Subordination of Note. The Company's obligation under the Note shall be subordinate in payment and priority to the indebtedness of the Company due and owing to Comerica Bank -California (the "BANK") evidenced by the Loan Agreement, and any other instruments evidencing indebtedness or obligations of the Company to Comerica Bank -- California (the "SENIOR DEBT")
Subordination of Note. This loan is subordinated to the loan outstanding to People's Bank.
Subordination of Note. The payment of principal, interest, fees and other sums arising pursuant this Note (the "Subordinated Debt") is expressly subordinated, in the manner hereinafter set forth, in right of payment to the prior payment and satisfaction in full of the Senior Debt. As used herein, "Senior Debt" means the principal, interest, fees and other sums currently payable to Coast Business Credit (the "Senior Lender") and any future restructuring of such indebtedness (including any restructurings where a new lender is substituted for the Senior Lender), but not including any additional borrowings from the Senior Lender (or any substitute Senior Lender) made after the date of this Agreement. So long as any part of the Senior Debt shall be due to the Senior Lender (or any substitute Senior Lender) and unpaid, no payment of any Subordinated Debt (whether in respect of principal, interest, fees, charges or otherwise) shall be made at any time by the Company or received by the Holder, without the prior written consent of the Senior Lender (or any substitute Senior Lender). Notwithstanding the foregoing, however, the Company may convert this Note pursuant to Article 3 hereof or redeem this Note pursuant to Article 2 hereof.
Subordination of Note. Until such time as the Note shall be paid in full, Seller, or its permitted assigns, shall promptly execute, acknowledge and deliver any agreement that any senior lender to Buyer may reasonably request to evidence the Note’s subordination to such senior lender’s interest.
Subordination of Note. This Note and the rights and obligations evidenced hereby are subordinate and junior, in the manner and to the extent set forth in the Subordination Agreement, dated as of ____________, 2004, among the original Noteholder, the Company, Healthcare Business Credit Corporation, and other parties named therein (as from time to time in effect, the "Specified Subordination Agreement"), and any other subordination agreement in favor of any senior lender of the Company, the terms of which subordination agreement are not more restrictive with respect to payment of amounts due under this Note than the terms set forth in the Specified Subordination Agreement (collectively with the Specified Subordination Agreement, the "Subordination Agreement"), in each case to all Senior Debt as defined therein.
Subordination of Note. This Note is subject to the provisions of the Subordination Agreement, dated as of September 19, 1997, among the Agent, the Lender, the Company and the Payee. In the event of a conflict between the provisions of this Note and the provisions of the Subordination Agreement, the provisions of the Subordination Agreement shall control.
Subordination of Note. (a) The Maker hereof agrees and the Holder by its acceptance of this Note likewise agrees that the indebtedness represented by this Note (the "Subordinated Indebtedness"), shall, subject to Section 4(j), be subordinate pursuant to the terms of this Note to the prior payment in full of all indebtedness, obligations and liabilities (the "Guaranty Obligations") of the Maker, under Article X of that certain Second Amended and Restated Credit Agreement, dated as of July 9, 1998 (as amended or otherwise modified from time to time, the "Credit Agreement") among the Maker, IQI, Inc. (the "Borrower"), the various financial institutions as are or may from time to time become parties thereto (collectively, the "Lenders"), The Bank of Nova Scotia as Documentation Agent and Administrative Agent for the Lenders (in such capacity, the "Administrative Agent") and Credit Suisse First Boston as Syndication Agent for the Lenders, to the Lenders, the Issuers and the Agents (as such capitalized terms are defined in the Credit Agreement). Such Guaranty Obligations relate to the indebtedness, obligations and liabilities of Borrower arising out of or in connection with the Credit Agreement (providing for Term Loans in the principal amount of $33,737,500 and a Revolving Loan Commitment Amount of $30,000,000), the Notes and/or any of the other Loan Documents, as such capitalized terms are defined in the Credit Agreement, in each case as the same may be modified, renewed, extended, refunded, refinanced, replaced (through new loan or security agreements or otherwise), increased or decreased from time to time, including, without limitation, as to all indebtedness, obligations and liabilities of Borrower described in the foregoing, all principal, interest (including any interest accruing subsequent to the date of, or which would accrue but for a filing or a petition or other action commencing bankruptcy, insolvency or similar proceedings with respect to the Borrower, whether or not permitted as an enforceable claim against the Borrower pursuant to applicable bankruptcy, insolvency or reorganization laws), and commitment, agency, facility, structuring, restructuring and other fees payable in connection therewith, together with any and all other expenses, indemnities or amounts payable in connection therewith, including all expenses incurred by the Lender Parties (as defined herein) in collecting all or any of the above or enforcing any rights under the Credit Agreement, the Notes, each ...
Subordination of Note. This Note and the rights and obligations evidenced hereby are subordinate and junior, in the manner and to the extent set forth in (i) the Subordination Agreement, dated as of December 1, 2006, among the original Noteholder, the Company, Xxxxx Fargo Foothill, Inc., and other parties named therein (as from time to time in effect, the "Senior Subordination Agreement"), (ii) the Subordination Agreement, dated as of December 1, 2006, among the original Noteholder, the Company, Phoenix Life Insurance Company (as from time to time in effect, the "Subdebt Subordination Agreement") and (iii) any other subordination agreement in favor of any senior lender of the Company, the terms of which subordination agreement are not more restrictive with respect to payment of amounts due under this Note than the terms set forth in the Senior Subordination Agreement or the Subdebt Subordination Agreement, (collectively with the Specified Subordination Agreement and the Senior Subordination Agreement, the "Subordination Agreements"), in each case to all Senior Debt as defined therein. Notwithstanding anything elsewhere herein or in the Subordination Agreement, the Company agrees that any additional debt incurred by the Company in subsequent acquisition transactions in which the Sellers accept notes payable from the Company, any such note or instrument shall in all circumstances be expressly subordinated to the Senior Debt (as such term is defined in the Subordination Agreement) and to this Note.
Subordination of Note. The Notes are subject to subordination in the manner, and to the extent, set forth in that certain Subordination Agreement, dated as of June 13, 2002, made by the Company and certain other persons in favor of Bank of America and certain senior creditors (the “Subordination Agreement”).
Subordination of Note. The indebtedness evidenced by this Note is subordinate and subject in the right of payment as to principal and interest to the prior payment in full of all principal, premium, if any, and interest on all indebtedness of the Company, regardless of when incurred, for money borrowed from any bank or other comparable financial institution up to a maximum of $________________Dollars ($___________) outstanding at any one time, but such maximum shall not apply to money borrowed that is secured by a first mortgage or other first lien on real property of the Company ("Senior Indebtedness"). Upon maturity of any Senior Indebtedness, payment in full must be made on such Senior Indebtedness before any payment is made on or in respect of this Note. During the continuance of any default with respect to any Senior Indebtedness entitling the holder thereof to accelerate the maturity thereof, or if any such default would be caused by any payment upon or in respect of the Debentures, no payment may be made by the Company upon or in respect of the Note. Upon any distribution of assets of the Company in any dissolution, winding up, liquidation, or reorganization of the Company, payment of the principal of and interest on the Note will be subordinated to the prior payment in full of all Senior Indebtedness. Such subordination will not prevent the occurrence of any Event of Default. The holder of this Note, by accepting the same, agrees to and shall be bound by the subordination provisions hereof and invites each present and any future holder of Senior Indebtedness now or hereafter outstanding to rely thereon.
