Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of the Senior Claimholders and the Subordinated Claimholders in or to any Distributions from or in respect of any Collateral or Proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code.
Appears in 2 contracts
Sources: Senior Term Loan Credit Agreement (Bumble Bee Capital Corp.), Senior Revolving Credit Agreement (Bumble Bee Capital Corp.)
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereofProceeding. The relative rights of the Senior Claimholders Lenders and the Subordinated Claimholders Lenders to payment of the Senior Obligations and the Subordinated Obligations, respectively, and in or to any Distributions distributions from or in respect of any Collateral or Proceeds proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code.
Appears in 2 contracts
Sources: Note Purchase Agreement (Wright Investors Service Holdings, Inc.), Intercreditor Agreement (Merriman Holdings, Inc)
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of the Senior Claimholders Creditors and the Subordinated Claimholders Creditors in or to any Distributions distributions from or in respect of any Collateral or Proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code.
Appears in 1 contract
Sources: Intercreditor and Subordination Agreement (Buca Financing LLC)
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of the any Senior Claimholders Creditor and the Subordinated Claimholders Creditors in or to any Distributions distributions from or in respect of any Collateral or Proceeds proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy CodeCode (or similar Debtor Relief Law).
Appears in 1 contract