Common use of Bankruptcy and Insolvency Clause in Contracts

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan Parties, dissolution, liquidation or any other marshaling of the assets or liabilities of the Loan Parties, the Manager will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties in respect of the Subordinated Obligations and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager where necessary) for application to the then-existing Senior Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated Obligations, unless and until the Senior Indebtedness has been paid in full. If the Manager shall fail to take any such action, the Lender, as attorney-in-fact for the Manager, may, but shall not be obligated to, take such action on the Manager’s behalf. The Manager hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, and to take such other action in the Lender’s own name or in the Manager’s name as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 4 contracts

Samples: Management Fee Subordination Agreement (1847 Goedeker Inc.), Management Fee Subordination Agreement (1847 Goedeker Inc.), Management Fee Subordination Agreement (1847 Holdings LLC)

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Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx sue for, collect and receive any and all such moneys, dividends or other otxxx assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 3 contracts

Samples: Subordination Agreement (Nord Resources Corp), Subordination Agreement (Nord Resources Corp), Subordination Agreement (Royal Precision Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx sue for, collect and receive any and all such moneys, dividends or other oxxxr assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 2 contracts

Samples: Subordination Agreement (Royal Precision Inc), Subordination Agreement (Royal Precision Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan Partiesany Borrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan Partiesany Borrower, the Manager Subordinated Creditors will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties such Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditors where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in fullfull and the Lender’s Lien in the Collateral has been terminated. If the Manager Subordinated Creditors shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditors’ behalf. The Manager Subordinated Creditors hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditors (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s own name or in the Manager’s name of the Subordinated Creditors as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditors will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing. If the Lender desires to permit the use of cash collateral or to provide post-petition financing to a Borrower, the Subordinated Creditors shall not object to the same or assert that their interests are not being adequately protected.

Appears in 2 contracts

Samples: Subordination Agreement (Miscor Group, Ltd.), Subordination Agreement (Miscor Group, Ltd.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditors will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Preferred Lender and promptly pay over to the Preferred Lender in the form received (except for the endorsement of the Manager Subordinated Creditors where necessary) for application to the then-existing Senior IndebtednessPreferred Lender Debt, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Indebtedness Preferred Lender Debt has been paid in full. If the Manager any Subordinated Creditors shall fail to take any such action, the Preferred Lender, as attorney-in-fact for the ManagerSubordinated Creditors, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditors each hereby irrevocably appoints appoint the Preferred Lender, or any of its agents, officers or employees on behalf of the Preferred Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Preferred Lender’s own name or in the Manager’s name of the Subordinated Creditor as the Preferred Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and each of the Manager Subordinated Creditors will execute and deliver to the Preferred Lender such other and further powers-of-attorney or instruments as the Preferred Lender may request in order to accomplish the foregoing. If the Preferred Lender desires to permit the use of cash collateral or to provide post-petition financing to the Borrower, the Subordinated Creditors shall not object to the same or assert that its interests are not being adequately protected.

Appears in 2 contracts

Samples: Subordination Agreement (Nutracea), Subordination Agreement (Nutracea)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager will Collateral Agent may, on behalf of Subordinated Creditor, file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior all Lender Indebtedness has been paid in full. If the Manager shall fail Collateral Agent, on behalf of Subordinated Creditor, fails to take any such actionaction within 30 days of being entitled to do so, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for Subordinated Creditor (which appointment is coupled with an interest) with the Manager power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets received on account of the Subordinated Indebtedness and give acquittance therefor and to file any claim, proof of claim or other instrument of similar charactercharacter regarding the Subordinated Indebtedness, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension, and to take such other action in the Lender’s own name or in the Manager’s name of Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 2 contracts

Samples: Subordination Agreement (Naturade Inc), Loan Agreement (Naturade Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in fullfull and the Lender’s security interest in the Collateral has been terminated. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing. If the Lender desires to permit the use of cash collateral or to provide post-petition financing to the Borrower, the Subordinated Creditor shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (San Holdings Inc)

