Common use of Subordination of Other Debts Clause in Contracts

Subordination of Other Debts. Guarantor hereby: (a) subordinates the obligations now or hereafter owed by AQLV to Guarantor (“Subordinated Debt”) to any and all obligations of AQLV to TCA now or hereafter existing while this Guaranty is in effect, and hereby agrees that Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to TCA by Guarantor, properly endorsed to the order of TCA, to apply to the Liabilities.

Appears in 2 contracts

Samples: Guaranty Agreement (Aqualiv Technologies, Inc.), Guaranty Agreement (Aqualiv Technologies, Inc.)

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Subordination of Other Debts. Each Guarantor herebyhereby : (a) subordinates the obligations now or hereafter owed by AQLV MHCC to Guarantor ("Subordinated Debt") to any and all obligations of AQLV MHCC to TCA now or hereafter existing while this Guaranty is in effect, and hereby agrees that Guarantor will not request or accept payment of or any security for any part of pa11of the Subordinated DebtDebt , and any proceeds of the Subordinated Debt paid to GuarantorGuarantor , through error or otherwise, shall immediately be forwarded to TCA by Guarantor, properly endorsed to the order of TCA, to apply to the Liabilities.

Appears in 1 contract

Samples: Guaranty Agreement (Millennium Healthcare Inc.)

Subordination of Other Debts. Guarantor hereby: (a) subordinates the obligations now or hereafter owed by AQLV Dynamic to Guarantor ("Subordinated Debt") to any and all obligations of AQLV Dynamic to TCA now or hereafter existing while this Guaranty is in effect, and hereby agrees that Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to TCA by Guarantor, properly endorsed to the order of TCA, to apply to the Liabilities.

Appears in 1 contract

Samples: Guaranty Agreement (Dynamic Ventures Corp.)

Subordination of Other Debts. Guarantor hereby: (a) subordinates the obligations now or hereafter owed by AQLV RXMD to Guarantor (“Subordinated Debt”) to any and all obligations of AQLV RXMD to TCA now or hereafter existing while this Guaranty is in effect, and hereby agrees that Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to TCA by Guarantor, properly endorsed to the order of TCA, to apply to the Liabilities.

Appears in 1 contract

Samples: Guaranty Agreement (Progressive Care Inc.)

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Subordination of Other Debts. Each Guarantor hereby: (a) subordinates the obligations now or hereafter owed by AQLV CPT to Guarantor (“Subordinated Debt”) to any and all obligations of AQLV CPT to TCA now or hereafter existing while this Guaranty is in effect, and hereby agrees that Guarantor will not request or accept payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to TCA by Guarantor, properly endorsed to the order of TCA, to apply to the Liabilities.

Appears in 1 contract

Samples: Guaranty Agreement (Cyclone Power Technologies Inc)

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