Common use of Subordination of Indebtedness Clause in Contracts

Subordination of Indebtedness. Any indebtedness or other obligation of Issuer, any Seller or Manager now or hereafter held by or owing to Guarantor is hereby subordinated in time and right of payment of the Guaranteed Obligations to the Guaranteed Parties; and any such indebtedness to Guarantor is assigned to the Guaranteed Parties, as collateral security for this Guaranty and the Guaranteed Obligations, and if any the Guaranteed Parties so requests, shall be collected, enforced and received by Guarantor in trust for the Guaranteed Parties, and be paid over to the Guaranteed Parties, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. Any notes now or hereafter evidencing any such indebtedness to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to the Agent. Guarantor will, and the Agent is hereby authorized, in the name of Guarantor from time to time, to execute and file financing statements and continuation statements and execute such other documents and take such other action as the Agent deems necessary or appropriate to perfect, preserve and enforce the rights of the Guaranteed Parties hereunder.

Subordination of Indebtedness. Any indebtedness or other obligation of Issuer, any Seller or Manager Company now or hereafter held by or owing to Guarantor is hereby subordinated in time and right of payment to all obligations of the Guaranteed Obligations Company to the Guaranteed PartiesHolders, except as such indebtedness or other obligation is expressly permitted to be paid under the Shelf Agreement; and any such indebtedness of Company to Guarantor is assigned to the Guaranteed Parties, Holders as collateral security for this Guaranty and the Guaranteed ObligationsGuaranty, and if any the Guaranteed Parties such Holders so requests, request shall be collected, enforced and received by Guarantor in trust for the Guaranteed Parties, Holders and to be paid over to such holders on account of the Guaranteed PartiesObligations of Company to such Holders, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. Any notes now or hereafter evidencing any such indebtedness of Company to Guarantor shall be marked with a legend that the same are subject to this Guaranty and shall be delivered to the AgentHolders. Guarantor willNothing in this Section 11 shall prohibit the Company from making, and the Agent is hereby authorized, in the name of or Guarantor from accepting, any scheduled payment of principal or interest on any subordinated indebtedness at a time to time, to execute when no Default or Event of Default has occurred and file financing statements and continuation statements and execute such other documents and take such other action as the Agent deems necessary or appropriate to perfect, preserve and enforce the rights of the Guaranteed Parties hereunderis continuing.