Common use of Inter-Creditor Agreement Clause in Contracts

Inter-Creditor Agreement. Each Investor hereby agrees that the payment of all amounts due under the Debentures shall be shared in proportion to the amount owed to each Investor pursuant to their Debenture. To the extent that any Investor receives a Debenture payment in excess of the payment amount due to such Investor pursuant to such Investor's Debenture, the other Investors shall immediately be notified and such excess amounts shall be paid to such parties on a pro-rata basis. If an Event of Default (as defined in the Debentures) occurs under any Debenture and any Investor collects proceeds pursuant to its rights hereunder and under the Debentures, the other Investors shall be immediately notified and such proceeds shall be shared with the other Investors on a pro-rata basis. To the extent that any Investor receives a payment that is in excess of its pro-rata portion of the payment received by all Investors, such excess payment shall be deemed to be held in trust by such Investor on behalf of the other Investors.