Common use of Prior Payment of Guaranteed Obligations Clause in Contracts

Prior Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Obligor, each Guarantor agrees that the Secured Creditors shall be entitled to receive payment in full in cash of all Guaranteed Obligations before such Guarantor receives payment of any Subordinated Obligations.

Prior Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Obligorthe Guaranteed Borrower, each the Guarantor agrees that the Secured Creditors Beneficiaries shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including all interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting an allowed claim in such proceeding (“Post Petition Interest”)) before such the Guarantor receives payment of any Subordinated Obligations.