Common use of Subsequent Holder Clause in Contracts

Subsequent Holder. In the event the holder of this Master Note transfers this Master Note for value, Borrower agrees that all subsequent holders of this Master Note shall not be subject to any claims or defenses which Borrower may have against a prior holder, all of which are waived as to the subsequent holder, and that all subsequent holders shall have all of the rights of a holder in due course with respect to Borrower even though the subsequent holder may not qualify, under applicable law, absent this paragraph, as a holder in due course.

Subsequent Holder. In the event the holder of this the Master Note transfers this Master Note for value, Borrower agrees that all subsequent holders of this Master Note shall not be subject to any claims or defenses which Borrower may have against a prior holder, all of which are waived as to the subsequent holder, and that all subsequent holders shall have all of the rights of a holder in due course with respect to Borrower even though the subsequent holder may not qualify, under applicable law, absent this paragraph, as a holder in due course.