Common use of Effectiveness during Bankruptcy Event Proceedings Clause in Contracts

Effectiveness during Bankruptcy Event Proceedings. The provisions of this Section 3, which the parties hereto expressly acknowledge constitute a “subordination agreement” under section 510(a) of the Bankruptcy Code, will be effective before, during and after the commencement of proceedings under a Bankruptcy Event. All references in this Note to the Company will include such Person as a debtor-in-possession and any receiver or trustee for such Person in any proceedings during a Bankruptcy Event.

Effectiveness during Bankruptcy Event Proceedings. The provisions of this Section 3, which the parties hereto expressly acknowledge constitute a “subordination agreement” under section 510(a) of the Bankruptcy Code, will be effective before, during and after the commencement of proceedings under a Bankruptcy Event. All references in this Note to the Company will include such Person as a debtor-in-possession and any receiver, receiver and manager, interim receiver or trustee for such Person in any proceedings during a Bankruptcy Event.