Common use of Right to Payments Clause in Contracts

Right to Payments. Should the Agent and the Lenders or any of them receive from the Guarantor one or more payments on account of its liability under the Guarantee, the Guarantor shall not be entitled to claim repayment against the Borrower or the Other Guarantors until the Agent’s and the Lenders’ claims against the Borrower have been paid in full. In the event of the liquidation, winding-up or bankruptcy of the Borrower (whether voluntary or compulsory); or if the Borrower shall make a bulk sale of any of its assets within the meaning of any applicable legislation of any other province of Canada, under the Uniform Commercial Code of any state of the United States of America or under any other applicable Laws; or should the Borrower make any proposal, composition or scheme of arrangement with its creditors; then, in any of such events the Agent and the Lenders shall have the right to rank for their full claim and receive all dividends or other payments in respect thereof until their claim has been paid in full, and the Guarantor shall remain liable up to the amount guaranteed for any balance which may be owing to the Agent and the Lenders by the Borrower; and in the event of the valuation by the Agent and the Lenders or any of them of any security held in respect of the debts of the Borrower, or of the retention by the Agent and the Lenders or any of them of such security, such valuation and/or retention shall not, as between the Agent and the Lenders and the Guarantor, be considered as a purchase of such security, or as payment or satisfaction or reduction of the liabilities of the Borrower to the Agent and the Lenders, or any part thereof.

Right to Payments. Should the Agent and the Lenders or any of them receive from the a Guarantor one or more payments on account of its liability under the Guarantee, the such Guarantor shall not be entitled to claim repayment against the Borrower or the Other Guarantors until the Agent’s 's and the Lenders’ ' claims against the Borrower have been paid in full. In the event of the liquidation, winding-up or bankruptcy of the Borrower or any other Guarantor (whether voluntary or compulsory); or if the Borrower shall make a bulk sale of any of its assets within the meaning of any applicable legislation of any other province of Canada, under the Uniform Commercial Code of any state of the United States of America or under any other applicable Laws; or should the Borrower or any other Guarantor make any proposal, composition or scheme of arrangement with its creditors; then, in any of such events the Agent and the Lenders shall have the right to rank for their full claim and receive all dividends or other payments in respect thereof until their claim has been paid in full, and the Guarantor Guarantors shall remain liable up to the amount guaranteed for any balance which may be owing to the Agent and the Lenders by the Borrower; and in the event of the valuation by the Agent and the Lenders or any of them of any security held in respect of the debts of the Borrower, or of the retention by the Agent and the Lenders or any of them of such security, such valuation and/or retention shall not, as between the Agent and the Lenders and the GuarantorGuarantors, be considered as a purchase of such security, or as payment or satisfaction or reduction of the liabilities of the Borrower to the Agent and the Lenders, or any part thereof.

Right to Payments. Should the Agent and the Lenders Guaranteed Parties or any of them receive from the Guarantor one or more payments on account of its the liability under the this Guarantee, the Guarantor shall not be entitled to claim repayment against the Borrower or the Other Guarantors until the Agent’s and the Lenders’ Guaranteed Parties' claims against the Borrower have been paid in full. In the event of the liquidation, winding-up or bankruptcy of the Borrower (whether voluntary or compulsory); , or if the Borrower shall make a sale of a substantial part of its assets or property or a bulk sale of any of its the Borrower's assets within the meaning of any applicable legislation of any other province of Canada, under the Uniform Commercial Code of any state of the United States of America or under any other applicable Laws; , or should the Borrower make any proposal, composition or scheme of arrangement with its creditors; , then, in any of such events events, the Agent and the Lenders Guaranteed Parties shall have the right to rank for their full claim and receive all dividends or other payments in respect thereof until their claim has been paid in full, and the Guarantor shall remain liable up to the amount guaranteed for any balance which may be owing to the Agent and the Lenders Guaranteed Parties by the Borrower; and in the event of the valuation by the Agent and the Lenders Guaranteed Parties or any of them of any security held in respect of the debts of the Borrower's debts, or of the retention by the Agent and the Lenders Guaranteed Parties or any of them of such security, such valuation and/or retention shall not, as between the Agent and the Lenders Guaranteed Parties and the Guarantor, be considered as a purchase of such security, or as payment or satisfaction or reduction of the Borrower's liabilities of the Borrower to the Agent and the LendersGuaranteed Parties, or any part thereof.

Right to Payments. Should the Agent and the Lenders Guaranteed Parties or any of them receive from the Guarantor one or more payments on account of its the liability under the this Guarantee, the Guarantor shall not be entitled to claim repayment against the Borrower or the Other Guarantors Debtors until the Agent’s and the Lenders’ Guaranteed Parties' claims against the Borrower Debtors have been paid in full. In the event of the liquidation, winding-up or bankruptcy of any of the Borrower Debtors (whether voluntary or compulsory); , or if any of the Borrower Debtors shall make a sale of a substantial part of its assets or property or a bulk sale of any of its the Debtors' assets within the meaning of any applicable legislation of any other province of Canada, under the Uniform Commercial Code of any state of the United States of America or under any other applicable Laws; , or should any of the Borrower Debtors make any proposal, composition or scheme of arrangement with its creditors; , then, in any of such events events, the Agent and the Lenders Guaranteed Parties shall have the right to rank for their full claim and receive all dividends or other payments in respect thereof until their claim has been paid in full, and the Guarantor shall remain liable up to the amount guaranteed for any balance which may be owing to the Agent and the Lenders Guaranteed Parties by the BorrowerDebtors; and in the event of the valuation by the Agent and the Lenders Guaranteed Parties or any of them of any security held in respect of the debts of the BorrowerDebtors' debts, or of the retention by the Agent and the Lenders Guaranteed Parties or any of them of such security, such valuation and/or retention shall not, as between the Agent and the Lenders Guaranteed Parties and the Guarantor, be considered as a purchase of such security, or as payment or satisfaction or reduction of the Debtors' liabilities of the Borrower to the Agent and the LendersGuaranteed Parties, or any part thereof.

Right to Payments. Should the Agent and the Lenders or any of them Lender receive from the Guarantor one or more payments on account of its the liability under the Guaranteethis guarantee, the Guarantor shall not be entitled to claim repayment against the Borrower or the Other Guarantors Borrower's estate until the Agent’s and the Lenders’ Lender's claims against the Borrower have been paid in full. In the event of the liquidation, winding-up or bankruptcy of the Borrower (whether voluntary or compulsory); or if the Borrower shall make a sale of an enterprise within the meaning of articles 1767 et seq. CCQ or a bulk sale of any of its the Borrower's assets within the meaning of any applicable legislation of any other province of Canada, Canada or under the Uniform Commercial Code of any state of the United States of America or under any other applicable LawsUSA; or should the Borrower make any proposal, composition or scheme of arrangement with its creditors; then, in any of such events the Agent and the Lenders Lender shall have the right to rank for their its full claim and receive all dividends or other payments in respect thereof until their its claim has been paid in full, full and the Guarantor shall remain liable up to the amount guaranteed guaranteed, less any payments made by the Guarantor, for any balance which may be owing to the Agent and the Lenders Lender by the Borrower; and in the event of the valuation by the Agent and the Lenders or any of them Lender of any security held in respect of the debts of the Borrower's debts, or of the retention by the Agent and the Lenders or any of them Lender of such security, such valuation and/or retention shall not, as between the Agent and the Lenders Lender and the Guarantor, be considered as a purchase of such security, or as payment or satisfaction or reduction of the Borrower's liabilities of the Borrower to the Agent and the LendersLender, or any part thereof.