Common use of Subordination of Indebtedness, Subrogation and Contribution Rights, Etc Clause in Contracts

Subordination of Indebtedness, Subrogation and Contribution Rights, Etc. Pledgor acknowledges and confirms to and covenants and agrees with Lender that until Credit Repayment has been completed, any and all Subordinated Rights of Pledgor shall be subordinate and inferior in priority and dignity to Pledgor’s Obligations and shall not be entitled to any payment or satisfaction (in whole or in part) until, Credit Repayment has been completed. Until such time (if ever) as Credit Repayment has been completed: (A) Pledgor shall not seek any payment or exercise or enforce any right, power, privilege, remedy or interest that Pledgor may have with respect to any Subordinated Right and (B) any payment, asset or property delivered to or for the benefit of Pledgor in respect of any Subordinated Right shall be accepted in trust for the benefit of Lender and shall be promptly paid or delivered to Lender to be credited and applied to the payment and satisfaction of the Pledgor’s Obligations, whether contingent, matured or unmatured, or to be held by Lender as additional collateral, as Lender may elect in its sole and absolute discretion. Pledgor hereby acknowledges and agrees that pursuant to this Agreement Pledgor has granted to Lender a continuing security interest in and to any and all Subordinated Rights of Pledgor and the proceeds thereof. In addition to the rights, powers, privileges, remedies and interest accorded to Lender by this Agreement or applicable law, Lender may exercise any voting, consent, enforcement or other right, power, privilege, remedy or interest pertaining to any Subordinated Right to the same extent as if Lender were the outright owner thereof.

Subordination of Indebtedness, Subrogation and Contribution Rights, Etc. Pledgor acknowledges and confirms to and Each Guarantor covenants and agrees with Lender that until Credit Repayment has the Borrower's Obligations and Guarantors' Obligations have been completedfully paid and satisfied, any and all Subordinated Rights of Pledgor such Guarantor shall be subordinate and inferior in priority and dignity to Pledgor’s the Borrower's Obligations and Guarantors' Obligations and shall not be entitled to any payment or satisfaction (in whole or in part) until, Credit Repayment has all of the Borrower's Obligations and Guarantors' Obligations have been completedfully paid and satisfied. Until such time (if ever) as Credit Repayment has the Borrower's Obligations and Guarantors' Obligations have been completedfully paid and satisfied: (A) Pledgor no Guarantor shall not seek any payment or exercise or enforce any right, power, privilege, remedy or interest that Pledgor such Guarantor may have with respect to any Subordinated Right and (B) any payment, asset or property delivered to or for the benefit of Pledgor any Guarantor in respect of any Subordinated Right shall be accepted in trust for the benefit of the Lender and shall be promptly paid or delivered to the Lender to be credited and applied to the payment and satisfaction of the Pledgor’s Borrower's Obligations and Guarantors' Obligations, whether contingent, matured or unmatured, or to be held by the Lender as additional collateral, as the Lender may elect in its sole and absolute discretion. Pledgor Each Guarantor hereby acknowledges and agrees that pursuant to this Agreement Pledgor such Guarantor has granted to the Lender a continuing security interest in and to any and all Subordinated Rights of Pledgor and such Guarantor, together with SPAR ESOP Revolving Credit Agreement the proceeds thereofthereof and all payments and other distributions with respect thereto. In addition to the rights, powers, privileges, remedies and interest accorded to the Lender by this Agreement or applicable law, the Lender may exercise any voting, consent, enforcement or other right, power, privilege, remedy or interest pertaining to any Subordinated Right to the same extent as if the Lender were the outright owner thereof.

Subordination of Indebtedness, Subrogation and Contribution Rights, Etc. Pledgor acknowledges and confirms to and Each Guarantor covenants and agrees with Lender that until Credit Repayment has the Borrower's Obligations and Guarantors' Obligations have been completedfully paid and satisfied, any and all Subordinated Rights of Pledgor such Guarantor shall be subordinate and inferior in priority and dignity to Pledgor’s the Borrower's Obligations and Guarantors' Obligations and shall not be entitled to any payment or satisfaction (in whole or in part) until, Credit Repayment has all of the Borrower's Obligations and Guarantors' Obligations have been completedfully paid and satisfied. Until such time (if ever) as Credit Repayment has the Borrower's Obligations and Guarantors' Obligations have been completedfully paid and satisfied: (A) Pledgor no Guarantor shall not seek any SPAR ESOP Term Loan Agreement payment or exercise or enforce any right, power, privilege, remedy or interest that Pledgor such Guarantor may have with respect to any Subordinated Right and (B) any payment, asset or property delivered to or for the benefit of Pledgor any Guarantor in respect of any Subordinated Right shall be accepted in trust for the benefit of the Lender and shall be promptly paid or delivered to the Lender to be credited and applied to the payment and satisfaction of the Pledgor’s Borrower's Obligations and Guarantors' Obligations, whether contingent, matured or unmatured, or to be held by the Lender as additional collateral, as the Lender may elect in its sole and absolute discretion. Pledgor Each Guarantor hereby acknowledges and agrees that pursuant to this Agreement Pledgor such Guarantor has granted to the Lender a continuing security interest in and to any and all Subordinated Rights of Pledgor and such Guarantor, together with the proceeds thereofthereof and all payments and other distributions with respect thereto. In addition to the rights, powers, privileges, remedies and interest accorded to the Lender by this Agreement or applicable law, the Lender may exercise any voting, consent, enforcement or other right, power, privilege, remedy or interest pertaining to any Subordinated Right to the same extent as if the Lender were the outright owner thereof.