Common use of Subordination of Indebtedness Clause in Contracts

Subordination of Indebtedness. of the Borrower to the Guarantor to the Guarantied Obligations. The Guarantor agrees that: (a) Any Indebtedness of the Borrower now or hereafter owed to the Guarantor hereby is subordinated in right of payment to the Guarantied Obligations. (b) If the Bank so requests, upon the occurrence and during the continuance of any Event of Default, all such Indebtedness of the Borrower now or hereafter owed to the Guarantor shall be collected, enforced and received by the Guarantor as trustee for the Bank and shall be paid over to the Bank in kind on account of the Guarantied Obligations, but without reducing or affecting in any manner the obligations of the Guarantor under the other provisions of this Subsidiary Guaranty. (c) Should the Guarantor fail to collect or enforce any such Indebtedness of the Borrower now or hereafter owed to the Guarantor and pay the proceeds thereof to Bank in accordance with Section 5(b) hereof, the Bank as the Guarantor's attorney-in-fact may do such acts and sign such documents in the Guarantor's name as the Bank considers necessary or desirable to effect such collection, enforcement and/or payment.

Subordination of Indebtedness. Any indebtedness of the Borrower ----------------------------- now or hereafter owing to any Guarantor is hereby subordinated to the indebtedness of the Borrower to the Guarantor to the Guarantied Obligations. The Guarantor agrees that: (a) Any Indebtedness Guaranteed Parties; and such indebtedness of the Borrower now or hereafter owed to any Guarantor, if the Guarantor hereby is subordinated in right of payment to the Guarantied Obligations. (b) If the Bank Collateral Agent so requests, upon the occurrence and during the continuance of any requests at a time when an Event of DefaultDefault exists and is continuing and any Guaranteed Obligations are outstanding, all such Indebtedness of the Borrower now or hereafter owed to the Guarantor shall be collected, enforced and received by the such Guarantor as trustee for the Bank Guaranteed Parties and shall be paid over to the Bank in kind Guaranteed Parties on account of the Guarantied Obligationsindebtedness of the Borrower to the Guaranteed Parties, but without reducing affecting or affecting impairing in any manner the obligations liability of the such Guarantor under the other provisions of this Subsidiary Guaranty. (c) Should Agreement. Prior to the transfer by any Guarantor fail to collect of any note or enforce negotiable instrument evidencing any such Indebtedness indebtedness of the Borrower now to such Guarantor, such Guarantor shall mark such note or hereafter owed negotiable instrument with a legend that the same is subject to this subordination. Without limiting the generality of the foregoing, each Guarantor and pay hereby agrees with the proceeds Guaranteed Parties that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the Bankruptcy Code, or otherwise) until all Guaranteed Obligations have been paid in full (it being understood that each Guarantor is not waiving any right of subrogation that it may otherwise have but is only waiving the exercise thereof to Bank in accordance with Section 5(b) hereof, the Bank as the Guarantor's attorney-in-fact may do such acts and sign such documents in the Guarantor's name as the Bank considers necessary or desirable to effect such collection, enforcement and/or paymentprovided above).

Subordination of Indebtedness. of the Borrower to the Guarantor to the Guarantied Obligations. The Guarantor agrees that: (a) Any Indebtedness indebtedness of the Borrower now or hereafter owed to the Guarantor hereby is subordinated in right of payment to the Guarantied Obligations. (b) If the Bank so requests, upon Upon the occurrence and during the continuance of any an Event of Default, all if Lender so requests, any such Indebtedness indebtedness of the Borrower now or hereafter owed to the Guarantor shall be collected, enforced and received by the Guarantor as trustee for the Bank and shall be paid over to the Bank in kind on Lender an account of the Guarantied Obligations, but without reducing or affecting in any manner the obligations of the Guarantor under the other provisions of this Subsidiary Guaranty. (c) Should Upon the occurrence and during the continuance of an Event of Default, should Guarantor fail to collect or enforce any such Indebtedness indebtedness of the Borrower now or hereafter owed to the Guarantor and pay the proceeds thereof to Bank in accordance with Section 5(b) hereofLender, the Bank Lender as the Guarantor's attorney-in-fact may do such acts and sign such documents in the Guarantor's name as the Bank Lender considers necessary or desirable to effect such collection, enforcement and/or payment.