Bankruptcy and Insolvency. In the event of any receivership, ------------------------- insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesCompany, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesCompany, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Company in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender Wells Fargo and promptly pay over to the Lender Wells Fargo in the form received (except xxxept for the endorsement of the Manager Sxxxxxinated Creditor where necessary) for application to the then-existing Senior Wells Fargo Indebtedness, any and all moneys, dividends or other assets received assexx xxceived in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Wells Fargo Indebtedness has been paid in fullfull and Wells Fargo's Lien xx xhe Collateral has been terminated. If the Manager Suboxxxxxted Creditor shall fail to take any such action, the LenderWells Fargo, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, take such may txxx xuch action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the LenderWells Fargo, or any of its agents, officers or employees on behalf of the LenderWells Fxxxx, as the attorney-in-fact for the Manager Subordinated Creditor (wxxxx appointment is coupled with an interest) with the power but not the duty to demand, xxx sue for, collect and receive any and all such moneys, dividends or other otxxx assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s Wells Fargo's own name or in the Manager’s name of the Subordinated Creditor as the Lender Xxxxs Fargo may deem necessary or advisable for the enforcement of the agreements thx xxxeements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender Wells Fargo such other and further powers-of-attorney or instruments as the Lender xx Xxlls Fargo may request in order to accomplish the foregoing. If Wellx Xxxgo desires to permit the use of cash collateral or to providx xxxt-petition financing to the Company, the Subordinated Creditor shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (Ronson Corp)

