Common use of Subordination of Other Obligations Clause in Contracts

Subordination of Other Obligations. Any Indebtedness of Parent Borrower or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Beneficiaries and shall forthwith be paid over to the Administrative Agent on behalf of the Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. Additionally, each Guarantor agrees not to assert or enforce, and to the maximum extent permitted by applicable law, hereby waives, any and all rights of subrogation, reimbursement, indemnification and contribution against Parent Borrower or any other Credit Party or against any collateral or security, and any rights of contribution such Guarantor may have against any such other guarantor (including after the payment in full of the Obligations (other than contingent indemnification obligations for which no claim has been made) or the Guaranteed Obligations) if all or any portion of the Obligations or the Guaranteed Obligations shall have been satisfied in connection with an exercise of remedies by any Agent in respect of the Capital Stock of a Credit Party or any Subsidiary of any Credit Party whether pursuant to the Pledge and Security Agreement or otherwise.

Subordination of Other Obligations. Any Indebtedness of Parent Borrower or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to the Administrative Agent on behalf for the benefit of the Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. AdditionallyNotwithstanding the foregoing, each with respect to any Guarantor agrees not to assert or enforceincorporated under the laws of Singapore (each, and to the maximum extent permitted by applicable law, hereby waivesa “Singaporean Guarantor” ), any and all rights Indebtedness of subrogation, reimbursement, indemnification and contribution against Parent Borrower or any other Credit Party Guarantor now or against hereafter held by any collateral or securitySingaporean Guarantor is hereby subordinated in right of payment to the Guaranteed Obligations, and any rights such Indebtedness collected or received by any Singaporean Guarantor after an Event of contribution such Guarantor Default has occurred and is continuing (up to the aggregate amount which may have against any such other guarantor (including after the payment in full of the Obligations (other than contingent indemnification obligations for which no claim has been made) be or the become payable as Guaranteed Obligations) if all or any portion shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the Obligations or benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations shall have been satisfied but without affecting, impairing or limiting in connection with an exercise any manner the liability of remedies by such Singaporean Guarantor under any Agent other provision hereof, and it is agreed that nothing in respect of the Capital Stock of this Section 7.7 is intended to create a Credit Party charge or any Subsidiary of any Credit Party whether pursuant to the Pledge and Security Agreement or otherwiseother Lien.

Subordination of Other Obligations. Any Indebtedness of Parent Borrower or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to the Administrative Agent on behalf for the benefit of the Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. AdditionallyNotwithstanding the foregoing, each with respect to any Guarantor agrees not to assert or enforceincorporated under the laws of Singapore (each, and to the maximum extent permitted by applicable law, hereby waivesa “Singaporean Guarantor”), any and all rights Indebtedness of subrogation, reimbursement, indemnification and contribution against Parent Borrower or any other Credit Party Guarantor now or against hereafter held by any collateral or securitySingaporean Guarantor is hereby subordinated in right of payment to the Guaranteed Obligations, and any rights such Indebtedness collected or received by any Singaporean Guarantor after an Event of contribution such Guarantor Default has occurred and is continuing (up to the aggregate amount which may have against any such other guarantor (including after the payment in full of the Obligations (other than contingent indemnification obligations for which no claim has been made) be or the become payable as Guaranteed Obligations) if all or any portion shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the Obligations or benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations shall have been satisfied but without affecting, impairing or limiting in connection with an exercise any manner the liability of remedies by such Singaporean Guarantor under any Agent other provision hereof, and it is agreed that nothing in respect of the Capital Stock of this Section 7.7 is intended to create a Credit Party charge or any Subsidiary of any Credit Party whether pursuant to the Pledge and Security Agreement or otherwiseother Lien.

Subordination of Other Obligations. Any Indebtedness of Parent Borrower or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and while such Event of Default is continuing shall be held in trust for the Beneficiaries and shall forthwith be paid over to the Administrative Agent on behalf of the Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. Additionally, each Guarantor agrees not to assert or enforce, and to the maximum extent permitted by applicable law, hereby waives, any and all rights of subrogation, reimbursement, indemnification and contribution against Parent Borrower or any other Credit Party or against any collateral or security, and any rights of contribution such Guarantor may have against any such other guarantor (including after the payment in full of the Obligations (other than contingent indemnification obligations for which no claim has been made) or the Guaranteed Obligations) if all or any portion of the Obligations or the Guaranteed Obligations shall have been satisfied in connection with an exercise of remedies by any Agent in respect of the Capital Stock of a Credit Party or any Subsidiary of any Credit Party whether pursuant to the Pledge and Security Agreement or otherwise.

Subordination of Other Obligations. Any Indebtedness of Parent Borrower or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to the Administrative Agent on behalf for the benefit of the Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. AdditionallyNotwithstanding the foregoing, each with with respect to any Guarantor agrees not to assert or enforceincorporated under the laws of Singapore (each, and to the maximum extent permitted by applicable law, hereby waivesa “Singaporean Guarantor” ), any and all rights Indebtedness of subrogation, reimbursement, indemnification and contribution against Parent Borrower or any other Credit Party Guarantor now or against hereafter held by any collateral or securitySingaporean Guarantor is hereby subordinated in right of payment to the Guaranteed Obligations, and any rights such Indebtedness collected or received by any Singaporean Guarantor after an Event of contribution such Guarantor Default has occurred and is continuing (up to the aggregate amount which may have against any such other guarantor (including after the payment in full of the Obligations (other than contingent indemnification obligations for which no claim has been made) be or the become payable as Guaranteed Obligations) if all or any portion shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the Obligations or benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations shall have been satisfied but without affecting, impairing or limiting in connection with an exercise any manner the liability of remedies by such Singaporean Guarantor under any Agent other provision hereof, and it is agreed that nothing in respect of the Capital Stock of this Section 7.7 is intended to create a Credit Party charge or any Subsidiary of any Credit Party whether pursuant to the Pledge and Security Agreement or otherwiseother Lien.

Subordination of Other Obligations. Any Indebtedness of Parent Borrower or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for the Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to the Administrative Agent on behalf for the benefit of the Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. AdditionallyNotwithstanding the foregoing, each with respect to any Guarantor agrees not to assert or enforceincorporated under the laws of Singapore (each, and to the maximum extent permitted by applicable law, hereby waivesa “Singaporean Guarantor”), any and all rights Indebtedness of subrogation, reimbursement, indemnification and contribution against Parent Borrower or any other Credit Party Guarantor now or against hereafter held by any collateral or securitySingaporean Guarantor is hereby subordinated in right of payment to the Guaranteed Obligations, and any rights such Indebtedness collected or received by any Singaporean Guarantor after an Event of contribution such Guarantor Default has occurred and is continuing (up to the aggregate amount which may have against any such other guarantor (including after the payment in full of the Obligations (other than contingent indemnification obligations for which no claim has been made) be or the become payable as Guaranteed Obligations) if all or any portion shall be held in trust for Administrative Agent on behalf of the Obligations or the Guaranteed Obligations Beneficiaries and shall have been satisfied in connection with an exercise of remedies by any Agent in respect of the Capital Stock of a Credit Party or any Subsidiary of any Credit Party whether pursuant to the Pledge and Security Agreement or otherwise.- 124 -