Distribution on Dissolution, etc. Upon any distribution of the assets of the Issuer upon any dissolution or winding-up or total liquidation of the Issuer (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors of the Issuer or otherwise):
(1) all indebtedness for Senior Indebtedness shall first be paid in full, or provision made for such payment, before any payment is made on account of the principal amount or interest accrued on the indebtedness evidenced by in this Indenture or in any of the Bonds;
(2) any payment or distribution of assets of the Issuer, whether in cash, property or securities, to which Bondholders would be entitled except for the provisions of this Article, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for benefit of creditors or other liquidating agent making such payment or distribution, directly to the holders of Senior Indebtedness or their representative or representatives, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Senior Indebtedness;
(3) in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Issuer, whether in cash, property or securities, shall be received by Bondholders before all Senior Indebtedness is paid in full or provision made for its payment, such payments or distribution shall be held in trust for the benefit of, and shall be paid over or delivered to the holders of such Senior Indebtedness or their representative or representatives, for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all such Senior Indebtedness after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Senior Indebtedness; and
(4) any payments or distributions paid over to the holders of the Senior Indebtedness pursuant to this section and not applied in reduction of the amounts owing to Bondholders shall be deemed not to have discharged any of the obligations of the Issuer hereunder (and, to the extent that by operation of applicable law they are treated as doing so, the Issuer hereby agrees to indemnify the Bondholder on demand from and against any loss suffered or incurred by it in consequence thereof. Upon any payment or distribution of assets of the Issuer referred to in this section, the Bondholder and the Trustee shall b...
Distribution on Dissolution, etc. Subject to Applicable Law and the rights of any holders of any Permitted Secured Debt ranking rateably or in priority to the Lender, upon any sale, in one transaction or a series of transactions, of all, or substantially all, of the assets of the Borrower or distribution of the assets of the Borrower upon any dissolution or winding-up or total liquidation of the Borrower, whether in bankruptcy, liquidation, re-organization, insolvency, receivership or other similar proceedings or upon an assignment to or for the benefit of creditors of the Borrower or otherwise any payment or distribution of assets of the Borrower, whether in cash, property or security, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee of or for the benefit of creditors or other liquidating agent of the Borrower making such payment or distribution, directly to the holder of the Debentures or their representatives, to the extent necessary, to pay all obligations pursuant to the Debentures in full.
Distribution on Dissolution, etc. Upon any distribution of the assets of Food Services upon any dissolution or winding-up or total liquidation of Food Services (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors of Food Services or otherwise), or upon any distribution of the assets of Food Services by a receiver or receiver-manager appointed by Partnership, any creditor of Food Services or by an order a court of competent jurisdiction, payments will be made in the following order, subject to the rights of holders of a security interest in Partnership Securities (as defined in the General Security Agreement) or holders of other prior ranking charges:
Distribution on Dissolution, etc. Upon any distribution of the assets of Food Services upon any dissolution or winding-up or total liquidation of Food Services (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors of Food Services or otherwise), or upon any distribution of the assets of Food Services by a receiver or receiver-manager appointed by Partnership, any creditor of Food Services or by an order a court of competent jurisdiction, payments will be made in the following order, subject to the rights of holders of a security interest in Partnership Securities (as defined in the General Security Agreement) or holders of other prior ranking charges:
(a) all Royalty Payments (but not any Accelerated Payments) that would have been due and unpaid to the date of distribution but for the application of Section 11.2 or Section 11.4, as the case may be, plus interest thereon;
(b) all costs of Partnership arising from or related to the default of Food Services, including all costs provided for in the General Security Agreement;
(c) principal, interest and costs of collection of the Permitted Indebtedness;
(d) any Accelerated Payment remaining unpaid; and
(e) any Royalty Payments remaining unpaid and not included within an Accelerated Payment, Subject to applicable law and the claims, if any, of other creditors of Food Services, any surplus will be paid to Food Services.
Distribution on Dissolution, etc. Upon any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the remaining net assets of the Corporation shall, after payment in full of the liquidation preference, if any, of any outstanding Preferred Shares, be distributed pro rata to the holders of the Class A Common Shares and the Class B Common Shares in accordance with their respective rights and interests. 3.
Distribution on Dissolution, etc. In the event of any voluntary or involuntary insolvency or bankruptcy proceedings or any voluntary or involuntary receivership, liquidation, reorganization or other similar proceedings in connection therewith, relative to Isolyser or to its creditors, as such, or to all or any part of its property, or in the event of any voluntary or involuntary proceedings for liquidation, dissolution or other winding up of Isolyser or any assignment for the benefit of creditors or marshalling of assets and liabilities, whether or not involving insolvency or bankruptcy, then the holders of Senior Indebtedness shall be entitled to receive payment in full in cash of the principal of and the premium, if any, and interest on and all other amounts constituting Senior Indebtedness before the holder of this Debenture is entitled to receive payment or distribution, direct or indirect, of or on account of the principal of, or premium or interest, if any, on this Debenture or any other Subordinated Indebtedness in cash or property (whether by payment, acquisition, retirement, defeasance, redemption or otherwise) and to that end the holders of Senior Indebtedness, until payment in full in cash of the principal of and the premium, if any, and interest on and other amounts constituting Senior Indebtedness, shall be entitled to receive any payment or distribution of any kind or character, whether in cash, securities or other property, which may be payable or deliverable in respect of this Debenture, including any such payment or distribution which may be payable or deliverable by virtue of any security for, or by virtue of the provisions of (or any security for) any securities which are subordinate and junior in right of payment to, this Debenture.
Distribution on Dissolution, etc. Subject to applicable Law, upon any sale, in one transaction or a series of transactions, of all, or substantially all, of the assets of the Company or distribution of the assets of the Company upon any dissolution or winding-up or total liquidation of the Company, whether in bankruptcy, liquidation, re-organization, insolvency, receivership or other similar proceedings or upon an assignment to or for the benefit of creditors of the Company or otherwise any payment or distribution of assets of the Company, whether in cash, property or security, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee of or for the benefit of creditors or other liquidating agent of the Company making such payment or distribution, directly to the holder of this Debenture or their Representatives, to the extent necessary, to pay all obligations pursuant to this Debenture in full.
