Common use of Agreement to Pay; Subordination Clause in Contracts

Agreement to Pay; Subordination. In furtherance of the ------------------------------- foregoing and not in limitation of any other right or remedy that the Collateral Agent or any other Secured Party has at law or in equity against the Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan Party to pay any Obligation when and as the same shall become due after the occurrence of a Guaranty Event (and subject to the proviso to Section 1 hereof limiting the Guarantors obligation in certain circumstances), whether at maturity, by acceleration, after notice of prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Collateral Agent the amount of such unpaid Obligations to be applied by the Collateral Agent in the manner required by Article V of the Collateral Agency and Intercreditor Agreement. Upon payment by the Guarantor of any sums to the Collateral Agent, all rights of the Guarantor against the Borrower arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full of all the Obligations as provided in the Subordination Agreement.

Agreement to Pay; Subordination. In furtherance of the ------------------------------- foregoing and not in limitation of any other right or remedy that the Collateral Agent Agents or any other Secured Credit Party has at law or in equity against the Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan Party to pay any Guaranteed Obligation when and as the same shall become due after the occurrence of a Guaranty Event (and subject to the proviso to Section 1 hereof limiting the Guarantors obligation in certain circumstances)due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Collateral Agent Agents or such other Credit Party as designated thereby in cash the amount of such unpaid Obligations to be applied by the Collateral Agent in the manner required by Article V of the Collateral Agency and Intercreditor AgreementGuaranteed Obligations. Upon payment by the Guarantor of any sums to the Collateral Agentany Agent or any other Credit Party as provided above, all rights of the Guarantor against the Borrower any Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Guaranteed Obligations. In addition, any indebtedness of any Borrower or any other Loan Party now or hereafter held by the Guarantor is hereby subordinated in right of payment to the prior payment in full of all of the Obligations as provided in Guaranteed Obligations. Notwithstanding the Subordination Agreement.foregoing, prior to the occurrence of an Event of Default, any Borrower or any other Loan Party may make payments to the Guarantor on account of any such