Subordination of Payment. The payment of the Debt represented by the Notes is hereby expressly subordinated in right of payment to the prior payment in full of the Compass Senior Debt; PROVIDED, HOWEVER, so long as no Event of Default has occurred and is continuing for which (other than an event specified in Subsection 7.1(d) of the Compass Senior Credit Agreement) the Agent under the Compass Senior Credit Agreement has given written notice of such Event of Default to the Noteholders (a "DEFAULT NOTICE"), the Company may pay only interest due on the Notes according to their terms. At any time following the occurrence and during the continuance of any Event of Default and provided that the Agent under the Compass Senior Credit Agreement has given a Default Notice to the Noteholders, the Noteholders will not accept or receive, any payments in cash, on or with respect to the Notes unless and until (a) such Event of Default shall have been cured or waived or shall have ceased to exist or (b) such time as all Compass Senior Debt shall have been fully paid and performed and the obligation of the Senior Lenders to make loans under the Compass Senior Credit Agreement shall have terminated. Notwithstanding the above, if within 90 days after the giving of such Default Notice by the Agent under the Compass Senior Credit Agreement such Event of Default has not become the subject of an acceleration notice by the Senior Lenders, then the Company may, at its option (unless in such interval the provision of this SECTION 12.1 have again come into effect on account of any other Event of Default that did not exist on the date of any prior Default Notice), resume making any and all required payments in respect of the Notes in any manner authorized under the terms governing the Notes until such time (if any) that such judicial proceedings are instituted, such an acceleration notice is given or a Default Notice is given and a period of 90 days shall not have elapsed since the giving of such Default Notice as contemplated above. In the event any direct or indirect payment or distribution in cash, shall be received by the Noteholders in contravention of the provisions hereof, such payment or distribution shall be held in trust for, and shall be immediately paid over or delivered to, the Agent under the Compass Senior Credit Agreement.
Subordination of Payment. Except as provided in Section 4 above, so long as any amount is outstanding and owing to Lender on or related to the Loan:
Subordination of Payment. Except as set forth in Section 2.2 below, the payment of any and all of the principal amount of, interest on and any fees, costs and expenses on the Subordinated Debt is hereby expressly subordinated and made junior to the payment of the principal amount, all interest, all liquidated damages, fees, costs, expenses and any other amounts due on the Senior Debt.
Subordination of Payment. The Company and each Subsidiary ------------------------ Borrower agrees that the Intercompany Loans are subordinated in right of payment, to the extent and in the manner provided in this Article III, to the prior payment in full in cash of all the Guaranteed Obligations (as defined in the Credit Agreement) and that the subordination is for the benefit of and enforceable by the Collateral Agent on behalf of the Secured Parties.
Subordination of Payment. (a) General Notwithstanding anything in the Subordinated Loan Documents to the contrary, Argyle agrees and covenants that the Subordinated Secured Obligations are and shall be subordinate in right of payment to the Senior Secured Obligations. Each of the Senior Lenders agrees that his or its respective rights to payments from Borrower on the Senior Secured Obligations shall be pari passu with the other Senior Lenders. The Senior Secured Obligations shall not be deemed to have been paid in full until the Senior Loan Documents shall have been terminated as provided therein and the Senior Lenders shall each have received payment in full of the Senior Secured Obligations in cash or equity as provided for in the Senior Loan Documents.
Subordination of Payment. Until the Senior Secured Obligations have been paid in full, the payment of the Subordinated Secured Obligations shall be postponed and subordinated to the payment of all of the Senior Secured Obligations except that the Subordinated Secured Obligations can be converted in whole or in part into equity of the Borrower at any time in accordance with the Subordinated Loan Documents. Except as provided in the immediately preceding sentence, Argyle shall accept no payments or other distributions whatsoever on account of the Subordinated Secured Obligations under and pursuant to the Subordinated Loan Documents, nor shall any property or assets of the Borrower be applied to the purchase or acquisition or retirement of any of the Subordinated Secured Obligations.
Subordination of Payment. The indebtedness evidenced by this Note is subordinated and junior in right of payment to the prior payment in full of all indebtedness of the Company and its subsidiaries to any bank, or other financial institution for money borrowed under any loan agreement, credit agreement, promissory note or similar instruments ("Bank Debt"). No payment of principal or interest on that Note may be paid (i) if any Bank Debt is not paid when due and any applicable grace period with respect to such default has ended and such default has not been cured or waived or ceased to exist, or (ii) if the maturity of any Bank Debt has been accelerated because of a default by Marcxx.
Subordination of Payment. Once an Event of Default shall have occurred under the First Note and/or Second Note and/or Bridge Note and shall be continuing or payment to City under the City Note would cause an Event of Default under the First Note and/or Second Note and/or Bridge Note, and CRBT or their successor has notified City in writing of an Event of Default, City shall not receive any payment of any moneys, including, without limitation, principal or interest (including post-petition interest), now or hereafter owing by Borrower in respect of any payments due and owing as secured by the Easement or any security therefor, until the final payment in full of all obligations, liabilities and indebtedness of every nature of Borrower, from time to time owing to CRBT under or in connection with the First Note, Second Note and Bridge Note, including principal, interest, fees (including fees of counsel), and expenses whether now or hereafter existing under the First Note, Second Note and Bridge Note. Notwithstanding the foregoing, upon foreclosure of the First Mortgage and/or Second Mortgage; provided the amount of the bid at the sheriff’s sale is the full amount due and owing to CRBT under the First Note, the payment subordination shall cease as to the First Note and Second Note only. City acknowledges and agrees that any payment, fee or any other amount owing to it as secured by the Easement is expressly subordinated to the First Note and Second Note.
Subordination of Payment. Once an Event of Default shall have occurred under the NDHFA Note and shall be continuing or payment to City under the City Note would cause an Event of Default under the NDHFA Note, and NDHFA or their successor has notified City in writing of an Event of Default, City shall not receive any payment of any moneys, including, without limitation, principal or interest (including post-petition interest), now or hereafter owing by Borrower in respect of any payments due and owing as secured by the Easement or any security therefor, until the final payment in full of all obligations, liabilities and indebtedness of every nature of Borrower, from time to time owing to NDHFA under or in connection with the NDHFA Note, including principal, interest, fees (including fees of counsel), and expenses whether now or hereafter existing under the NDHFA Note. Notwithstanding the foregoing, upon foreclosure of the NDHFA Mortgage; provided the amount of the bid at the sheriff’s sale is the full amount due and owing to NDHFA under the NDHFA Note, the payment subordination shall cease as to the NDHFA Note only. City acknowledges and agrees that any payment, fee or any other amount owing to it as secured by the Easement is expressly subordinated to the NDHFA Note.
Subordination of Payment. 46 SECTION 12.2. NOTES SUBORDINATED TO PRIOR PAYMENT OF COMPASS SENIOR DEBT ON DISSOLUTION, LIQUIDATION OR REORGANIZATION OF THE COMPANY . . . . . . 46 SECTION 12.3.