Bankruptcy and Insolvency. In the event of (a) any receivershipdistribution, insolvency------------------------- division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the assets of the Borrower or the proceeds thereof to the creditors of the Borrower or to their claims against the Borrower, or (b) any readjustment of the debt or obligations of the Borrower, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditorscreditors or any other action or proceeding involving the readjustment of all or any part of the Loan or Subordinated Obligations, reorganization or arrangement with creditorsthe application of the assets of the Borrower to the payment or liquidation thereof, whether or not pursuant to bankruptcy law(c) the dissolution or other winding up of the business of the Borrower, or (d) the sale of all or substantially all of the assets of either the Borrower, then, and in any such event, the Lenders shall be entitled to receive payment in full of all of the Loan Parties, dissolution, liquidation prior to the payment of all or any other marshaling part of the assets or liabilities Subordinated Obligations. To enable the Lenders to enforce their rights hereunder in any of the Loan Partiesactions or proceedings described in the preceding paragraph, the Administrative Agent is hereby irrevocably authorized and empowered, in its discretion, to file and present for and on behalf of the Manager and the Developer such proofs of claims or other motions or pleadings as the Administrative Agent may deem expedient or proper to establish the Lender's entitlement of payment from, or on behalf of, the Manager will file all claims, proofs of claim or other instruments of similar character necessary the Developer with respect to enforce the obligations of the Loan Parties in respect of the Subordinated Obligations and will hold and, in trust the exercise of its reasonable discretion giving due regard for the Lender amounts outstanding under the Loan and promptly pay over the Subordinated Obligations, respectively, to the Lender vote such proofs of claims in the form received (except for the endorsement of the Manager where necessary) for application any such proceeding and to the then-existing Senior Indebtednessdemand, sue for, receive and collect any and all moneys, dividends or other assets received payments xx disbursements made thereon in any such proceedings whatever form the same may be paid or issued and to apply the same on account of the Subordinated Obligations, unless and until the Senior Indebtedness has been paid in full. If the Manager shall fail to take any such action, the Lender, as attorney-in-fact for the Manager, may, but shall not be obligated to, take such action on the Manager’s behalfLoan. The Manager hereby and the Developer irrevocably appoints authorize and empower the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Administrative Agent to demand, xxx sue for, collect and receive any each of the payments and all such moneys, dividends or other assets distributions xxxcribed in the preceding paragraph and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, claims and to take such other action actions, in the Lender’s Administrative Agent's own name or in the name of the Manager’s name , the Developer, or otherwise, as the Lender may deem necessary or advisable for the enforcement of this Agreement. To the agreements contained herein; extent that payments of distributions are made in property other than cash, the Manager and the Developer authorize the Administrative Agent to sell such property to such buyers and on such terms as the Administrative Agent, in its sole discretion, shall determine. The Manager and the Developer will execute and deliver to the Lender Administrative Agent such powers of attorney, assignments and other and further powers-of-attorney instruments or instruments documents, including debentures, notes, instruments, documents or other agreements (together with such assignments or endorsement as the Lender Administrative Agent shall deem necessary), as may request be reasonably requested by the Administrative Agent in order to accomplish enable the foregoingAdministrative Agent to enforce any and all claims upon or with respect to any or all of the Subordinated Obligations and to collect and receive any and all payments and distributions which may be payable or deliverable at any time upon or with respect to the Subordinated Obligations, all for the benefit of the Lenders. The Administrative Agent shall provide to the Developer and the Manager notice, reasonably in advance whenever possible, of its exercise of any rights provided in this Paragraph 6, and copies of any proofs of claims, motions or pleadings received or filed by the Lenders. Upon satisfaction of the Loan, the Administrative Agent shall deliver to the Developer and the Manager any payments or other distributions received by the Administrative Agent with respect to the Subordinated Obligations. If the Borrower becomes the subject of proceedings under the Bankruptcy Code and if the Administrative Agent desires to permit the use of cash collateral or to provide financing to the Borrower under either Section 363 or Section 364 of the Bankruptcy Code, the Manager and the Developer agree that adequate notice of such financing to the Manager and the Developer, if required under applicable law, shall have been provided if such parties receive notice two business days prior to entry of any order approving such cash collateral usage or financing. Notice of a proposed financing or use of cash collateral shall be deemed given upon the sending of such notice to the parties in the manner specified in Section 8. All allocations of payments between the Lenders, the Manager and the Developer shall continue to be made after the filing of a petition under the Bankruptcy Code on the basis provided in this Agreement. In the event that the Manager and the Developer at any time acquire any security for the Subordinated Obligations, they agree not to assert any right they may have to "adequate protection" of their respective interests in such security in any Bankruptcy proceeding, or to seek to have their claims in such Bankruptcy proceeding treated as "secured claims" under Section 506(a) of the Bankruptcy Code, without the prior written consent of the Administrative Agent. The Manager and the Developer waive any claim they may now or hereafter have against the Administrative Agent or the Lenders arising out of the Administrative Agent's election, in any proceeding instituted under Chapter 11 of the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code, and/or any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code by the Borrower, as debtor in possession, or by a trustee.

Appears in 1 contract

Samples: Subordination Agreement (Trump Hotels & Casino Resorts Funding Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, or any Subsidiary dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, or any Subsidiary the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower, and the Subsidiaries in respect of the Subordinated Obligations Indebtedness and will hold in SKR:maw 288005.03 2/25/99 3 trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx sue for, collect and receive any receivx xny and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Subordination Agreement (Autotradecenter Com Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesIngredients, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesIngredients, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Ingredients in respect of the Subordinated Obligations Indebtedness and except as otherwise provided in Section 3 will hold in trust for the Senior Lender and promptly pay over to the Senior Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in fullfull and the Senior Lender’s Lien in the Senior Collateral has been terminated. If the Manager Subordinated Creditor shall fail to take any such action, the Senior Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Senior Lender, or any of its agents, officers or employees on behalf of the Senior Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Senior Lender’s own name or in the Manager’s name of the Subordinated Creditor as the Senior Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Senior Lender such other and further powers-of-attorney or instruments as the Senior Lender may request in order to accomplish the foregoing. If the Senior Lender desires to permit the use of cash collateral or to provide post-petition financing to Ingredients, the Subordinated Creditor shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (MGP Ingredients Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan Partiesany Borrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan Partiesany Borrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties such Borrower in respect of the Subordinated Obligations Debt and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsDebt, unless and until the Senior Lender Indebtedness has been paid in fullfull and the Lender’s Lien in the Collateral has been terminated. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall is not be hereby obligated to, take such action on the ManagerSubordinated Creditor’s behalf. The Manager In the event of Subordinated Creditor’s failure to take such action, then Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lenderemployees, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest), with the power, but not the duty, to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Debt, to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension, and to take such other action in the Lender’s own name of the Lender or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing. If the Lender desires to permit the use of cash collateral or to provide post-petition financing to a Borrower, the Subordinated Creditor shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (Miscor Group, Ltd.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender Lenders and the Agent and promptly pay over to the Lender Agent in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Subordinated Creditor shall fail to take any such action, the LenderAgent, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the LenderAgent, or any of its agents, officers or employees on behalf of the LenderAgent, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s Agent's own name or in the Manager’s name of the Subordinated Creditor as the Lender Agent may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender Agent such other and further powers-of-attorney or instruments as the Lender Agent may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Subordination Agreement (Sheldahl Inc)

