Intercompany Notes. The payment obligations of each maker of each Intercompany Note payable to such Grantor are and shall be subordinated in right of payment to the Obligations of such maker, whether as a Borrower or as a Guarantor. While any Event of Default exists, such Grantor shall hold in trust and pay over any payments received by it on each Intercompany Note to the Administrative Agent.
Appears in 3 contracts
Sources: Guaranty and Collateral Agreement (Furmanite Corp), Credit Agreement (Furmanite Corp), Guaranty and Collateral Agreement (Furmanite Corp)