Common use of Bankruptcy Event Clause in Contracts

Bankruptcy Event. In the event of any liquidation, dissolution or winding up of the Company, or of any execution, sale, receivership, insolvency, arrangement, marshalling of assets or liabilities, composition, assignment for the benefit of creditors, bankruptcy, liquidation, readjustment, reorganization or other similar proceeding relative to the Company or its debts, its property or its operations, whether voluntary or involuntary (each of the foregoing, a "Bankruptcy Event"), this Note shall be irrevocably paid in full in cash or other immediately available funds before any payment is made upon the Junior Debt. In the event of any such Bankruptcy Event, any payment or distribution of any kind or character, whether in cash, property or securities that shall be made upon or in respect of Junior Debt shall be promptly remitted to the Holder of this Note and applied in payment of this Note unless and until the this Note shall have been irrevocably paid or satisfied in full.