Common use of Distributions in Bankruptcy Clause in Contracts

Distributions in Bankruptcy. Upon any distribution in any bankruptcy or similar proceeding, any distribution to which the Holder is entitled shall be paid directly to the holders of Senior Debt to the extent necessary to make payment in full of all Senior Debt remaining unpaid after giving effect to all other distributions to or for the benefit of the holders of Senior Debt.

Appears in 5 contracts

Samples: Termination Agreement (Lazard Group LLC), Registration Rights Agreement (Lazard LTD), Lazard LTD

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