Common use of SUBORDINATION OF SECURITIES Clause in Contracts

SUBORDINATION OF SECURITIES. Section 12.1. Securities Subordinate to Senior Debt................................... 59 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 Section 12.3. Payment Permitted If No Default......................................... 61 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 62

SUBORDINATION OF SECURITIES. Section 12.1. 13.1 Securities Subordinate to Senior Debt................................... 59 ...............................83 Section 12.2. 13.2 No Payment When in Certain Circumstances, Payment over of Proceeds upon Dissolution, Etc .....................................83 Section 13.3 Prior Payment to Senior Debt in Default; Payment Over upon Acceleration of Proceeds Upon Dissolution, Etc................................................... 59 Securities........85 Section 12.3. 13.4 Payment Permitted If No Default......................................... 61 .....................................85 Section 12.4. 13.5 Subrogation to Rights of Holders of Senior Debt......................... 61 .....................86 Section 12.5. 13.6 Provisions Solely to Define Relative Rights............................. 62.........................86 Section 13.7

SUBORDINATION OF SECURITIES. Section 12.1. Securities Subordinate to Senior Debt................................... ................. 59 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... ............ 59 Section 12.3. Payment Permitted If No Default......................................... ....................... 61 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... ....... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 62........... 61

SUBORDINATION OF SECURITIES. 58 Section 12.1. Securities Subordinate to Senior Debt................................... 59 ..................58 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ......................58 Section 12.3. Payment Permitted If No Default......................................... 61 ........................59 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 ........60 Section 12.5. Provisions Solely to Define Relative Rights............................. 62............60

SUBORDINATION OF SECURITIES. Section 12.1. Securities Subordinate to Senior Debt................................... 59 ......................... 69 Section 12.2. Payment Over of Proceeds Upon Dissolution, Etc................ 69 Section 12.3. Prior Payment to Senior Debt Upon Acceleration of Securities.. 70 Section 12.4. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ........................ 70 Section 12.312.5. Payment Permitted If No Default......................................... 61 ............................... 71 Section 12.412.6. Subrogation to Rights of Holders of Senior Debt......................... 61 ............... 71 Section 12.512.7. Provisions Solely to Define Relative Rights............................. 62................... 72 Section 12.8.

SUBORDINATION OF SECURITIES. 66 Section 12.1. 1401 Securities Subordinate to Senior Debt................................... 59 .................................................66 Section 12.2. No Payment When Senior Debt in Default; 1402 Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ........................................66 Section 12.3. 1403 No Payment When Senior Debt in Default................................................67 Section 1404 Payment Permitted If No Default......................................... 61 .......................................................69 Section 12.4. 1405 Subrogation to Rights of Holders of Senior Debt......................... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 62.......................................69 Table of Contents (continued) Page

SUBORDINATION OF SECURITIES. Section SECTION 12.1. Securities Subordinate to Senior Debt................................... 59 Section ................................................55 SECTION 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 Section .....................................................................55 SECTION 12.3. Payment Permitted If No Default......................................... 61 Section ......................................................57 SECTION 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 Section ......................................57 SECTION 12.5. Provisions Solely to Define Relative Rights............................. 62..........................................57 SECTION 12.6.

SUBORDINATION OF SECURITIES. 60 Section 12.1. Securities Subordinate to Senior Debt................................... 59 ................ 60 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 . ............... 61 Section 12.3. Payment Permitted If No Default......................................... 61 ...................... 62 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 ...... 62 Section 12.5. Provisions Solely to Define Relative Rights............................. 62.......... 63

SUBORDINATION OF SECURITIES. 60 Section 12.1. Securities Subordinate to Senior Debt................................... 59 .....................60 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 .........................60 Section 12.3. Payment Permitted If No Default......................................... 61 ...........................62 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 ...........62 Section 12.5. Provisions Solely to Define Relative Rights............................. ...............62

SUBORDINATION OF SECURITIES. Section 12.1. Securities Subordinate to Senior Debt................................... Debt ...................... 59 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... Etc ............................. 59 Section 12.3. Payment Permitted If No Default......................................... Default ............................ 61 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... Debt ............ 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 62Rights ................ 61

