Common use of Payment Priority Clause in Contracts

Payment Priority. The Borrowers, the Agent and the Banks all agree that obligations of the Borrowers with respect to the Tranche A Loans and the Tranche B Loans (hereinafter in this Section 2.21, the "Existing Loans") shall be subordinate and subject in right of payment to the prior payment in full of all obligations of the Borrowers 18 to the Overadvance Banks under the Overadvance Loans made pursuant to this Agreement, including, without limitation, all obligations of the Borrowers under the Overadvance Loans in respect of interest accruing before or after the commencement of any bankruptcy, insolvency, or similar proceedings with respect to any of the Borrowers, Each Bank, including those Banks that are not Overadvance Banks (hereinafter in this Section 2.21, an "NonOveradvance Bank") hereby expressly agrees that, except as and to the extent hereinafter provided, such Bank will not ask, demand, sue ▇▇▇, take or receive from the Borrowers or from any guarantor or surety of the Existing Loans or any portion thereof, by set-off or, or from the Collateral, or in any other manner, payment of, (and the Borrowers hereby agree that, except as, and to the extent hereinafter provided, they will not pay) the whole or any part of the Existing Loans, or any security therefor, unless or until all of the Overadvance Loans shall have been fully paid.