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 the 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 winding-up of the Company or distribution or marshalling of its assets or any composition with creditors of the Company, whether or not involving insolvency or bankruptcy, or the appointment of a receiver, intervenor or conservator of, or trustee, custodian or similar officer for the Company or any substantial part of its property (each individually or collectively, an "Event"), then all Senior Indebtedness shall be paid in full and satisfied in cash and the Credit 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 the Agent for the benefit of the Senior Lenders until amounts owing upon Senior Indebtedness shall have been paid in full in cash and the Credit Agreement has been irrevocably terminated.

Prior Payment of Senior Indebtedness in Bankruptcy, etc. In the event of any insolvency or bankruptcy proceedings relative to the Company Borrower 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 winding-up of the Company Borrower or distribution or marshalling of its assets or any composition with creditors of the CompanyBorrower, whether or not involving insolvency or bankruptcy, or the appointment of a receiver, intervenor or conservator of, or trustee, custodian or similar officer for the Company Borrower or any substantial part of its property (each individually or collectively, an "“Event"”), then all Senior Indebtedness shall be paid in full and satisfied in cash and the Credit Senior 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 the Senior Agent for the benefit of the Senior Lenders until amounts owing upon Senior Indebtedness shall have been paid in full in cash and the Credit Senior Loan Agreement has been irrevocably terminated.