Common use of Enforceability and Continuing Priority Clause in Contracts

Enforceability and Continuing Priority. This Agreement shall be applicable before, during, and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of the Senior Creditor and Subordinated Creditor in or to any distributions from, or in respect of, any Collateral securing the Senior Obligations and Subordinated Obligations, or proceeds thereof, shall continue following the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be deemed to constitute a “subordination agreement” within the meaning of Section 510(a) of the Bankruptcy Code and any applicable insurance code and is intended to be and shall be interpreted to be enforceable to the maximum extent permitted pursuant to applicable nonbankruptcy law. All references to any Obligor shall include such Obligor as debtor and debtor-in-possession and any receiver or trustee for such Obligor in any Insolvency Proceeding.

Enforceability and Continuing Priority. This Agreement shall be applicable before, during, and after the commencement of any Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of the Senior Creditor and Subordinated Creditor in or to any distributions from, or in respect of, any Collateral securing the Senior Obligations and Subordinated Obligations, or proceeds thereof, shall continue following the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be deemed to constitute a “subordination agreement” within the meaning of Section 510(a) of the Bankruptcy Code and any applicable insurance code and is are intended to be and shall be interpreted to be enforceable to the maximum extent permitted pursuant to applicable nonbankruptcy law. All references to any Obligor shall include such Obligor as debtor and debtor-in-possession and any receiver or trustee for such Obligor in any Insolvency Proceeding.