Bankruptcy and Insolvency. In Each Subordinated Creditor agrees that, in the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy lawlaw (each, an “Insolvency Event”), the sale of all or substantially all of the assets of either of the Loan Partiesany Obligor, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan Partiesany Obligor, the Manager it will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties such Obligor in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Senior Lender and promptly pay over to the Senior Lender in the form received (except for the endorsement of the Manager such Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid Paid in fullFull and the Senior Lender’s Lien in the Collateral has been terminated. If the Manager Each Subordinated Creditor agrees that, if any Subordinated Creditor shall fail to take any such action, the Senior Lender, as attorney-in-fact for the Managereach Subordinated Creditor, may, but shall not be obligated to, may take such action on each Subordinated Creditor’s behalf (provided that the Manager’s behalfSenior Lender may only file claims and proofs of claim in respect of the Subordinated Indebtedness if there shall remain not more than 30 days before such action is barred, prohibited or otherwise cannot be taken). The Manager Each Subordinated Creditor hereby irrevocably appoints the Senior Lender, or any of its agents, officers or employees on behalf of the Senior Lender, as the attorney-in-fact for such Subordinated Creditor (which appointment is coupled with an interest) with the Manager power but not the duty, upon the occurrence, and during the continuance, of an Insolvency Event, to demand, xxx sxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Senior Lender’s own name or in the Manager’s name of any Subordinated Creditor as the Senior Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager each Subordinated Creditor agrees that it will execute and deliver to the Senior Lender such other and further powers-of-attorney or instruments as the Senior Lender may reasonably request in order to accomplish the foregoing. Each Subordinated Creditor agrees that, if the Senior Lender desires to permit the use of cash collateral or to provide post-petition financing to any Obligor, such Subordinated Creditor shall not object to the same on the grounds that its interests are not being adequately protected; provided that such Subordinated Creditor is granted the same liens and security interests on the post-petition Collateral that may be granted to or for the benefit of the Senior Lender, junior only to the liens or security interests of the Senior Lender therein.

Appears in 1 contract

Samples: Subordination Agreement (Global Employment Holdings, Inc.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditors will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Preferred Lender and promptly pay over to the Preferred Lender in the form received (except for the endorsement of the Manager Subordinated Creditors where necessary) for application to the then-existing Senior IndebtednessPreferred Lender Debt, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Indebtedness Preferred Lender Debt has been paid in full. If the Manager a Subordinated Creditor shall fail to take any such action, the LenderPreferred Lenders, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditors each hereby irrevocably appoints the Preferred Lender, or any of its agents, officers or employees on behalf of the Preferred Lender designated by the Preferred Lender, as the attorney-in-fact for the Manager Subordinated Creditors (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance acquaintance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Preferred Lender’s own 's name or in the Manager’s name of the Subordinated Creditors as the Preferred Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditors will each execute and deliver to the Preferred Lender such other and further powers-of-attorney or instruments as the Preferred Lender may request in order to accomplish the foregoing. If the Preferred Lender desires to permit the use of cash collateral or to provide post-petition financing to the Borrower, the Subordinated Creditors shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (RiceBran Technologies)

Bankruptcy and Insolvency. In Each Subordinated Creditor agrees that, in the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy lawlaw (each, an “Insolvency Event”), the sale of all or substantially all of the assets of either of the Loan Partiesany Obligor, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan Partiesany Obligor, the Manager it will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties such Obligor in respect of the Subordinated Obligations Indebtedness (provided that the Senior Lender may only file claims and proofs of claim in respect of the Subordinated Indebtedness if there shall remain not more than 30 days before such action is barred, prohibited or otherwise cannot be taken) and will hold in trust for the Senior Lender and promptly pay over to the Senior Lender in the form received (except for the endorsement of the Manager such Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid Paid in fullFull and the Senior Lender’s Lien in the Collateral has been terminated. If the Manager Each Subordinated Creditor agrees that, if any Subordinated Creditor shall fail to take any such action, the Senior Lender, as attorney-in-fact for the Managereach Subordinated Creditor, may, but shall not be obligated to, may take such action on the Managereach Subordinated Creditor’s behalf. The Manager Each Subordinated Creditor hereby irrevocably appoints the Senior Lender, or any of its agents, officers or employees on behalf of the Senior Lender, as the attorney-in-fact for such Subordinated Creditor (which appointment is coupled with an interest) with the Manager power but not the duty, upon the occurrence, and during the continuance, of an Insolvency Event, to demand, xxx sxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Senior Lender’s own name or in the Manager’s name of any Subordinated Creditor as the Senior Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager each Subordinated Creditor agrees that it will execute and deliver to the Senior Lender such other and further powers-of-attorney or instruments as the Senior Lender may reasonably request in order to accomplish the foregoing. Each Subordinated Creditor agrees that, if the Senior Lender desires to permit the use of cash collateral or to provide post-petition financing to any Obligor, such Subordinated Creditor shall not object to the same on the grounds that its interests are not being adequately protected; provided that such Subordinated Creditor is granted the same liens and security interests on the post-petition Collateral that may be granted to or for the benefit of the Senior Lender, junior only to the liens or security interests of the Senior Lender therein.

Appears in 1 contract

Samples: Subordination Agreement (Global Employment Holdings, Inc.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx forsue xxx, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Subordination Agreement (Chaparral Network Storage Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrowers, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrowers, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrowers in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in fullfull and Lender’s Lien in the Collateral has been terminated. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing. If Lender desires to permit the use of cash collateral or to provide post-petition financing to the Borrowers, the Subordinated Creditor shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (Nature Vision, Inc.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan Partiesany Borrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan Partiesany Borrower, the Manager Subordinated Creditors will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties such Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditors where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in fullfull and the Lender’s Lien in the Collateral has been terminated. If the Manager Subordinated Creditors shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditors, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditors’ behalf. The Manager Subordinated Creditors hereby irrevocably appoints appoint the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditors (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s own name or in the Manager’s name of the Subordinated Creditors as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditors will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing. If the Lender desires to permit the use of cash collateral or to provide post-petition financing to a Borrower, the Subordinated Creditors shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (Miscor Group, Ltd.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan Partiesany Borrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan Partiesany Borrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties such Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender Banks and promptly pay over to the Lender Banks in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-then- existing Senior IndebtednessDebt, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Indebtedness Debt has been paid in fullfull and the Banks' Lien in the Collateral has been terminated. If the Manager Subordinated Creditor shall fail to take any such action, UMB Bank, N.A., acting as Agent on behalf of the LenderBanks, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the LenderUMB Bank, or any of its agentsN.A., officers or employees acting as Agent on behalf of the LenderBanks, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power, but not the duty, to demand, xxx sxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s Banks' own name names or in the Manager’s name of the Subordinated Creditor as UMB Bank, N.A., acting as Agent on behalf of the Lender Banks, may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender UMB Bank, N.A, such other and further powers-of-attorney or instruments as the Lender UMB Bank, N.A. may reasonably request in order to accomplish the foregoing. If the Banks desire to permit the use of cash collateral or to provide post-petition financing to the Borrowers, the Subordinated Creditor shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Secured Senior Lending Agreement (Pioneer Financial Services Inc)

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Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan Parties, dissolution, liquidation or any other marshaling of the assets or liabilities of the Loan PartiesBorrower (a "Bankruptcy Event"), the Manager Parent will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Subordinate Obligations and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Parent where necessary) for application to the then-existing Senior Indebtedness, any and all moneys, dividends or other assets thereafter received in any such proceedings on account of the Subordinated Subordinate Obligations, unless and until the Senior Indebtedness has been paid in full. If the Manager shall fail Parent fails to take any such action, the Lender, as attorney-in-fact for the ManagerParent, may, but shall not be obligated to, may take such action on the Manager’s behalfParent's behalf prior to ten business days before the deadline for taking any such action. The Manager Parent hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Parent (which appointment is coupled with an interest) in connection with a Bankruptcy Event with the power but not the duty to demand, xxx sue for, collect and receive any and all such moneys, dividends or other otxxx assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinate Obligations to accept or reject any loan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of the Parent as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Parent will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Subordination Agreement (Concorde Gaming Corp)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, or any Subsidiary dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, or any Subsidiary the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower, and the Subsidiaries in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Subordinated Creditor shall fail to take any such action, SKR:maw 287995.03 2/25/99 3 the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx sue for, collect and receive any receivx xny and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Subordination Agreement (Autotradecenter Com Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan Partiesany Borrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan Partiesany Borrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties such Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender Banks and promptly pay over to the Lender Banks in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior IndebtednessDebt, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Indebtedness Debt has been paid in fullfull and the Banks’ Lien in the Collateral has been terminated. If the Manager Subordinated Creditor shall fail to take any such action, UMB Bank, N.A., acting as Agent on behalf of the LenderBanks, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditor hereby irrevocably appoints the LenderUMB Bank, or any of its agentsN.A., officers or employees acting as Agent on behalf of the LenderBanks, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power, but not the duty, to demand, xxx sxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s Banks’ own name names or in the Manager’s name of the Subordinated Creditor as UMB Bank, N.A., acting as Agent on behalf of the Lender Banks, may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender UMB Bank, N.A. such other and further powers-of-attorney or instruments as the Lender UMB Bank, N.A. may reasonably request in order to accomplish the foregoing. If the Banks desire to permit the use of cash collateral or to provide post-petition financing to the Borrowers, the Subordinated Creditor shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Secured Senior Lending Agreement (Pioneer Financial Services Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy lawBankruptcy Law, the sale of all or substantially all of the assets of either of the any Loan PartiesParty, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the any Loan PartiesParty (each, a “Proceeding”), the Manager Subordinated Creditors will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager applicable Subordinated Creditor where necessary) for application to the then-existing Senior the Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in fullfull and the Lender’s Lien in the Collateral has been terminated. If the Manager any Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the Managersuch Subordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Each Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for such Subordinated Creditor (which appointment is coupled with an interest) with the Manager power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising its Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s own name or in the Manager’s name of such Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager such Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.. Each Subordinated Creditor expressly agrees that the Lender will have the unfettered right in accordance with this Agreement and applicable law to commence any Proceeding and/or to release any Lien of the Lender on any or all Collateral at any time and from time to time and that the Lender shall be entitled to receive and apply upon the Lender Indebtedness any and all proceeds that it may receive in consideration of any such release. Until the payment in full of the Lender Indebtedness has occurred, each Subordinated Creditor agrees that, in the event of any Proceeding, it:

