Common use of Prior Payment of Secured Obligations Clause in Contracts

Prior Payment of Secured Obligations. In any proceeding under any Debtor Relief Law relating to any other Loan Party, each Pledgor agrees that the Secured Parties shall be entitled to receive indefeasible payment in full in cash of all Secured Obligations (including all interest and expenses accruing after the commencement of a proceeding under any Debtor Relief Law, whether or not constituting an allowed claim in such proceeding (“Post-Petition Interest”)) before such Pledgor receives payment of any Subordinated Obligations.