Common use of Subordination of Indebtedness Clause in Contracts

Subordination of Indebtedness. Any Indebtedness of any Guarantor now or hereafter owed to the Company is hereby subordinated in right of payment to the payment by such Guarantor of its Guaranty Obligations such that if a default in the payment of the Obligations shall have occurred and be continuing, any such Indebtedness of such Guarantor owed to the Company, if collected or received by the Company, shall be held in trust by the Company for the holders of the Obligations and be paid over to the Lenders and the Agent for application of such Guarantor's Guaranty Obligations.

Subordination of Indebtedness. Any Indebtedness of any Guarantor now or hereafter owed to the Company is hereby subordinated in right of payment to the payment by such Guarantor of its Guaranty Obligations such that if a default in the payment of the Obligations shall have occurred and be continuing, any such Indebtedness of such Guarantor owed to the Company, if collected or received by the Company, shall be held in trust by the Company for the holders holder of the Obligations and be paid over to the Lenders and the Agent Lender for application of such Guarantor's Guaranty Obligations.

Subordination of Indebtedness. Any Indebtedness of any Guarantor now or hereafter owed to the Company is hereby subordinated in right of payment to the payment by such Guarantor of its Guaranty Obligations such that if a default in the payment of the Obligations shall have occurred and be continuing, any such Indebtedness of such Guarantor owed to the Company, if collected or received by the Company, shall be held in trust by the Company for the holders of the Obligations and be paid over to the Lenders and the Administrative Agent for application of such Guarantor's Guaranty Obligations.

Subordination of Indebtedness. (a) Any Indebtedness of any Guarantor the Company now or hereafter owed to the Company any Guarantor is hereby subordinated in right of payment to the payment by such Guarantor the Company of its Guaranty the Obligations such that if a default in the payment of the Obligations shall have occurred and be continuing, any such Indebtedness of such Guarantor the Company owed to the Companysuch Guarantor, if collected or received by the Companysuch Guarantor, shall be held in trust by the Company such Guarantor for the holders of the Obligations and be paid over to the Lenders Banks and the Agent for application of such Guarantor's Guaranty on the Obligations.