Appears in 1 contract

Samples: Subordination and Intercreditor Agreement (Revolution Lighting Technologies, Inc.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan Partiesany Borrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan Partiesany Borrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties such Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in fullfull and the Lender’s Lien in the Collateral has been terminated. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any planof partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing. If the Lender desires to permit the use of cash collateral or to provide post-petition financing to a Borrower, the Subordinated Creditor shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (Miscor Group, Ltd.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling of the assets or liabilities of the Loan PartiesBorrower, the Manager Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations obligation of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Creditor where necessary) for application to the then-existing Senior IndebtednessLender indebtedness, any and all moneys, dividends or other property or assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerCreditor, may, but shall not be obligated to, may take such action on the Manager’s Creditor's behalf. The Manager Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for Creditor (which appointment is coupled with an interest) with the Manager power but not the duty to demand, xxx sue for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Spectrumcommercial Services (JanOne Inc.)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender Bank and promptly pay over to the Lender Bank in the form received (except for the endorsement of the Manager Creditor where necessary) for application to the then-existing Senior Bank Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Bank Indebtedness has been paid in full. If the Manager Creditor shall fail to take any such action, the LenderBank, as attorney-in-fact for the ManagerCreditor, may, but shall not be obligated to, may take such action on the Manager’s Creditor's behalf. The Manager Creditor hereby irrevocably appoints the LenderBank, or any of its agents, officers or employees on behalf of the LenderBank, as the attorney-in-fact for the Manager Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s Bank's own name or in the Manager’s name of the Creditor as the Lender Bank may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Creditor will execute and deliver to the Lender Bank such other and further powers-of-attorney or instruments as the Lender Bank may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Debt Subordination Agreement (K Tel International Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditorscreditors by Borrower, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Investors will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Investor Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Investors where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsInvestor Indebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Investors shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerInvestors, may, but shall not be obligated to, may take such action on the Manager’s Investors' behalf. The Manager Investors hereby irrevocably appoints the appoint Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for Investors (which appointment is coupled with an interest) with the Manager power but not the duty to demand, xxx forsue xxx, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Investor Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of Investors as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Investors will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Intercreditor Agreement (Titan Motorcycle Co of America Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditors will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender Senior Lenders and promptly pay over to the Senior Lender in the form received (except for the endorsement of the Manager Subordinated Creditors where necessary) for application to the then-existing Senior IndebtednessLender Debt, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Indebtedness Lender Debt has been paid in full. If the Manager a Subordinated Creditor shall fail to take any such action, the LenderSenior Lenders, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditors each hereby irrevocably appoints the LenderSenior Lenders, or any of its agents, officers or employees on behalf of the Senior Lenders designated by such Senior Lender, as the attorney-in-fact for the Manager Subordinated Creditors (which appointment is coupled with an interest) with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance acquaintance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Senior Lender’s own name or in the Manager’s name of the Subordinated Creditors as the Senior Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditors will each execute and deliver to the Senior Lender such other and further powers-of-attorney or instruments as the Senior Lender may request in order to accomplish the foregoing. If the Senior Lender desires to permit the use of cash collateral or to provide post-petition financing to the Borrower, the Subordinated Creditors shall not object to the same or assert that its interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (RiceBran Technologies)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, or any Subsidiary dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, or any Subsidiary the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower, and the Subsidiaries in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior SKR:maw 287997.03 2/25/99 3 Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the Manager’s Subordinated Creditor's behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx sue for, collect and receive any receivx xny and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s 's own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Subordination Agreement (Autotradecenter Com Inc)

Bankruptcy and Insolvency. In the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditors, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, the Manager Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Indebtedness and will hold in trust for the Lender and promptly pay over to the Lender in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior Lender Indebtedness, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated ObligationsIndebtedness, unless and until the Senior Lender Indebtedness has been paid in full. If the Manager Subordinated Creditor shall fail to take any such action, the Lender, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the Lender, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest) with the power but not the duty to demand, xxx sxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and to file any claim, proof of claim or other instrument of similar character, to vote claims comprising Subordinated Indebtedness to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension and to take such other action in the Lender’s own name or in the Manager’s name of the Subordinated Creditor as the Lender may deem necessary or advisable for the enforcement of the agreements contained herein; and the Manager Subordinated Creditor will execute and deliver to the Lender such other and further powers-of-attorney or instruments as the Lender may request in order to accomplish the foregoing.

