Common use of Events of Subordination Clause in Contracts

Events of Subordination. (a) In the event of any dissolution, winding up, liquidation, arrangement, reorganization, adjustment, protection, relief or composition of the Borrower 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 marshaling of the assets and liabilities of the Borrower or otherwise, the Lenders shall be entitled to receive payment in full of the Obligations before the Subordinated Creditor is entitled to receive any payment of all or any of the Affiliate Subordinated Debt, 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 the Affiliate Subordinated Debt in any such case, proceeding, assignment or marshaling (including any payment that may be payable by reason of any other Debt of the Borrower being subordinated to payment of the Affiliate Subordinated Debt) shall be paid or delivered directly to Citibank, N.A., as Agent under the Credit Agreements, for the account of the Lenders 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 Obligations until the Obligations 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 Borrower any Obligor 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 Debtor Relief Law or upon an assignment for the benefit of creditors or any other marshaling marshalling of the assets and liabilities of the Borrower any Obligor or otherwise, the Lenders Secured Parties shall be entitled to receive payment in full of the Obligations before the any Subordinated Creditor is entitled to receive any payment of, or distribution of any kind or character on account of, all or any of the Affiliate 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 the Affiliate Subordinated Debt in any such case, proceeding, assignment assignment, marshalling or marshaling otherwise (including any payment that may be payable by reason of any other Debt indebtedness of the Borrower such Obligor being subordinated to payment of the Affiliate Subordinated Debt) shall be paid or delivered directly to Citibank, N.A., as the Administrative Agent under the Credit Agreements, for the account of the Lenders Secured Parties 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 Obligations until the Obligations 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 Borrower any Obligor 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 Debtor Relief Law or upon an assignment for the benefit of creditors or any other marshaling marshalling of the assets and liabilities of the Borrower any Obligor or otherwise, then the Lenders Secured Parties shall be entitled to receive payment in full of the Senior Obligations before the any Subordinated Creditor is entitled to receive any payment from or on behalf of any Obligor of all or any of the Affiliate Subordinated Debt, 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 the Affiliate Subordinated Debt in any such case, proceeding, assignment assignment, marshalling or marshaling otherwise (including any payment that may be payable by reason of any other Debt indebtedness of the Borrower such Obligor being subordinated to payment of the Affiliate Subordinated Debt) shall be paid or delivered directly to Citibank, N.A., as the Administrative Agent under the Credit Agreements, for the account of the Lenders Secured Parties for application (in the case of cash) to, or as collateral (in the case of non-non- cash property or securities) for, the payment or prepayment of the Senior Obligations until the Senior Obligations 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 Borrower any Obligor 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 relating to a Bankruptcy Event or upon an assignment for the benefit of creditors or any other marshaling marshalling of the assets and liabilities of the Borrower any Obligor or otherwise, then the Lenders Guaranteed Parties shall be entitled to receive payment in full of the Senior Obligations until the Discharge of Senior Obligations before the any Subordinated Creditor is entitled to receive any payment from or on behalf of any Obligor of all or any of the Affiliate Subordinated DebtObligations, 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 the Affiliate Subordinated Debt Obligations in any such case, proceeding, assignment assignment, marshalling or marshaling otherwise (including any payment that may be payable by reason of any other Debt indebtedness of the Borrower such Obligor being subordinated to payment of the Affiliate Subordinated DebtObligations) shall be paid or delivered directly to Citibank, N.A., as the Administrative Agent under the Credit Agreements, for the account of the Lenders Guaranteed Parties 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 Obligations until the Discharge of Senior Obligations shall have been paid in fullhas occurred.