Common use of Subordination of Intercompany Debt Clause in Contracts

Subordination of Intercompany Debt. Any Intercompany Notes or advances of any Credit Party howsoever evidenced by journal entries or otherwise now or hereafter owed to or held by any other Credit Party are hereby subordinated to the Obligations of such other Credit Party to the Lenders, and any document or instrument evidencing such loans or advances shall contain a legend giving notice of such subordination. Any such Intercompany Notes or advances of any other Credit Party due to such Credit Party, if the Administrative Agent so requests following the occurrence and during the continuance of an Event of Default, shall be collected, enforced and received by such Credit Party as trustee for the Lenders and be paid over to the Administrative Agent for the account of the Lenders on account of the Obligations but without affecting in any manner the liability of such Credit Party under the other provisions of this Agreement or any other Loan Document. Any Lien, claim, right or other encumbrance on any property of any Credit Party in favor of any other Credit Party is hereby subordinated in all respects to the Liens granted to the Administrative Agent for the benefit of the Lenders.

Subordination of Intercompany Debt. Any Intercompany Notes or advances of any Credit Party howsoever evidenced by journal entries or otherwise now or hereafter owed to or held by any other Credit Party are hereby subordinated to the Obligations of such other Credit Party to the Lenders, and any document or instrument evidencing such loans or advances shall contain a legend giving notice of such subordination. Any such Intercompany Notes or advances of any other Credit Party due to such Credit Party, if the Administrative Agent so requests following the occurrence and during the continuance of an Event of Defaultrequests, shall be collected, enforced and received by such Credit Party Obligor as trustee for the Lenders and be paid over to the Administrative Agent for the account of the Lenders on account of the Obligations but without affecting in any manner the liability of such Credit Party under the other provisions of this Agreement or any other Loan Document. Any Lien, claim, right or other encumbrance on any property of any Credit Party in favor of any other Credit Party is hereby subordinated in all respects to the Liens granted to the Administrative Agent for the benefit of the Lenders.

Subordination of Intercompany Debt. Any Intercompany Notes or advances of any Credit Party howsoever Debt, whether evidenced by documents, instruments, journal entries or otherwise otherwise, now or hereafter owed to or held by any other Credit Party are is hereby subordinated to the Obligations Debt of such other Credit Party to the LendersLender, and any document or instrument evidencing such loans or advances Intercompany Debt shall contain a legend giving notice of such subordination. Any such If the Debt governed by the Senior Credit Agreement is paid in full, any Intercompany Notes or advances Debt of any other Credit Party due to such Credit Party, if the Administrative Agent Lender so requests following the occurrence and during the continuance of an Event of Defaultrequests, shall be collected, enforced and received by such Credit Party as trustee for the Lenders Lender and be paid over to the Administrative Agent for the account of the Lenders Lender on account of the Obligations Debt but without affecting in any manner the liability of such Credit Party under the other provisions of this Agreement or any other Loan Document. Any Lien, Lien claim, right or other encumbrance on any property Property of any Credit Party in favor of any other Credit Party is hereby subordinated in all respects to the Liens granted to the Administrative Agent for the benefit of the LendersLender.

Subordination of Intercompany Debt. Any Intercompany Notes or advances of any Credit Party howsoever evidenced by journal entries or otherwise now or hereafter owed to or held by any other Credit Party are hereby subordinated to the Obligations of such other Credit Party to the LendersBanks, and any document or instrument evidencing such loans or advances shall contain a legend giving notice of such subordination. Any such Intercompany Notes or advances of any other Credit Party due to such Credit Party, if the Administrative Agent so requests following the occurrence and during the continuance of an Event of Defaultrequests, shall be collected, enforced and received by such Credit Party as trustee for the Lenders Banks and be paid over to the Administrative Agent for the account of the Lenders Banks on account of the Obligations but without affecting in any manner the liability of such Credit Party under the other provisions of this Agreement or any other Loan Document. Any Lien, claim, right or other encumbrance on any property of any Credit Party in favor of any other Credit Party is hereby subordinated in all respects to the Liens granted to the Administrative Agent for the benefit of the LendersBanks.