Common use of Intercreditor and Subordination Agreement Clause in Contracts

Intercreditor and Subordination Agreement. The parties hereto desire to enter into this Agreement in order to (a) appoint the Collateral Agent as the agent for the First Lien Secured Parties to receive, maintain, administer, enforce and distribute the Shared Collateral and the First Lien Shared Collateral as provided herein and therein, (b) set forth certain provisions relating to the Secured Parties' respective rights in the Collateral, the exercise of remedies upon the occurrence of an event of default, the application of proceeds of enforcement and certain other matters and (c) set forth certain provisions relating to the subordination of the Lakes Obligations and certain other matters with respect thereto.

Intercreditor and Subordination Agreement. The parties hereto desire to enter into this Agreement in order to (ai) appoint the Collateral Agent as the agent for the First Lien Secured Parties to receive, maintain, administer, enforce and distribute the Shared Collateral and the First Lien Shared Collateral as provided herein and therein, (bii) set forth certain provisions relating to the Secured Parties' ’ respective rights in the Collateral, the exercise of remedies upon the occurrence of an event of default, the application of proceeds of enforcement and certain other matters and (ciii) set forth certain provisions relating to the subordination of the Lakes Obligations and certain other matters with respect thereto.