Common use of Prior Payment of Senior Indebtedness in Bankruptcy, etc Clause in Contracts

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to Maker or its property, or any receivership, liquidation, reorganization or other similar proceedings in connection therewith, or, in the event of any proceedings for voluntary liquidation, dissolution or other winding up of Maker or distribution or marshalling of its assets or any composition with creditors of Maker, whether or not involving insolvency or bankruptcy, or if Maker shall cease its operations, call a meeting of its creditors or no longer do business as a going concern (each individually or collectively, an “Event”), then all Senior Indebtedness shall be indefeasibly paid in full and satisfied in cash or cash equivalents (other than contingent indemnity obligations which by their terms survive any termination of the applicable Senior Indebtedness Agreement) and the Senior Indebtedness Agreements irrevocably terminated before any Distribution shall be made on account of any Subordinated Indebtedness. Any such Distribution which would, but for the provisions hereof, be payable or deliverable in respect of the Subordinated Indebtedness, shall be paid or delivered directly to the Senior Creditors or their respective Senior Representatives, ratably according to the aggregate amounts remaining unpaid on account of the Senior Indebtedness held or represented by each, until amounts owing upon Senior Indebtedness shall have been indefeasibly paid in full in cash or cash equivalents (other than contingent indemnity obligations which by their terms survive any termination of the applicable Senior Indebtedness Agreement) and the Senior Indebtedness Agreements irrevocably terminated.

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to Maker Company or its Company’s property, or any receivership, liquidation, reorganization or other similar proceedings in connection therewith, or, in the event of any proceedings for voluntary liquidation, dissolution or other winding up of Maker Company or distribution or marshalling of its Company’s assets or any composition with creditors of MakerCompany, whether or not involving insolvency or bankruptcy, or if Maker Company shall cease its operations, call a meeting of its creditors or no longer do business as a going concern (each individually or collectively, an “Insolvency Event”), then all Senior Indebtedness shall be indefeasibly paid in full and satisfied in cash or cash equivalents (other than contingent indemnity obligations which by their terms survive any termination of the applicable Senior Indebtedness Agreement) and the Senior Indebtedness Agreements irrevocably Loan Agreement terminated before any Distribution shall be made on account of any Subordinated Indebtedness. Any such Distribution resulting from an Insolvency Event which would, but for the provisions hereof, be payable or deliverable in respect of the Subordinated Indebtedness, shall be paid or delivered directly to the Senior Creditors or their respective Senior Representatives, ratably according to the aggregate amounts remaining unpaid on account of the Senior Indebtedness held or represented by each, Bank until amounts owing upon Senior Indebtedness shall have been indefeasibly paid in full in cash and the Loan Agreement terminated provided that any such Distribution to Bank to which Subordinated Lender would be entitled except for the provisions of this Agreement shall, as between Company and Subordinated Lender, not be deemed to be a Distribution by Company to or cash equivalents (other than contingent indemnity obligations which by their terms survive any termination on account of the applicable Senior Indebtedness Agreement) and the Senior Indebtedness Agreements irrevocably terminatedSubordinated Indebtedness.

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to Maker or its propertyinsolvency, or any bankruptcy, receivership, liquidation, reorganization or other similar proceedings in connection therewithrelating to the Company or its debts or assets, orand, in the event of any proceedings for voluntary liquidation, dissolution or other winding up of Maker the Company or distribution or marshalling of its assets or any composition with creditors of Makerthe Company, whether or not involving insolvency or bankruptcy, or if Maker shall cease its operations, call a meeting of its creditors or no longer do business as a going concern (each individually or collectively, an “Event”), then all Senior Indebtedness shall be indefeasibly has not been paid in full and satisfied in cash or cash equivalents at such time, (other than contingent indemnity obligations which by their terms survive any termination a) the holders of Subordinated Indebtedness shall demand, but only the applicable holders of Senior Indebtedness Agreementmay collect, payment of all Subordinated Indebtedness due from the Company, and (b) and the Senior Indebtedness Agreements irrevocably terminated before any Distribution shall be made on account of any Subordinated Indebtedness. Any such Distribution which would, but for the provisions hereof, be payable or deliverable in respect of the Subordinated Indebtedness, shall be paid or delivered directly to the Senior Creditors or their respective Senior Representatives, ratably according to the aggregate amounts remaining unpaid on account holders of the Senior Indebtedness held are hereby irrevocably authorized at any such meeting or represented in any such proceeding to collect any assets of the Company distributed, divided or applied by eachway of dividend or payment or any such securities issued on account of Subordinated Indebtedness and apply the same, or the proceeds of any realization upon the same that the holders of the Senior Indebtedness in their discretion elect to effect, to Senior Indebtedness until amounts owing upon all Senior Indebtedness shall have been indefeasibly paid in full in cash or cash equivalents (other than contingent indemnity obligations which by their terms survive full, rendering any termination surplus then remaining to the Holder of this Note. The holders of the applicable Senior Subordinated Indebtedness Agreement) shall retain the right to vote and otherwise act in any such proceeding (including, without limitation, the Senior Indebtedness Agreements irrevocably terminatedright to vote to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension).