Common use of Payment Upon Dissolution, Etc Clause in Contracts

Payment Upon Dissolution, Etc. In the event of any bankruptcy, insolvency, reorganization, receivership, composition, assignment for benefit of creditors or other similar proceeding initiated by or against the Company or any dissolution or winding up or total or partial liquidation or reorganization in bankruptcy of the Company (each, a “Proceeding”), all principal and interest due upon any Senior Indebtedness shall first be paid in full before the Holder shall be entitled to receive or, if received, to retain any payment or distribution on account of this Note and, during the continuance of any such Proceeding, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holder would be entitled with respect to any Subordinated Indebtedness but for the provisions of this Section 15 shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holder who shall have received such payment or distribution, directly to the holders of the Senior Indebtedness (pro rata to each such holder on the basis of the respective amounts of such Senior Indebtedness held by such holder) or their representatives to the extent necessary to pay all such Senior Indebtedness in full after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the Holder or any holders of the Notes; provided, however, that notwithstanding anything to the contrary, in any event the Holder shall be entitled to receive and retain any and all Junior Securities (as defined below).

Payment Upon Dissolution, Etc. In the event of any bankruptcy, insolvency, reorganization, receivership, composition, assignment for benefit of creditors or other similar proceeding initiated by or against the Company or any dissolution or winding up or total or partial liquidation or reorganization in bankruptcy of the Company (each, being hereinafter referred to as a “Proceeding”), all principal and interest due upon any Senior Indebtedness shall first be paid in full before the Holder shall be entitled to receive or, if received, to retain any payment or distribution on account of this Note andNote, during the continuance of and upon any such Proceeding, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holder would be entitled with respect to any Subordinated Indebtedness but except for the provisions of this Section 15 13 shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holder who shall have received such payment or distribution, directly to the holders of the Senior Indebtedness (pro rata to each such holder on the basis of the respective amounts of such Senior Indebtedness held by such holder) or their representatives to the extent necessary to pay all such Senior Indebtedness in full after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the Holder or any holders of the Notes; provided, however, that notwithstanding anything to the contrary, in any event the Holder shall be entitled to receive and retain any and all Junior Securities (as defined below).

Payment Upon Dissolution, Etc. In Each Subordinated Lender shall agree that, in the event of (a) any bankruptcyinsolvency or bankruptcy case, insolvencyor proceeding, reorganizationarrangement, receivershipreorganization or similar event in connection therewith, compositionrelative to the Debtor and its creditors as such, or to its assets, or (b) any liquidation, dissolution or other winding up of the Debtor, or any equivalent or analogous procedure under the laws of any jurisdiction in which the Debtor is incorporated, domiciled or resident or carries on business or has assets, or (c) any assignment for the benefit of creditors or other similar proceeding initiated by or against the Company or any dissolution or winding up or total or partial liquidation or reorganization in bankruptcy marshaling of assets and liabilities of the Company (eachDebtor, a “Proceeding”), all principal and interest due upon any Senior Indebtedness shall first be paid in full before the Holder Purchasers shall be entitled to receive or, if received, payment in full of all amounts due or to retain become due on or in respect of all Senior Debt Obligations before any Subordinated Lender shall be entitled to receive any payment or distribution on account of this Note the Subordinated Debt and, during the continuance of any such Proceedingto that end, any payment or distribution of assets of the Company of any kind or charactercharacter which may be payable or deliverable in respect of the Subordinated Debt in any such event shall instead be paid or delivered to the Purchasers or their representatives for application to the Senior Debt Obligations, whether or not then due, until such time as the Senior Debt Obligations shall have been fully and indefeasibly paid and satisfied in cash, property or securities, accordance with the Financing Documents. Each Subordinated Lender additionally agrees to which instruct the Holder would be entitled with respect to any Subordinated Indebtedness but for the provisions of this Section 15 shall be paid by the Company or by any receiver, trustee in bankruptcy, liquidating trusteeliquidator, agent assignee or other Person making such payment person distributing the assets of the Debtor or distribution, or by their proceeds to pay distributions on the Holder who shall have received such payment or distribution, directly Subordinated Debt to the holders of Purchasers until the Senior Indebtedness (pro rata to each such holder on the basis of the respective amounts of such Senior Indebtedness held by such holder) or their representatives to the extent necessary to pay all such Senior Indebtedness Debt is indefeasibly paid in full after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the Holder or any holders of the Notes; provided, however, that notwithstanding anything to the contrary, in any event the Holder shall be entitled to receive and retain any and all Junior Securities (as defined below)full.