Common use of Subordination of Loans Clause in Contracts

Subordination of Loans. Each Loan Party covenants and agrees that any existing and future loans from any Subsidiary that is not a Loan Party to the Borrower or any Loan Party shall be subordinated (to the extent legally permitted) in right of payment to the Secured Obligations pursuant to the Intercompany Note.

Subordination of Loans. Each Loan Party covenants and agrees that any existing and future loans from any Subsidiary that is not a Loan Party to either of the Parent Guarantors, the Borrower or any Subsidiary Loan Party shall be subordinated (to the extent legally permitted) in right of payment to the Secured Obligations pursuant to a written agreement to at least the Intercompany Notesame extent as the Subordinated Notes are subordinated to the Obligations.

Subordination of Loans. Each Loan Agreement Party covenants and agrees that any existing and future loans from any Subsidiary that is not a Loan Party to the Borrower or any Loan Party (or by any Loan Party which is organized under the laws of a jurisdiction other than the United States or Canada (or any state, province or territory thereof), if made to any Loan Party organized under the laws of the United States or Canada (or any state, province or territory thereof)) shall be subordinated (as, and to the extent legally permitted) in right of payment to the Secured Obligations pursuant to extent, required by the Intercompany NoteSubordination Agreement.

Subordination of Loans. Each Loan Party covenants and agrees that any existing and future loans from any or notes owing by a Loan Party to a Subsidiary that is not a Loan Party to the Borrower or any Loan Party shall be subordinated (to the extent legally permitted) in right of payment to the Secured Obligations pursuant to the Intercompany NoteSubordinated Indebtedness.