Common use of Events of Subordination Clause in Contracts

Events of Subordination. In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition of the Company or its debts, whether voluntary or involuntary, in any Bankruptcy, insolvency, arrangement, reorganization, receivership, relief or other similar case or proceeding under any federal or state Bankruptcy or similar law or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise, Senior Indebtedness shall first be paid in full before the Holder shall be entitled to receive any payment of this Note, and any payment or distribution of any kind (whether in cash, property or securities) that otherwise would be payable or deliverable upon or with respect to this Note in any such case, proceeding, assignment, marshalling or otherwise (including any payment that may be payable by reason of any other indebtedness of the Company being subordinated to payment of this Note) shall be paid or delivered directly to the holders or representatives of the Senior Indebtedness for application (in the case of cash) to, or as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Senior Indebtedness until the Senior Indebtedness shall have been paid in full.

Events of Subordination. (a) In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition of the Company any Obligor or its debts, whether voluntary or involuntary, in any Bankruptcybankruptcy, insolvency, arrangement, reorganization, receivership, relief or other similar case or proceeding under any federal or state Bankruptcy or similar law Insolvency Law or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company any Obligor or otherwise, the holders of Senior Indebtedness shall first be paid entitled to receive payment in full in cash of all Senior Indebtedness before the Holder shall be any Subordinated Creditor is entitled to receive any payment of this Noteany kind or character (whether in cash, property or securities) of all or any of the Subordinated Debt, and any payment or distribution of any kind or character (whether in cash, property or securities) that otherwise would be payable or deliverable upon or with respect to this Note the Subordinated Debt in any such case, proceeding, assignment, marshalling or otherwise (including any payment that may be payable by reason of any other indebtedness of the Company such Obligor being subordinated to payment of this Notethe Subordinated Debt) shall be paid or delivered directly to the holders or representatives Agent for the account of the holders of Senior Indebtedness for application (in the case of cash) to, or as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Senior Indebtedness until the Senior Indebtedness shall have been paid in fullfull in cash.

Events of Subordination. In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition of the Company or its debts, whether voluntary or involuntary, in any Bankruptcybankruptcy, insolvency, arrangement, reorganization, receivership, relief or other similar case or proceeding under any federal Federal or state Bankruptcy State bankruptcy or similar law or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise, Senior Indebtedness shall first be paid in full before the Holder shall be entitled to receive any payment of this Note, and any payment or distribution of any kind (whether in cash, property or securities) that otherwise would be payable or deliverable upon or with respect to this Note in any such case, proceeding, assignment, marshalling or otherwise (including any payment that may be payable by reason of any other indebtedness of the Company being subordinated to payment of this Note) shall be paid or delivered directly to the holders or representatives of the Senior Indebtedness for application (in the case of cash) to, or as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Senior Indebtedness until the Senior Indebtedness shall have been paid in full.

Events of Subordination. (a) In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition of the Company any Obligor or its debts, whether voluntary or involuntary, in any Bankruptcybankruptcy, insolvency, arrangement, reorganization, receivership, relief or other similar case or proceeding under any federal or state Bankruptcy or similar law Insolvency Law or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company any Obligor or otherwise, the holders of Senior Indebtedness shall first be paid entitled to receive payment in full in cash of all Senior Indebtedness before the Holder shall be any Subordinated Creditor is entitled to receive any payment of this Noteany kind or character (whether in cash, property or securities) of all or any of the Subordinated Debt, and any payment or distribution of any kind or character (whether in cash, property or securities) that otherwise would be payable or deliverable upon or with respect to this Note the Subordinated Debt in any such case, proceeding, assignment, marshalling or otherwise (including any payment that may be payable by reason of any other indebtedness of the Company such Obligor being subordinated to payment of this Notethe Subordinated Debt) shall be paid or delivered directly to the holders or representatives Agents for the account of the holders of Senior Indebtedness for application (in the case of cash) to, or as collateral (in the case of non-cash property or securities) for, the payment or prepayment of the Senior Indebtedness until the Senior Indebtedness shall have been paid in fullfull in cash.

Events of Subordination. (a) In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition of the Company any Note Party or its debts, whether voluntary or involuntary, in any Bankruptcybankruptcy, insolvency, arrangement, reorganization, receivership, relief or other similar case or proceeding under any federal or state Bankruptcy or similar law Debtor Relief Law or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of any Note Party or otherwise (each, an “Insolvency or Liquidation Proceeding”), the Company or otherwise, Senior Indebtedness shall first be paid in full before the Holder Creditors shall be entitled to receive payment in full in cash of the Senior Obligations before any Subordinated Creditor is entitled to receive any payment of, or distribution of this Noteany kind or character on account of, all or any of the Subordinated Debt, and any payment or distribution of any kind or character (whether in cash, property or securities) that otherwise would be payable or deliverable upon or with respect to this Note the Subordinated Debt in any such case, proceeding, assignment, marshalling Insolvency or Liquidation Proceeding or otherwise (including any payment that may be payable by reason of any other indebtedness of the Company being subordinated to payment of this Note) shall be paid or delivered directly to the holders or representatives Trustee for the account of the Senior Indebtedness Creditors for application (in the case of cash) to, or as collateral (in the case of non-cash property or securities) for, to the payment or prepayment of the Senior Indebtedness Obligations until the Senior Indebtedness shall have been paid in fullDischarge of Obligations.