Common use of Postponement and Assignment Clause in Contracts

Postponement and Assignment. As security for the performance of its obligations hereunder, each Guaranteeing Borrower assigns to the Lenders all claims of such Guaranteeing Borrower against any Other Borrower and any other guarantors, and, except as otherwise expressly permitted under this Agreement, subordinates and postpones the payment of all such claims to the payment of the Guaranteed Obligations. Each Guaranteeing Borrower shall hold all of its claims against each Other Borrower and any other guarantors as agent and trustee of the Lenders and shall collect, enforce and prove all such claims in accordance with this Agreement and this Guarantee. Any monies received by any Guaranteeing Borrower in respect thereof shall, upon the occurrence of any Event of Default, be paid over to the Lenders. Without the prior written consent of the Lenders, no Guaranteeing Borrower shall release or discharge any of its claims against any Other Borrower or any other guarantor, permit the prescription of any such claims pursuant to any Law, assign any such claims to any person other than the Lenders, or ask for or obtain any security or negotiable paper for or other evidence of any such claims except for the purpose of delivering the same to the Lenders.

Postponement and Assignment. As security for the performance of its obligations hereunder, each Guaranteeing Borrower Guarantor assigns to the Lenders Administration Agent all claims of such Guaranteeing Borrower Guarantor against any Other Borrower the Borrowers and any other guarantors, and, except as otherwise expressly permitted under this Agreement, subordinates and postpones the payment of all such claims to the payment of the Guaranteed Obligations. Each Guaranteeing Borrower Following the occurrence of an Event of Default, each Guarantor shall hold all of its claims against each Other Borrower and any other guarantors as agent and trustee of the Lenders Administration Agent and shall collect, enforce and prove all such claims in accordance with this Agreement and this GuaranteeArticle 10. Any monies received by any Guaranteeing Borrower Guarantor in respect thereof shall, upon the occurrence of any Event of Default, be paid over to the LendersAdministration Agent. Without Following the occurrence of an Event of Default, without the prior written consent of the LendersAdministration Agent, no Guaranteeing Borrower Guarantor shall release or discharge any of its claims against any Other Borrower either of the Borrowers or any other guarantor, permit the prescription of any such claims pursuant to any Law, assign any such claims to any person other than the LendersAdministration Agent, or ask for or obtain any security or negotiable paper for or other evidence of any such claims except for the purpose of delivering the same to the LendersAdministration Agent. For greater certainty, and notwithstanding the foregoing, at any time that no Event of Default has occurred and is continuing, each Guarantor may deal with any claims against either of the Borrowers or any other Guarantor as it sees fit, and may retain for its own use absolutely any payments received by such Guarantor in respect of any claims against either Borrower, free and clear of the provisions of this postponement and assignment.

Postponement and Assignment. As security for the performance of its the Guarantor’s obligations hereunder, each Guaranteeing Borrower the Guarantor assigns to the Lenders Agent all claims of such Guaranteeing Borrower the Guarantor against any Other Borrower the Borrowers and any other guarantors, and, following the occurrence of an Event of Default, except as otherwise expressly permitted under this the Credit Agreement, subordinates and postpones the payment of all such claims to the payment of the Guaranteed Obligations. Each Guaranteeing Borrower Following the occurrence of an Event of Default, the Guarantor shall hold all of its claims against each Other Borrower and any the other guarantors as agent and trustee of the Lenders Agent and shall collect, enforce and prove all such claims in accordance with this the Credit Agreement and this Guarantee. Any monies received by any Guaranteeing Borrower the Guarantor in respect thereof shall, upon the occurrence of any Event of Default, be paid over to the LendersAgent. Without Following the occurrence of an Event of Default, without the prior written consent of the LendersAgent, no Guaranteeing Borrower the Guarantor shall not release or discharge any of its claims against any Other Borrower either of the Borrowers or any other guarantor, permit the prescription of any such claims pursuant to any Law, assign any such claims to any person other than the LendersAgent, or ask for or obtain any security or negotiable paper for or other evidence of any such claims except for the purpose of delivering the same to the Lenders.Agent. For greater certainty, and notwithstanding the foregoing, at any time that no Event of Default has occurred and is continuing, the Guarantor may deal with any claims against the Borrower or any other guarantor as it sees fit, and may retain for its own use absolutely any payments received by the Guarantor in respect of any claims against the Borrower, free and clear of the provisions of this postponement and assignment