SUBORDINATION OF SECURITIES. Section 12.1. Securities Subordinate to Senior Debt................................... 59 ...................61 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ..........................61 Section 12.3. Payment Permitted If No Default......................................... 61 .........................62 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 .........63 Section 12.5. Provisions Solely to Define Relative Rights............................. 62.............63

SUBORDINATION OF SECURITIES. Section 12.113.1. Securities Subordinate to Senior Debt................................... 59 Indebtedness............... 66 Section 12.213.2. No Payment When Senior Debt Indebtedness in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 .............. 66 Section 12.313.3. Payment Permitted If No Default......................................... 61 ............................. 68 Section 12.413.4. Subrogation to Rights of Holders of Senior Debt......................... 61 Indebtedness..... 68 Section 12.513.5. Provisions Solely to Define Relative Rights............................. 62................. 68 Section 13.6.

SUBORDINATION OF SECURITIES. 60 Section 12.1. Securities Subordinate to Senior Debt................................... 59 ................ 60 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ............ 61 Section 12.3. Payment Permitted If No Default......................................... 61 ...................... 62 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 ...... 62 Section 12.5. Provisions Solely to Define Relative Rights............................. 62.......... 63 Section 12.6.

SUBORDINATION OF SECURITIES. 55 Section 12.1. 1401 Securities Subordinate to Senior Debt................................... 59 .............................................55 Section 12.2. No Payment When Senior Debt in Default; 1402 Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ....................................55 Section 12.3. 1403 No Payment When Senior Debt in Default............................................56 Section 1404 Payment Permitted If No Default......................................... 61 ...................................................57 Section 12.4. 1405 Subrogation to Rights of Holders of Senior Debt......................... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 62...................................58 Table of Contents (continued)

SUBORDINATION OF SECURITIES. 66 Section 12.1. 1401 Securities Subordinate to Senior Debt................................... 59 ........................................ 66 Section 12.2. No Payment When Senior Debt in Default; 1402 Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ............................... 66 Section 12.3. 1403 No Payment When Senior Debt in Default....................................... 67 Section 1404 Payment Permitted If No Default......................................... 61 .............................................. 69 Section 12.4. 1405 Subrogation to Rights of Holders of Senior Debt......................... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 62.............................. 69 Table of Contents (continued)

SUBORDINATION OF SECURITIES. 61 Section 12.1. Securities Subordinate to Senior Debt................................... 59 ...................61 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ..........................61 Section 12.3. Payment Permitted If No Default......................................... 61 .........................62 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 .........63 Section 12.5. Provisions Solely to Define Relative Rights............................. 62.............63

SUBORDINATION OF SECURITIES. Section 12.113.1. Securities Subordinate to Senior Debt................................... 59 Indebtedness................ 66 Section 12.213.2. No Payment When Senior Debt Indebtedness in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 .................... 66 Section 12.313.3. Payment Permitted If No Default......................................... 61 .............................. 68 Section 12.413.4. Subrogation to Rights of Holders of Senior Debt......................... 61 Indebtedness...... 68 Section 12.513.5. Provisions Solely to Define Relative Rights............................. 62.................. 68 Section 13.6.

SUBORDINATION OF SECURITIES. 58 Section 12.1. Securities Subordinate to Senior Debt................................... 59 ....................................58 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 . 58 Section 12.3. Payment Permitted If No Default......................................... 61 ..........................................59 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 ..........................60 Section 12.5. Provisions Solely to Define Relative Rights............................. 62..............................60

SUBORDINATION OF SECURITIES. 58 Section 12.1. Securities Subordinate to Senior Debt................................... 59 ............................................58 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... .................................................................59 Section 12.3. Payment Permitted If No Default......................................... 61 ..................................................60 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 ..................................60 Section 12.5. Provisions Solely to Define Relative Rights............................. 62......................................61

SUBORDINATION OF SECURITIES. 58 Section 12.1. Securities Subordinate to Senior Debt................................... 59 ......................58 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 . ...................58 Section 12.3. Payment Permitted If No Default......................................... 61 ............................59 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 ............60 Section 12.5. Provisions Solely to Define Relative Rights............................. 62................60

SUBORDINATION OF SECURITIES. Section 12.113.1. Securities Subordinate to Senior Debt................................... 59 Indebtedness...................... 77 Section 12.213.2. No Payment When Senior Debt Indebtedness in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 . ....................... 78 Section 12.313.3. Payment Permitted If No Default......................................... 61 ............ 80 Section 12.413.4. Subrogation to Rights of Holders of Senior Debt......................... 61 Indebtedness...................... 80 Section 12.513.5. Provisions Solely to Define Relative Rights............................. 62.......................... 80 Section 13.6.