Subordination of Indebtedness. of the Borrower to the Guarantor to the ------------------------------------------------------------- Guarantied Obligations. The Guarantor agrees that:: ---------------------- (a) Any Indebtedness indebtedness of the Borrower now or hereafter owed to the Guarantor hereby is subordinated in right of payment to the Guarantied Obligations. (b) If the Bank Lender so requests, upon the occurrence and during the continuance of any Event of Default, all any such Indebtedness indebtedness of the Borrower now or hereafter owed to the Guarantor shall be collected, enforced and received by the Guarantor as trustee for the Bank Lender and shall be paid over to the Bank Lender in kind on account of the Guarantied Obligations, but without reducing or affecting in any manner the obligations of the Guarantor under the other provisions of this Subsidiary Guaranty. (c) Should the Guarantor fail to collect or enforce any such Indebtedness indebtedness of the Borrower now or hereafter owed to the Guarantor and pay the proceeds thereof to Bank Lender in accordance with Section 5(b) hereof, the Bank Lender ---- as the Guarantor's attorney-in-fact may do such acts and sign such documents in the Guarantor's name as the Bank Lender considers necessary or desirable to effect such collection, enforcement and/or payment.

Subordination of Indebtedness. of the Borrower to the a Guarantor to the Guarantied Obligations. The Each Guarantor agrees that: (a) Any Indebtedness indebtedness of the Borrower now or hereafter owed to the any Guarantor hereby is subordinated in right of payment to the Guarantied Obligations. (b) If the any Bank so requests, upon the occurrence and during the continuance any such indebtedness of any Event of Default, all such Indebtedness of the Borrower now or hereafter owed to the any Guarantor shall be collected, enforced and received by the Guarantor as trustee for the Bank Banks and shall be paid over to the Bank Administrative Agent in kind on account of the Guarantied Obligations, but without reducing or affecting in any manner the obligations of the Guarantor under the other provisions of this Subsidiary Guaranty. (c) Should the such Guarantor fail to collect or enforce any such Indebtedness indebtedness of the Borrower now or hereafter owed to the such Guarantor and pay the proceeds thereof to Bank in accordance with Section 5(b) hereofAdministrative Agent, the Bank Administrative Agent, as the such Guarantor's attorney-in-fact fact, may do such acts and sign such documents in the such Guarantor's name as the Bank considers Banks consider necessary or desirable to effect such collection, enforcement and/or payment.

Subordination of Indebtedness. of the Borrower to the Guarantor Guarantors to the Guarantied Obligations. The Each Guarantor agrees that: (a) Any Indebtedness indebtedness of the Borrower now or hereafter owed to the any Guarantor is hereby is subordinated in right of payment to the Guarantied Obligations. (b) If the Bank Beneficiary so requests, upon the occurrence and during the continuance of any Event of Default, all any such Indebtedness indebtedness of the Borrower now or hereafter owed to the any Guarantor shall be collected, enforced and received by the such Guarantor as trustee for the Bank Beneficiary and shall be paid over to the Bank Beneficiary in kind on account of the Guarantied Obligations, but without reducing or affecting in any manner the obligations of the such Guarantor under the other provisions of this Subsidiary Guaranty. (c) Should the any Guarantor fail to collect or enforce any such Indebtedness indebtedness of the Borrower now or hereafter owed to the such Guarantor and pay the proceeds thereof to Bank Beneficiary in accordance with Section 5(b) hereof, the Bank Beneficiary as the such Guarantor's ’s attorney-in-fact may do such acts and sign such documents in the such Guarantor's ’s name as the Bank Beneficiary considers necessary or desirable to effect such collection, enforcement and/or payment.