Dissolution or Insolvency. Upon any dissolution, winding up, liquidation or reorganization of any Intercompany Obligor, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshalling of the assets and liabilities of any Intercompany Obligor, or otherwise:
(a) the Secured Parties shall, as between such Secured Parties and the Company or any other Grantor or Guarantor, first be entitled to receive payment in full in cash of the Obligations of such Intercompany Obligor in accordance with the terms of such Obligations before the Company or such Grantor or Guarantor shall be entitled to receive any payment on account of the Intercompany Indebtedness of such Intercompany Obligor, whether as principal, interest or otherwise; and
(b) any payment by, or distribution of the assets of, such Intercompany Obligor of any kind or character, whether in cash, property or securities, to which the Company or any other Grantor or Guarantor would be entitled except for the provisions of clause (a) above shall, upon receipt by the Company or such Grantor or Guarantor, but subject to the provisions of the Lenders Lien Subordination and Intercreditor Agreement, be held in trust (or in a compte de sequestre, if applicable) for the applicable Secured Parties and promptly paid or delivered directly to the Collateral Agent for the benefit of such Secured Parties to the extent necessary to make payment in full in cash of all Obligations remaining unpaid, after giving effect to any concurrent payment or distribution to such Secured Parties in respect of such Obligations.
Dissolution or Insolvency. Each Subordinated Creditor agrees that upon any distribution of the assets of any Loan Party or upon any dissolution, winding up, liquidation or reorganization of any Loan Party, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of any Loan Party:
(a) the Senior Creditors of such Loan Party shall first be entitled to receive payment in full in cash of the Senior Obligations of such Loan Party in accordance with the terms of such Senior Obligations before any Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Obligations of such Loan Party, whether as principal, interest or otherwise; and
(b) any payment by, or distribution of the assets of, such Loan Party of any kind or character, whether in cash, property or securities, received by or on behalf of any Subordinated Creditor shall be held in trust for the benefit of, and shall be paid over to, the Senior Creditors of any Loan Party to the extent necessary to make payment in full in cash of all Senior Obligations of such Loan Party remaining unpaid, after giving effect to any concurrent payment or distribution to the Senior Creditors in respect of the Senior Obligations.
Dissolution or Insolvency. Parent agrees that upon any distribution of the assets of Wireless or upon any dissolution, winding up, liquidation or reorganization of Wireless, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of Wireless:
(a) the Senior Creditors of Wireless shall first be entitled to receive payment in full in a cash of the Senior Obligations in accordance with the terms of such Senior Obligations before Parent shall be entitled to receive any payment on account of the Subordinated Obligations of Wireless, whether as principal, interest or otherwise; and
(b) any payment by, or distribution of the assets of, Wireless of any kind or character, whether in cash, property or securities, received by or on behalf of Parent shall be held in trust for the benefit of, and shall be paid over to, the Senior Creditors of Wireless to the extent necessary to make payment in full in cash of all Senior Obligations remaining unpaid, after giving effect to any concurrent payment or distribution to the Senior Creditors in respect of the Senior Obligations.
Dissolution or Insolvency. The dissolution or termination of Borrower's existence as a going business or the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of any of Borrower's accounts. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.
Dissolution or Insolvency. To the extent permitted by applicable law, upon any distribution of the assets of any Borrower Company or upon any dissolution, winding up, liquidation or reorganization of any Borrower Company, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of any Borrower Company, or otherwise:
(a) the Senior Creditors of such Borrower Company shall first be entitled to receive payment in full in cash of the Senior Obligations of such Borrower Company in accordance with the terms of such Senior Obligations and the Support Documents before any Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Obligations of such Borrower Company, whether as principal, interest or otherwise; and
(b) any payment by, or distribution of the assets of, such Borrower Company of any kind or character, whether in cash, property or securities, to which any Subordinated Creditor would be entitled except for the provisions of this Agreement shall be 4 274 paid or delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Collateral Agent to the extent necessary to make payment in full in cash of all Senior Obligations of such Borrower Company remaining unpaid, after giving effect to any concurrent payment or distribution to the Senior Creditors in respect of the Senior Obligations, to be held and applied by the Collateral Agent as provided in the Collateral Agency and Intercreditor Agreement .
Dissolution or Insolvency. The dissolution or any other termination of Borrower's existence as a going business or the insolvency of Borrower, or the appointment of a receiver for all of Borrower's property, or any assignment for the benefit of creditors or the commencement of any proceeding under any bankruptcy or insolvency law with respect to Borrower.
Dissolution or Insolvency. Upon any distribution of the assets of any Loan Party or upon any dissolution, winding up, liquidation or reorganization of any Loan Party, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of any Loan Party, or otherwise:
(a) the Senior Creditors of such Loan Party shall first be entitled to receive payment in full in cash of the Senior Obligations of such Loan Party in accordance with the terms of such Senior Obligations before any Subordinated Creditor shall be entitled to receive any payment on account of any Subordinated Obligations of such Loan Party, whether as principal, interest or otherwise; and
(b) any payment by, or distribution of the assets of, such Loan Party of any kind or character, whether in cash, property or securities, to which any Subordinated Creditor would be entitled except for the provisions of this Agreement shall be paid or delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Collateral Agent for the benefit of the Secured Parties that are Senior Creditors to the extent necessary to make payment in full in cash of all Senior Obligations of such Loan Party remaining unpaid, after giving effect to any concurrent payment or distribution to the Senior Creditors in respect of the Senior Obligations, to be held and applied by the Collateral Agent as provided in the Collateral Agency Agreement.
Dissolution or Insolvency. Upon any distribution of the assets of the Borrower or upon any dissolution, winding up, liquidation or reorganization of the Borrower, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of the Borrower, or otherwise:
(a) the Senior Creditors of the Borrower shall first be entitled to receive payment in full in cash of all of the Senior Obligations of the Borrower in accordance with the terms thereof before the Sponsor shall be entitled to receive any payment on account of any Sponsor Note Obligations of the Borrower, whether as principal, interest or otherwise; and
(b) any payment by, or distribution of the assets of, the Borrower of any kind or character, whether in cash, property or securities, to which the Sponsor would be entitled except for the provisions of this Agreement shall be paid or delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Agent to the extent necessary to make payment in full in cash of all Senior Obligations of the Borrower remaining unpaid, after giving effect to any concurrent payment or distribution to the Senior Creditors in respect of the Senior Obligations.
Dissolution or Insolvency. The dissolution of Borrower or either Guarantor (regardless of whether election to continue is made) or any other termination of Borrower’s or either Guarantor’s existence as a going business, the insolvency of Borrower or either Guarantor, the appointment of a receiver for any part of Borrower’s or either Guarantor’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower or either Guarantor.
Dissolution or Insolvency. The dissolution or termination of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. With respect to any involuntary bankruptcy action against the Borrowers, the Borrowers shall have a period of sixty (60) days to cure or effect the rescinding of the involuntary bankruptcy petition.