Appears in 1 contract

Samples: Subordination Agreement (Sportsmans Guide Inc)

Bankruptcy and Insolvency. In Notwithstanding any other provision of this Agreement, the Credit Agreement or any other security document or loan document entered into in connection with the Senior Debt, unless and until all Senior Debt has been indefeasibly paid in full, the Lenders have no further obligation to make loans or other credit extensions to the Borrower and the Administrative Agent has released its security interest in the Collateral, in the event of any receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or arrangement with creditorscreditors by or with respect to the Borrower or any other Loan Party, whether or not pursuant to bankruptcy law, the sale of all or substantially all of the assets of either of the Loan PartiesBorrower, or the dissolution, liquidation or any other marshaling marshalling of the assets or liabilities of the Loan PartiesBorrower, then (i) all Senior Debt shall first be paid in full before any payment or distribution of any character, whether in cash, securities, or other property, shall be made in respect of any Subordinated Debt, (ii) any payment or distribution of any character, whether in cash, securities, or other property, which would otherwise (but for the Manager terms hereof) be payable or deliverable in respect of any Subordinated Debt, including without limitation all Permitted Payments and Accrued Royalties, shall be paid or delivered directly to Administrative Agent, for the benefit of Lenders, for application to the Senior Debt in such mariner as the Administrative Agent shall determine in its sole discretion until all Senior Debt shall have been paid in full, and Subordinated Creditor irrevocably authorizes, empowers, and directs all receivers, trustees, liquidators, conservators, and others having authority to effect all such payments and deliveries, and (iii) the Subordinated Creditor will file all claims, proofs of claim or other instruments of similar character necessary to enforce the obligations of the Loan Parties Borrower in respect of the Subordinated Obligations Debt and will hold in trust for the Lender Administrative Agent and promptly pay over to the Lender Administrative Agent in the form received (except for the endorsement of the Manager Subordinated Creditor where necessary) for application to the then-existing Senior IndebtednessDebt, any and all moneys, dividends or other assets received in any such proceedings on account of the Subordinated Obligations, unless and until the Senior Indebtedness has been paid in fullDebt. If the Manager Subordinated Creditor shall fail to take any such action, the LenderAdministrative Agent, as attorney-in-fact for the ManagerSubordinated Creditor, may, but shall not be obligated to, may take such action on the ManagerSubordinated Creditor’s behalf. The Manager Subordinated Creditor hereby irrevocably appoints the Lender, or any of its agents, officers or employees on behalf of the LenderAdministrative Agent, as the attorney-in-fact for the Manager Subordinated Creditor (which appointment is coupled with an interest), with the power but not the duty to demand, xxx for, collect and receive any and all such moneys, dividends or other assets and give acquittance therefor and (x) if the Subordinated Creditor has not filed its claim properly by the date that is 10 days before the claims bar date, to file any claim, proof of claim or other instrument of similar character, and (y) if the Subordinated Creditor has not properly voted its claims comprising the Subordinated Debt to take accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension by the date that is 5 days before required date therefor, to vote any such other action in the Lender’s own name or in the Manager’s name as the Lender may deem necessary or advisable for the enforcement of the agreements contained hereinclaims; and the Manager Subordinated Creditor will execute and deliver to the Lender such Administrative Agent such’ other and further powers-of-attorney or instruments as the Lender Administrative Agent may request in order to accomplish the foregoing. If the Administrative Agent desires to permit the use of cash collateral or to provide post-petition financing to the Borrower, the Subordinated Creditor shall not object to the same or assert that their interests are not being adequately protected.

Appears in 1 contract

Samples: Subordination Agreement (Natural Grocers by Vitamin Cottage, Inc.)

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