Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency Proceeding. The relative rights of the Senior Lenders and the Subordinated Lenders to payment of the Senior Obligations and the Subordinated Obligations, respectively, and in or to any distributions from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code.
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Samples: Note Purchase Agreement (Wright Investors Service Holdings, Inc.), Intercreditor Agreement (Merriman Holdings, Inc)
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency ProceedingProceeding and all converted or succeeding cases in respect thereof. The relative rights of the Senior Lenders Claimholders and the Subordinated Lenders to payment of the Senior Obligations and the Subordinated Obligations, respectively, and Claimholders in or to any distributions Distributions from or in respect of any Collateral or proceeds Proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code.
Appears in 2 contracts
Samples: Senior Revolving Credit Agreement (Bumble Bee Capital Corp.), Senior Term Loan Credit Agreement (Bumble Bee Capital Corp.)
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency ProceedingProceeding and all converted or succeeding cases in respect thereof. The relative rights of the Senior Lenders Creditors and the Subordinated Lenders to payment of the Senior Obligations and the Subordinated Obligations, respectively, and Creditors in or to any distributions from or in respect of any Collateral or proceeds Proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code.
Appears in 1 contract
Samples: Intercreditor and Subordination Agreement (Buca Financing LLC)
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency ProceedingProceeding and all converted or succeeding cases in respect thereof. The relative rights of the any Senior Lenders Creditor and the Subordinated Lenders to payment of the Senior Obligations and the Subordinated Obligations, respectively, and Creditors in or to any distributions from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy CodeCode (or similar Debtor Relief Law).
Appears in 1 contract
