Subordination of Certain Indebtedness. Any Indebtedness of the Issuer now or hereafter held by any Guarantor is hereby subordinated in right of payment to the Obligations, and any such indebtedness of the Issuer to such Guarantor collected or received by such Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Holders of the Notes and shall forthwith be paid over to the Holders of the Notes to be [EXECUTION COPY] credited and applied against the Obligations.
Appears in 2 contracts
Samples: Note and Stock Purchase Agreement (Aps Healthcare Inc), Note and Stock Purchase Agreement (Aps Healthcare Inc)
Subordination of Certain Indebtedness. Any Indebtedness of the Issuer now or hereafter held by any Guarantor is hereby subordinated in right of payment to the Obligations, and any such indebtedness of the Issuer to such Guarantor collected or received by such Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Holders of the Secured Notes and shall forthwith be paid over to the Holders of the Secured Notes to be [EXECUTION COPY] credited and applied against the Obligations.
Appears in 1 contract
Samples: Senior Subordinated Secured Note Purchase Agreement (National Record Mart Inc /De/)
Subordination of Certain Indebtedness. Any Indebtedness of the Issuer now or hereafter held by any Guarantor is hereby subordinated in right of payment to the Obligations, and any such indebtedness of the Issuer to such Guarantor collected or received by such Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Holders of the Subordinated Notes and shall forthwith be paid over to the Holders of the Subordinated Notes to be [EXECUTION COPY] credited and applied against the Obligations.
Appears in 1 contract
Samples: Senior Subordinated Note Purchase Agreement (National Record Mart Inc /De/)
Subordination of Certain Indebtedness. Any Indebtedness ------------------------------------- of the Issuer now or hereafter held by any Guarantor is hereby subordinated in right of payment to the Obligations, and any such indebtedness of the Issuer to such Guarantor collected or received by such Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Holders of the Notes and shall forthwith be paid over to the Holders of the Notes to be [EXECUTION COPY] credited and applied against the Obligations.
Appears in 1 contract
Samples: Note and Stock Purchase Agreement (Emergent Information Technologies Inc)
Subordination of Certain Indebtedness. Any Indebtedness of the Issuer now or hereafter held by any Guarantor is hereby subordinated in right of payment to the Obligations, and any such indebtedness of the Issuer to such Guarantor collected or received by such Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Holders of the Notes and shall forthwith be paid over to the Holders of the Notes to be [EXECUTION COPY] credited and applied against the Obligations.
Appears in 1 contract
Samples: Note Purchase Agreement (Western Micro Technology Inc /De)
