Common use of Subordination of Debt Clause in Contracts

Subordination of Debt. The Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of Borrower to Lender and agrees with Lender that Guarantor shall not demand or accept any payment from Borrower, shall not claim any offset or other reduction of Guarantor's obligations hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan Documents; provided, however, that, if Lender so requests, such indebtedness shall be collected, enforced and received by Guarantor as trustee for Lender and paid over to Lender on account of the indebtedness of Borrower to Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness shall have been reduced by such payment.

Subordination of Debt. The Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of Borrower to Lender the Banks and agrees with Lender the Banks that Guarantor shall not demand or accept any payment from Borrower, shall not claim any offset or other reduction of Guarantor's obligations hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan Documents; provided, however, that, if Lender the Banks so requestsrequest, such indebtedness shall be collected, enforced and received by Guarantor as trustee for Lender the Banks and paid over to Lender the Banks on account of the indebtedness of Borrower to Lenderthe Banks, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness shall have been reduced by such payment.

Subordination of Debt. The Guarantor hereby subordinates any and all indebtedness of Borrower CB-US now or hereafter owed to the Guarantor (which shall not be deemed to include salary or business expense reimbursements paid in the ordinary course) to all indebtedness of Borrower CB-US to Lender holders of the Secured Notes and/or the Trustee and agrees with Lender the Trustee that, from and after the date whereon the Trustee notifies Guarantor that an Event of Default under the Trust Indenture has occurred and is continuing, Guarantor shall not demand or accept any payment from BorrowerCB-US of any such indebtedness, shall not claim any offset or other reduction of Guarantor's obligations hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security Collateral described in and encumbered by the Loan Senior Notes Documents; provided, however, that, if Lender the Trustee so requests, such indebtedness shall be collected, enforced and received by Guarantor as trustee for Lender the Trustee and paid over to Lender the Trustee on account of the indebtedness of Borrower to LenderObligations, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness Obligations shall have been reduced by such payment.

Subordination of Debt. The Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of Borrower to Lender and agrees with Lender that Guarantor shall not demand or accept any payment from Borrower, shall not claim any offset or other reduction of Guarantor's obligations hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan Documents; provided, however, that, if Lender so requests, such indebtedness shall be collected, enforced and received by Guarantor as trustee for Lender and paid over to Lender on account of the indebtedness of Borrower to Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness shall have been reduced by such payment.

Subordination of Debt. The Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of Borrower to Lender the Obligations and agrees with Lender that, from and after the date whereon Lender notifies Guarantor that an Event of Default under one or more of the Loan Documents has occurred and is continuing, Guarantor shall not demand or accept any payment from BorrowerBorrower of any such indebtedness, shall not claim any offset or other reduction of Guarantor's ’s obligations hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security Collateral described in and encumbered by the Loan Documents; provided, however, that, if Lender so requests, such indebtedness shall be collected, enforced and received by Guarantor as trustee for Lender and paid over to Lender on account of the indebtedness of Borrower to LenderObligations, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness Obligations shall have been reduced by such payment.

Subordination of Debt. The Guarantor Each Borrower hereby subordinates to the prior payment of the Obligations any and all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of it by the other Borrower. Each Borrower to Lender and also agrees with Lender that, from and after the date whereon Lender notifies such Borrower that Guarantor an Event of Default has occurred hereunder and is continuing, such Borrower shall not demand or accept any payment from Borrowerthe other Borrower of any such indebtedness, shall not claim any offset or other reduction of Guarantor's obligations the guarantying Borrower’s liabilities hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan DocumentsCollateral; provided, however, that, if Lender so requests, such indebtedness shall be collected, enforced and received by Guarantor the guarantying Borrower as trustee for Lender and paid over to Lender on account of the indebtedness of Borrower to LenderObligations, but without reducing or affecting in any manner the Guaranty liability of Guarantor the guarantying Borrower under the other provisions of this the Guaranty except to the extent the principal amount of such outstanding indebtedness Obligations shall have been reduced by such payment.

Subordination of Debt. The Guarantor Each Borrower hereby subordinates to the prior payment of the Obligations any and all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of it by the other Borrower. Each Borrower to Lender and also agrees with Lender that, from and after the date whereon Lender notifies such Borrower that Guarantor an Event of Default has occurred hereunder and is continuing, such Borrower shall not demand or accept any payment from Borrowerthe other Borrower of any such indebtedness, shall not claim any offset or other reduction of Guarantorthe guarantying Borrower's obligations liabilities hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan DocumentsCollateral; provided, however, that, if Lender so requests, such indebtedness shall be collected, enforced and received by Guarantor the guarantying Borrower as trustee for Lender and paid over to Lender on account of the indebtedness of Borrower to LenderObligations, but without reducing or affecting in any manner the guaranty liability of Guarantor the guarantying Borrower under the other provisions of this Guaranty guaranty except to the extent the principal amount of such outstanding indebtedness Obligations shall have been reduced by such payment.

Subordination of Debt. The Guarantor hereby subordinates any and all indebtedness of Borrower Applicant now or hereafter owed to Guarantor to all indebtedness Indebtedness of Borrower Applicant to Lender Bank and agrees with Lender Bank that Guarantor shall not demand or accept any payment from BorrowerApplicant after an Event of Default, shall not claim any offset or other reduction of Guarantor's obligations hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security described in and encumbered by the Financing Documents and/or the Term Loan Documents; provided, however, that, if Lender Bank so requests, such indebtedness shall be collected, enforced and received by Guarantor as trustee for Lender Bank and paid over to Lender the Bank on account of the indebtedness of Borrower Applicant to LenderBank, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness shall have been reduced by such payment.

Subordination of Debt. The Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to Guarantor to all indebtedness of Borrower to Lender the Bank and agrees with Lender the Bank that Guarantor shall not demand or accept any payment from Borrower, shall not claim any offset or other reduction of Guarantor's obligations hereunder because of any such indebtedness and shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan Documents; provided, however, that, if Lender the Bank so requests, such indebtedness shall be collected, enforced and received by Guarantor as trustee for Lender the Bank and paid over to Lender the Bank on account of the indebtedness of Borrower to Lenderthe Bank, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness shall have been reduced by such payment.