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 any Loan Party 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 any Loan Party or distribution or marshalling of its assets or any composition with creditors of any Loan Party, whether or not involving insolvency or bankruptcy, or if any Loan Party 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 (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall be paid in full and satisfied in cash and the commitments to advance funds under the Loan Agreement 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 Agent for application to the Senior Indebtedness, until amounts owing upon Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been terminated.

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to any Loan Party 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 any Loan Party Company or distribution or marshalling of its Company's assets or any composition with creditors of any Loan PartyCompany, whether or not involving insolvency or bankruptcy, or if any Loan Party 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 (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall be paid in full and satisfied in cash and the commitments to advance funds under the 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 Agent for application to the Senior Indebtedness, Bank until amounts owing upon Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been terminatedterminated provided that any such Distribution to Bank to which the 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 on account of the Subordinated Indebtedness.

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to any Loan Party Company 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 any Loan Party Company or distribution or marshalling of its assets or any composition with creditors of any Loan PartyCompany, whether or not involving insolvency or bankruptcy, or if any Loan Party 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 “"Event”"), then all Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall be paid in full and satisfied in cash and the commitments to advance funds under the Loan Agreement Senior Lending Agreements irrevocably terminated before any Distribution shall be made on account of any Subordinated Indebtedness. Any such Distribution (except equity securities or securities which are subordinated and junior in right of payment to the payment in full in cash of all Senior Indebtedness) which would, but for the provisions hereof, be payable or deliverable in respect of the Subordinated Indebtedness, shall be paid or delivered directly to Agent for application to Senior Lender or its representatives, in the Senior Indebtednessproportions in which they hold the same, until amounts owing upon Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been Senior Lending Agreements irrevocably terminated.

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to any Loan Party I.F.S. 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 any Loan Party I.F.S. or distribution or marshalling of its assets or any composition with creditors of any Loan PartyI.F.S., whether or not involving insolvency or bankruptcy, or if any Loan Party I.F.S. 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 (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall be paid in full and satisfied in cash and the commitments to advance funds under the Loan Agreement 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 Agent for application to or its representatives, in the Senior Indebtednessproportions in which they hold the same, until amounts owing upon Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been irrevocably terminated.

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to any Loan Party 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 any Loan Party the Company or distribution or marshalling of its assets or any composition with creditors of any Loan Partythe Company, whether or not involving insolvency or bankruptcy, or if any Loan Party 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 (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has not been asserted) shall be paid in full at such time, (i) the holders of Subordinated Indebtedness shall demand, but only the holders of Senior Indebtedness may collect, payment of all Subordinated Indebtedness due from the Company, and satisfied (ii) the holders of the Senior Indebtedness are hereby irrevocably authorized at any such meeting or in cash and any such proceeding to collect any assets of the commitments to advance funds under the Loan Agreement terminated before Company distributed, divided or applied by way of dividend or payment or any Distribution shall be made such securities issued on account of Subordinated Indebtedness and apply the same, or the proceeds of any Subordinated Indebtedness. Any such Distribution which would, but for realization upon the provisions hereof, be payable or deliverable in respect same that the holders of the Subordinated Indebtedness, shall be paid or delivered directly to Agent for application to the Senior Indebtedness, until amounts owing upon Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) their discretion elect to effect, to Senior Indebtedness until all Senior Indebtedness shall have been paid in full full, rendering any surplus then remaining to the holders of the Notes. The holders of the Subordinated Indebtedness shall retain the right to vote and otherwise act in cash and any such proceeding (including, without limitation, the commitments right to advance funds under the Loan Agreement shall have been terminatedvote to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension).

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to any Loan Party Company 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 any Loan Party Company or distribution or marshalling of its assets or any composition with creditors of any Loan PartyCompany, whether or not involving insolvency or bankruptcy, or if any Loan Party 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 “"Event”"), then all Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall be paid in full and satisfied in cash and the commitments to advance funds under the Loan Security Agreement 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 Agent for application to Senior Lender or its representatives, in the Senior Indebtednessproportions in which they hold the same, until amounts owing upon Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Security Agreement shall have been irrevocably terminated.

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to any Loan Party the Company, Guarantor or its their respective 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 any Loan Party the Company, Guarantor or distribution or marshalling of its assets or any composition with creditors of any Loan Partythe Company or Guarantor, whether or not involving insolvency or bankruptcy, or if any Loan Party the Company or Guarantor 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 (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall be paid in full and satisfied in cash and the any commitments to advance funds provide advances under the Loan Agreement Senior Lending Agreements and the Senior Subordinated Lending Agreements 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 Agent for application first, to the Senior IndebtednessLender or its representatives, in the proportions in which they hold the same, until amounts owing upon Senior Indebtedness (other than contingent reimbursement and indemnification obligations in respect of which no claim for payment has been asserted) shall have been paid in full in cash and the commitments to advance funds under the Loan Agreement shall have been terminated.owing