Certain Bankruptcy Issues Sample Clauses

Certain Bankruptcy Issues. The DIP Obligations shall constitute allowed administrative expenses in the Borrower's Case having priority over all other administrative expenses of the kinds specified in Sections 503(b) or 507(b) of the Bankruptcy Code and unsecured claims, other than Borrower Carve-Out Expenses, and, subject to the terms of the Post-Petition Pledge Agreement and the Post-Petition Intercreditor Agreement, shall be pari passu as to priority with the obligations of the Borrower under the CIT Facility and shall be paid as ordinary course expenses during the Borrower's Case without notice, hearing or court approval. The doctrine of marshaling shall not be available or applicable with respect to the payment of any DIP Obligations or any enforcement of remedies by the Lender.

Certain Bankruptcy Issues. If the Company or the Company's estates becomes the subject of proceedings under Title 11 of the United States Code (11 U.S.C. (S) 101 et seq.), as amended, (the "Bankruptcy Code"), and if Senior Creditor desires to permit the use of cash collateral or to provide financing to the Company under either Section 363 or Section 364 of the Bankruptcy Code, the Subordinated Obligee agrees that adequate notice of such financing to the Subordinated Obligee shall have been provided if the Subordinated Obligee receives written notice in accordance with the Bankruptcy Code. All allocations of payments between Senior Creditor and Subordinated Obligee made hereunder shall continue to be made after the filing of a petition under the Bankruptcy Code on the same basis that the payments were to be allocated prior to the date of such filing. Subordinated Obligee waives any claim it may now or hereafter have arising out of Finova'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 Company, as debtor-in-possession. To the extent that Senior Creditor receives payments on, or proceeds of collateral for, the Senior Obligations which are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law, or equitable cause, then, to the extent of such payment or proceeds received, the Senior Obligations, or part thereof, intended to be satisfied shall be revived and continue in full force and effect as if such payments or proceeds had not been received by Finova.

Certain Bankruptcy Issues