Common use of Payment Upon Dissolution, Etc Clause in Contracts

Payment Upon Dissolution, Etc. In the event of: (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to the Borrower, or to any of its assets; (b) any liquidation, dissolution or other winding up of the Borrower, whether partial or complete and whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or (c) any assignment for the benefit of creditors generally or any other marshalling of all or any substantial part of the assets and liabilities of the Borrower, then and in any such event the Secured Parties shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all the Obligations before the Shareholders shall be entitled to receive any payment on account of the Shareholder Loans (whether in respect of principal, interest, premium, fees, indemnities, commissions, or otherwise) and, to that end, any payment or distribution of any kind or character, whether in cash, property or securities which may be payable or deliverable in respect of the Shareholder Loans in any such case, proceeding, dissolution, liquidation or other winding up or event shall instead be paid or delivered directly to the Secured Parties for application to the Obligations, whether or not due, until the Obligations shall have first been fully paid and satisfied in full.

Payment Upon Dissolution, Etc. In the event of: (a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to the Borrower, Borrower or to any of its assets;; or (b) any liquidation, dissolution or other winding up of the Borrower, whether partial or complete and whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or (c) any assignment for the benefit of creditors generally or any other marshalling of all or any substantial part of the assets and liabilities of the Borrower, ; then and in any such event the Secured Parties shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all of the Secured Obligations before the Shareholders Subordinated Creditors shall be entitled to receive any payment on account of the Shareholder Loans Subordinated Debt (whether in respect of principal, interest, premium, fees, indemnities, commissions, or otherwise) and), and to that end, any payment or distribution of any kind or character, whether in cash, property or securities which may be payable or deliverable in respect of the Shareholder Loans Subordinated Debt in any such case, proceeding, dissolution, liquidation or other winding up or event shall instead be paid or delivered directly to the Secured Parties for application to the Secured Obligations, whether or not due, until the Secured Obligations shall have first been fully paid and satisfied in fullcash.