SUBORDINATION OF SECURITIES. Section 12.1SECTION 13.01. Securities Subordinate to Senior Debt................................... 59 Section 12.2.......................95 SECTION 13.02. Payment Over of Proceeds upon Dissolution, Etc..............95 SECTION 13.03. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 Section 12.3. Payment Permitted If No Default......................................... 61 Section 12.4......................97 SECTION 13.04. Subrogation to Rights of Holders of Senior Debt......................... 61 Section 12.5.............98 SECTION 13.05. Provisions Solely to Define Relative Rights............................. 62.................99 SECTION 13.06. No Waiver of Subordination Provisions.......................99 SECTION 13.07.

SUBORDINATION OF SECURITIES. Section 12.113.1. Securities Subordinate to Senior Debt................................... 59 Indebtedness.................. 66 Section 12.213.2. No Payment When Senior Debt Indebtedness in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 ............................ 67 Section 12.313.3. Payment Permitted If No Default......................................... 61 ................................ 68 Section 12.413.4. Subrogation to Rights of Holders of Senior Debt......................... 61 Indebtedness........ 68 Section 12.513.5. Provisions Solely to Define Relative Rights............................. 62.................... 69 Section 13.6.

SUBORDINATION OF SECURITIES. Section SECTION 12.1. Securities Subordinate to Senior Debt................................... 59 Section ................................................60 SECTION 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 Section . ...................................................................60 SECTION 12.3. Payment Permitted If No Default......................................... 61 Section ......................................................62 SECTION 12.4. Subrogation to Rights of Holders of Senior Debt......................... 61 Section ......................................62 SECTION 12.5. Provisions Solely to Define Relative Rights............................. 62..........................................62 SECTION 12.6.

SUBORDINATION OF SECURITIES. Section 12.1. Securities Subordinate to Senior Debt................................... .....................................................59 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... .......................................................................................59 Section 12.3. Payment Permitted If No Default......................................... ...........................................................61 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... ...........................................61 Section 12.5. Provisions Solely to Define Relative Rights............................. 62...............................................61

SUBORDINATION OF SECURITIES. Section 12.1SECTION 13.1. Securities Subordinate to Senior Debt................................... 59 Section 12.2................67 SECTION 13.2. Payment Over of Proceeds Upon Dissolution, Etc.......67 SECTION 13.3. Prior Payment to Senior Debt Upon Acceleration of Securities......................68 SECTION 13.4. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 Section 12.3...............69 SECTION 13.5. Payment Permitted If No Default......................................... 61 Section 12.4......................69 SECTION 13.6. Subrogation to Rights of Holders of Senior Debt......................... 61 Section 12.5......70 SECTION 13.7. Provisions Solely to Define Relative Rights............................. 62..........70 SECTION 13.8.

SUBORDINATION OF SECURITIES. Section 12.1. Securities Subordinate to Senior Debt................................... Debt ................ 59 Section 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... . ................... 59 Section 12.3. Payment Permitted If No Default......................................... 61 Default ...................... 60 Section 12.4. Subrogation to Rights of Holders of Senior Debt......................... Debt ...... 61 Section 12.5. Provisions Solely to Define Relative Rights............................. 62Rights .......... 61

SUBORDINATION OF SECURITIES. Section 12.113.1. Securities Subordinate to Senior Debt................................... 59 ................... 65 Section 12.213.2. Payment Over of Proceeds Upon Dissolution, Etc.......... 65 Section 13.3. Prior Payment to Senior Debt Upon Acceleration of Securities........................... 66 Section 13.4. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc................................................... 59 .................. 67 Section 12.313.5. Payment Permitted If No Default......................................... 61 ......................... 67 Section 12.413.6. Subrogation to Rights of Holders of Senior Debt......................... 61 ......... 68 Section 12.513.7. Provisions Solely to Define Relative Rights............................. 62............. 68 Section 13.8.