Common use of Liquidation, Dissolution or Bankruptcy Clause in Contracts

Liquidation, Dissolution or Bankruptcy. Upon any payment or distribution of the assets of a Subsidiary Guarantor upon a total or partial liquidation or dissolution or reorganization of or similar proceeding relating to such Subsidiary Guarantor or its property, or in a bankruptcy, insolvency, receivership or similar proceeding relating to such Subsidiary Guarantor or its property, (i) the holders of Senior Indebtedness of such Subsidiary Guarantor will be entitled to receive payment in full in cash or Cash Equivalents of such Senior Indebtedness before the Noteholders are entitled to receive any payment from such Subsidiary Guarantor; and (ii) until the Senior Indebtedness of such Subsidiary Guarantor is paid in full in cash or Cash Equivalents, any payment or distribution from such Subsidiary Guarantor to which Noteholders would be entitled but for this Article XV will be made to holders of such Senior Indebtedness as their interests may appear except that Noteholders may receive shares of stock and any debt securities that are subordinated to such Senior Indebtedness to at least the same extent as the Subsidiary Guarantee of such Subsidiary Guarantor.

Liquidation, Dissolution or Bankruptcy. Upon any payment or distribution of the assets of a Subsidiary Guarantor upon a total or partial liquidation or dissolution or reorganization of or similar proceeding relating to such Subsidiary Guarantor or its property, or in a bankruptcy, insolvency, receivership or similar proceeding relating to such Subsidiary Guarantor or its property, (i) the holders of Senior Indebtedness of such Subsidiary Guarantor will be entitled to receive payment in full in cash or Cash Equivalents of such Senior Indebtedness before the Noteholders are entitled to receive any payment from such Subsidiary Guarantor; and (ii) until the Senior Indebtedness of such Subsidiary Guarantor is paid in full in cash or Cash Equivalents, any payment or distribution from such Subsidiary Guarantor to which Noteholders would be entitled but for this Article XV will be made to holders of such Senior Indebtedness as their interests may appear except that Noteholders may receive shares of stock and any debt securities that are subordinated to such Senior Indebtedness to at least the same extent as the Subsidiary Guarantee of such Subsidiary Guarantor.of

Liquidation, Dissolution or Bankruptcy. Upon any payment or distribution of the assets of a Subsidiary Note Guarantor upon a total or partial liquidation or dissolution or reorganization of or similar proceeding relating to such Subsidiary Note Guarantor or its property, or in a bankruptcy, insolvency, receivership or similar proceeding relating to such Subsidiary Note Guarantor or its property, (i) the holders of Senior Indebtedness of such Subsidiary Note Guarantor will be entitled to receive payment in full in cash or Cash Equivalents of such Senior Indebtedness before the Noteholders are entitled to receive any payment from such Subsidiary Note Guarantor; and (ii) until the Senior Indebtedness of such Subsidiary Note Guarantor is paid in full in cash or Cash Equivalentsfull, any payment or distribution from such Subsidiary Note Guarantor to which Noteholders would be entitled but for this Article XV 15 will be made to holders of such Senior Indebtedness as their interests may appear except that Noteholders may receive shares of stock and any debt securities that are subordinated to such Senior Indebtedness to at least the same extent as the Subsidiary Note Guarantee of such Subsidiary Note Guarantor.