Common use of Guarantor Not to Compete Clause in Contracts

Guarantor Not to Compete. The Guarantor shall not: 5.2.1 take any Security or dividend from the Borrower or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed Obligations; 5.2.2 claim, rank, prove or vote as a creditor in any Proceedings of or affecting the Borrower or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed Obligations; 5.2.3 assert any right (including without limitation any right of set-off, right of indemnity or reimbursement or right of contribution, and any right whether or not the right arises under any Security) against the Borrower or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed Obligations; or 5.2.4 have any right of subrogation to the Investor or be otherwise entitled to claim the benefit of any Security now or hereafter held by the Investor in respect of the Guaranteed Obligations; until the Investor has received payment and performance in full of all Guaranteed Obligations, all Indemnified Amounts and all other amounts payable hereunder. Any money, Security, or other personal or real property taken or received by the Guarantor in contravention of this section 5.2 or as requested by the Investor under section 5.2.2 above shall be held by the Guarantor in trust for the Investor or, in the Province of Quebec, as agent for the Investor and shall be delivered or transferred to the Investor on demand.

Guarantor Not to Compete. The Guarantor shall not: 5.2.1 take 5.1.1 have a claim in any Security Proceedings of or dividend from affecting the Borrower Purchaser or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed ObligationsObligations that is senior in right of payment to any claim of the Seller under the Purchase and Sale Agreement; for greater certainty, the Guarantor may take any action necessary to preserve a claim that is subordinate in right of payment to the claims of the Seller in any such Proceedings, including, without limitation, making any filings that are required to preserve such a claim; 5.2.2 claim, rank, prove or vote as a creditor in any Proceedings of or affecting the Borrower or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed Obligations; 5.2.3 5.1.2 assert any right with respect to the Guaranteed Obligations (including without limitation any right of set-off, right of indemnity or reimbursement or right of contribution, and any right whether or not the right arises under any Security) against the Borrower Purchaser or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed Obligations; or 5.2.4 5.1.3 have any right of subrogation to the Investor or be otherwise entitled to claim the benefit of any Security now or hereafter held by the Investor Seller in respect of the Guaranteed Obligations; until the Investor has Seller have received payment and performance in full of all Guaranteed Obligations, all Indemnified Amounts and all other amounts payable hereunder. Any money, Security, money or other personal or real property taken or received by the Guarantor in contravention of this section 5.2 or as requested by the Investor under section 5.2.2 above Section 5.1 shall be held by the Guarantor in trust for the Investor or, in the Province of Quebec, as agent for the Investor Seller and shall be delivered or transferred to the Investor Seller on demand.

Guarantor Not to Compete. The Guarantor shall not: 5.2.1 6.1.1 except as authorized under the Loan Agreement, take any Security or dividend from the Borrower or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed Obligations; 5.2.2 6.1.2 claim, rank, prove or vote as a creditor in any Proceedings of or affecting the Borrower or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed Obligations; 5.2.3 6.1.3 assert any right (including without limitation any right of set-off, right of indemnity or reimbursement or right of contribution, and any right whether or not the right arises under any Security) against the Borrower or any other guarantor or Person liable directly or as surety for all or any part of the Guaranteed Obligations; or 5.2.4 6.1.4 have any right of subrogation to the Investor Agent and/or the Lenders or be otherwise entitled to claim the benefit of any Security now or hereafter held by the Investor Agent on behalf of the Lenders or by the Lenders, in respect of the Guaranteed Obligations; until the Investor has Agent and the Lenders have received payment and performance in full of all Guaranteed Obligations, all Indemnified Amounts and all other amounts payable hereunder. Any money, Security, or other personal or real property taken or received by the Guarantor in contravention of this section 5.2 or as requested by the Investor under section 5.2.2 above 6.2 shall be held by the Guarantor in trust for the Investor Agent, on behalf of the Lenders, or, in the Province of QuebecQuébec, as agent or mandatary for the Investor Agent, on behalf of the Lenders, and shall be delivered or transferred to the Investor Agent, on behalf of the Lenders, on demand.