Common use of Priority and Payment Over of Proceeds in Certain Events Clause in Contracts

Priority and Payment Over of Proceeds in Certain Events. (a) Subordination on Dissolution, Liquidation or Reorganization of the Company. Upon any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities, upon any dissolution or winding up or total or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Senior Debt of the Company shall first be indefeasibly paid in full in cash or Cash Equivalent Investments (or such payment shall first be duly provided for to the satisfaction of the holders of Senior Debt), before the Lenders shall be entitled to receive any payment by the Company of any Obligations (other than Junior Securities), and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities (other than Junior Securities), to which the Lenders would be entitled except for the provisions of this Section 8 shall be made by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, directly to the holders of the Senior Debt of the Company or their representatives to the extent necessary to pay all of the Senior Debt of the Company to the holders of such Senior Debt of the Company.

Priority and Payment Over of Proceeds in Certain Events. (a) A. Subordination on Dissolution, Liquidation or Reorganization of the Company. Upon any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities, upon any dissolution or winding up or total or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Senior Debt of the Company (including any interest accruing subsequent to an event specified in subsection 7.6 or 7.7 whether or not such interest is an allowed claim enforceable against Company) shall first be indefeasibly paid in full in cash or Cash Equivalent Investments (or such payment shall first be duly provided for to the satisfaction of the holders of Senior Debt), Equivalents before the Lenders shall be entitled to receive any payment by the Company of any Obligations (other than Junior Securities), and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities (other than Junior Securities)securities, to which the Lenders would be entitled except for the provisions of this Section 8 shall be made by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, directly to the holders of the Senior Debt of the Company or their representatives to the extent necessary to pay all of the Senior Debt of the Company to the holders of such Senior Debt of the Company.

Priority and Payment Over of Proceeds in Certain Events. (a) Subordination on Dissolution, Liquidation or Reorganization of the CompanyBorrower. Upon any payment or distribution of assets or securities of the Company Borrower of any kind or character, whether in cash, property or securities, upon any dissolution or winding up or total or partial liquidation or reorganization of the CompanyBorrower, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Senior Debt of the Company Borrower shall first be indefeasibly paid in full in cash or Cash Equivalent Investments (or such payment shall first be duly provided for to the satisfaction of the holders of Senior Debt), before the Lenders shall be entitled to receive any payment by the Company Borrower of any Obligations (other than Junior Securities)Obligations, and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company Borrower of any kind or character, whether in cash, property or securities (other than Junior Securities)securities, to which the Lenders would be entitled except for the provisions of this Section 8 Article V shall be made by the Company Borrower --------- or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, directly to the holders of the Senior Debt of the Company Borrower or their representatives to the extent necessary to pay all of the Senior Debt of the Company Borrower to the holders of such Senior Debt of the CompanyDebt.

Priority and Payment Over of Proceeds in Certain Events. (a) Subordination on Dissolution, Liquidation or Reorganization of the Company. a. Upon any payment or distribution of assets or securities of the Company Company, as the case may be, of any kind or character, whether in cash, property or securities, upon any dissolution or winding up or total or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Obligations with respect to Senior Debt of the Company Indebtedness shall first be indefeasibly paid in full in cash, or payment provided for in cash or Cash Equivalent Investments (or such payment shall first be duly provided for to the satisfaction of the holders of Senior Debt)cash equivalents, before the Lenders Holders or the Trustee on behalf of the Holders shall be entitled to receive any payment of principal of or interest on the Securities or distribution of any assets or securities. