of this Indenture.