Common use of Bankruptcy or Insolvency Proceeding Clause in Contracts

Bankruptcy or Insolvency Proceeding. In the event of any Bankruptcy or Insolvency Proceeding: (a) The Senior Creditor shall first be entitled to receive Payment in Full of all Senior Debt before the Subordi- nated Creditor shall be entitled to receive any payment or distribution on account of Subordinated Debt (other than distributions in the form of Reorganization Securities); and (b) the Senior Creditor shall be entitled to receive (until Payment in Full of all Senior Debt) any payment or distribution on account of Subordinated Debt (other than distributions in the form of Reorganization Securities) which may be payable or deliverable to the Subordinated Creditor (including any such payment or distribution payable or deliverable by virtue of the provisions of, or any security for, any Instrument governing indebtedness which is subordinate and junior in right of payment to the Subordinated Debt).

Bankruptcy or Insolvency Proceeding. In the event of any Bankruptcy or Insolvency Proceeding: (a) The Senior Creditor shall first be entitled to receive Payment in Full of all Senior Debt before the Subordi- nated Subordinated Creditor shall be entitled to receive any payment or distribution on account of Subordinated Debt (other than distributions in the form of Reorganization Securities); and (b) the Senior Creditor shall be entitled to receive (until Payment in Full of all Senior Debt) any payment or distribution on account of Subordinated Debt (other than distributions in the form of Reorganization Securities) which may be payable or deliverable to the Subordinated Creditor (including any such payment or distribution payable or deliverable by virtue of the provisions of, or any security for, any Instrument governing indebtedness which is subordinate and junior in right of payment to the Subordinated Debt).

Bankruptcy or Insolvency Proceeding. In the event of any ----------------------------------- Bankruptcy or Insolvency Proceeding: (a) The Senior Creditor shall first be entitled to receive Payment in Full of all Senior Debt before the Subordi- Subordi-nated Creditor shall be entitled to receive any payment or distribution distribu-tion on account of Subordinated Debt (other than distributions in the form of Reorganization Securities); and (b) the Senior Creditor shall be entitled to receive (until Payment in Full of all Senior Debt) any payment or distribution on account of Subordinated Debt (other than distributions in the form of Reorganization Securities) which may be payable or deliverable to the Subordinated Creditor (including any such payment or distribution payable or deliverable by virtue of the provisions of, or any security for, any Instrument governing indebtedness which is subordinate subordi-nate and junior in right of payment to the Subordinated Debt).

Bankruptcy or Insolvency Proceeding. In the event of any Bankruptcy or Insolvency Proceeding: (a) The Senior Creditor shall first be entitled to receive Payment in Full of all Senior Debt before the Subordi- Subordi nated Creditor shall be entitled to receive any payment or distribution on account of Subordinated Debt (other than distributions in the form of Reorganization Securities); and (b) the Senior Creditor shall be entitled to receive (until Payment in Full of all Senior Debt) any payment or distribution on account of Subordinated Debt (other than distributions in the form of Reorganization Securities) which may be payable or deliverable to the Subordinated Creditor (including any such payment or distribution payable or deliverable by virtue of the provisions of, or any security for, any Instrument governing indebtedness which is subordinate and junior in right of payment to the Subordinated Debt).