Common use of Liquidation, Dissolution or Bankruptcy Clause in Contracts

Liquidation, Dissolution or Bankruptcy. Upon any payment or distribution to creditors of the Company in a liquidation or dissolution of the Company, in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property, in an assignment for the benefit of the Company’s creditors, or in any marshaling of the Company’s assets and liabilities: (a) holders of Senior Debt will be entitled to receive payment in full in cash or cash equivalents of all Senior Debt before the Holders of the Notes are entitled directly or indirectly to receive any payment of principal of or interest on the Notes, except the Holders of the Notes may receive and retain (i) debt securities that are subordinated to the Senior Debt to at least the same extent as the Notes or (ii) equity interests; and (b) until payment in full in cash or cash equivalents of all Senior Debt, any payment to which the Holders of the Notes would be entitled but for the foregoing clause (a) will be made to holders of Senior Debt as their interests may appear.