Common use of Subordination of Indebtedness Clause in Contracts

Subordination of Indebtedness. Any indebtedness of the Borrower for borrowed money now or hereafter owed to any Guarantor is hereby subordinated in right of payment to the payment by the Borrower of the Obligations, and if a default in the payment of the Obligations shall have occurred and be continuing, any such indebtedness of the Borrower owed to any Guarantor, if collected or received by such Guarantor, shall be held in trust by such Guarantor for the holders of the Obligations and be paid over to the Administrative Agent for application in accordance with this Agreement and the other Loan Documents.

Subordination of Indebtedness. Any indebtedness of the Borrower Company for borrowed money now or hereafter owed to any Guarantor is hereby subordinated in right of payment to the payment by the Borrower Company of the Obligations, and if a default in the payment of the Obligations shall have occurred and be continuing, any such indebtedness of the Borrower Company owed to any Guarantor, if collected or received by such Guarantor, shall be held in trust by such Guarantor for the holders of the Obligations and be paid over to the Administrative Noteholder Collateral Agent for application in accordance with this Agreement and the other Loan DocumentsFinancing Agreements.

Subordination of Indebtedness. Any indebtedness of the a Borrower for borrowed money now or hereafter owed to any Guarantor or any other Borrower is hereby subordinated in right of payment to the payment by the Borrower Borrowers of the Obligations, and if a default in the payment of the Obligations shall have occurred and be continuing, any such indebtedness of the Borrower Borrowers owed to any GuarantorGuarantor or any other Borrower, if collected or received by such GuarantorGuarantor or other Borrower, shall be held in trust by such Guarantor or other Borrower for the holders of the Obligations and be paid over to the Administrative Agent for application in accordance with this Agreement and the other Loan Documents.

Subordination of Indebtedness. Any indebtedness of the Borrower Company for borrowed money now or hereafter owed to any Guarantor is hereby subordinated in right of payment to the payment by the Borrower of the Guaranteed Obligations, and if a default in the payment of any amount owing under the Obligations Loan Documents shall have occurred and be continuing, any such indebtedness of the Borrower Company owed to any Guarantor, if collected or received by such Guarantor, shall be held in trust by such Guarantor for the holders of the Obligations Banks and be paid over to the Administrative Agent for application in accordance with this Agreement and the other Loan DocumentsAgreement.

Subordination of Indebtedness. Any indebtedness Indebtedness of the Borrower for borrowed money now or hereafter owed to any each Guarantor is hereby subordinated in right of payment to the payment by the Borrower of the Guaranteed Obligations, and if a default in the payment of the any Guaranteed Obligations shall have occurred and be continuing, any such indebtedness Indebtedness of the Borrower owed to any such Guarantor, if collected or received by such Guarantor, shall be held in trust by such Guarantor for the holders of the Guaranteed Obligations and be paid over to the Administrative Agent for application in accordance with this Agreement and the other Loan DocumentsAgreement.