Common use of Subordination of Other Debts Clause in Contracts

Subordination of Other Debts. Guarantor agrees: (a) to subordinate the obligations now or hereafter owed by Borrower to Guarantor (“Subordinated Debt”) to any and all obligations of Borrower to Lenders now or hereafter existing while this Restated Guaranty is in effect, provided however that Guarantor may receive regularly scheduled principal and interest payments on the Subordinated Debt so long as (i) all sums due and payable by Borrower to Lenders have been paid in full on or prior to such date, and (ii) no event which is or, with the passage of time or giving of notice or both, could become an Event of Default shall have occurred and be continuing; (b) Guarantor will either place a legend indicating such subordination on every note, ledger page or other document evidencing any part of the Subordinated Debt or deliver such documents to Agent; and (c) except as permitted by this paragraph, Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to Agent by Guarantor, properly endorsed to the order of Lenders as their interests appear, to apply to the Liabilities.

Subordination of Other Debts. Each Guarantor agrees: (a) to subordinate the obligations now or hereafter owed by the Borrower or any other Guarantor to Guarantor (“Subordinated Debt”) to any and all obligations of Borrower such Person under the Loan Documents to the Administrative Agent or Lenders or other Secured Parties now or hereafter existing while this Restated Guaranty is in effect; provided, provided however that each Guarantor may may, to the extent permitted by the Loan Documents, receive regularly scheduled principal and interest payments on the Subordinated Debt and dividends and distributions from the Borrower or such Subsidiary, so long as as, in each case, (i) all sums due and payable by Borrower to Lenders have been paid in full on no Event of Default under the Credit Agreement exists or prior to such date, would result therefrom; and (ii) no event which is or, with all conditions to such payment as set forth in the passage of time or giving of notice or both, could become an Event of Default shall Loan Documents have occurred and be continuing; (b) Guarantor will either place a legend indicating such subordination on every note, ledger page or other document evidencing any part of the Subordinated Debt or deliver such documents to Agentbeen satisfied; and (cb) except as permitted by this paragraph, that such Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to such Guarantor, through error or otherwise, which are not permitted to be so paid, shall immediately be forwarded to the Administrative Agent (on behalf of the Lenders) by such Guarantor, properly endorsed to the order of Lenders as their interests appearthe Administrative Agent (on behalf of the Lenders), to apply to the LiabilitiesGuaranteed Obligations.

Subordination of Other Debts. Guarantor agrees: (a) to subordinate the obligations now or hereafter owed by Borrower to Guarantor (“Subordinated Debt”") to any and all obligations of Borrower to Lenders now or hereafter existing while this Restated Guaranty is in effect, provided however that Guarantor may receive regularly scheduled principal and interest payments on the Subordinated Debt so long as (i) all sums due and payable by Borrower to Lenders have been paid in full on or prior to such date, and (ii) no event which is or, with the passage of time or giving of notice or both, could become an Event of Default shall have occurred and be continuing; (b) Guarantor will either place a legend indicating such subordination on every note, ledger page or other document evidencing any part of the Subordinated Debt or deliver such documents to Agent; and (c) except as permitted by this paragraph, Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to Agent by Guarantor, properly endorsed to the order of Lenders as their interests appear, to apply to the Liabilities.

Subordination of Other Debts. Guarantor agrees: (a) to subordinate the obligations now or hereafter owed by Borrower to Guarantor (“Subordinated Debt”") to any and all obligations of Borrower to Lenders now or hereafter existing while this Restated Guaranty is in effect, provided however that Guarantor may receive regularly scheduled principal and interest payments on the Subordinated Debt so long as (i) all sums due and payable by Borrower to Lenders have been paid in full on or prior to such date, and (ii) no event which is or, with the passage of time or giving of notice or both, could become an Event of Default shall have occurred and be continuing; (b) Guarantor will either place a legend indicating such subordination on every note, ledger page or other document evidencing any part of the Subordinated Debt or deliver such documents to Agent; and (c) except as permitted by this paragraph, Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to Agent by Guarantor, properly endorsed to the order of Lenders as their interests appear, to apply to the Liabilities.