No Reduction or Discharge. As between the Debtors and the Subordinated Creditors, the Subordinated Liabilities will be deemed not to have been reduced or discharged to the extent of any payment or distribution to the Security Agent under Clause 11.4 (Turnover of Subordinated Liabilities) and no Debtor shall be released from the liability to make any payment or distribution of any kind whatsoever (including of default interest, which shall continue to accrue) with respect to or on account of any Subordinated Liabilities by the operation of Clause 11.1 (
No Reduction or Discharge. As between the Obligors and the Shareholders (each in their capacity as such), the Shareholder Liabilities will be deemed not to have been reduced or discharged to the extent of any payment or other Distribution to the Security Agent under clause 4.5 (Turnover: Shareholder Liabilities).
No Reduction or Discharge. The Debt Liabilities of the relevant Beneficiary shall be deemed not to have been reduced or discharged by the amount of a Recovered Payment.
No Reduction or Discharge. As between the Debtors and the Holding Company Creditors, the Holdco Liabilities will be deemed not to have been reduced or discharged to the extent of any payment or distribution turned over to the Security Agent under Clause 10.2 (Turnover by the Creditors) and no Debtor shall be released from the liability to make any payment or distribution of any kind whatsoever (including of default interest, which shall continue to accrue) with respect to or on account of any Holdco Liabilities by the operation of this Clause 7 even if its obligation to make that payment or distribution is restricted at any time by the terms of this Clause 7.
No Reduction or Discharge. No Indebtedness shall be deemed to have been reduced or discharged in any way or to any extent by any payment or distribution to the Security Agent in accordance with Clause 9.1 (Turnover).
No Reduction or Discharge. As between the Parent and the Investors, the Investor Debt will be deemed not to have been reduced or discharged to the extent of any payment or distribution to the Security Agent under clause 6 (Turnover).
