Common use of Postponement of Claims Clause in Contracts

Postponement of Claims. During the continuance of an Event of Default, all indebtedness and liabilities, present and future, of each Guarantor to each other Obligor, together with any security therefor, is hereby postponed and subordinated to all present and future indebtedness and liabilities of each such Guarantor to the Guarantee Beneficiaries, and all monies received from any Other Obligor or for the account of such Other Obligor by such Guarantor shall be received and held by such Guarantor in trust for the Collateral Agent (for itself and the rateable benefit of the other Secured Parties) and the other senior creditors of such Guarantor to whom the Guarantor has postponed and subordinated such indebtedness and liabilities to the obligations owed to such other senior creditor on similar terms to the postponement and subordination in this Section 3.11 (the “Other Senior Creditors”) and forthwith upon receipt paid over to the Collateral Agent and the Other Senior Creditors on a pro rata basis until the Guaranteed Obligations are finally paid and satisfied in full, all without prejudice to and without in any way limiting or lessening the liability of any Guarantor to the Guarantee Beneficiaries under this Guarantee.

Postponement of Claims. During the continuance of an Event of Default, all indebtedness and liabilities, present and future, of each the Guarantor to each other Obligor, together with any security therefor, is hereby postponed and subordinated to all present and future indebtedness and liabilities of each such the Guarantor to the Guarantee Beneficiaries, and all monies received from any Other Obligor or for the account of such Other Obligor by such the Guarantor shall be received and held by such the Guarantor in trust for the Collateral Agent (for itself and the rateable benefit of the other Secured Parties) and the other senior creditors of such the Guarantor to whom the Guarantor has postponed and subordinated such indebtedness and liabilities to the obligations owed to such other senior creditor on similar terms to the postponement and subordination in this Section 3.11 3.10 (the “Other Senior Creditors”) and forthwith upon receipt paid over to the Collateral Agent and the Other Senior Creditors on a pro rata basis until the Guaranteed Obligations are finally paid and satisfied in full, all without prejudice to and without in any way limiting or lessening the liability of any the Guarantor to the Guarantee Beneficiaries under this Guarantee.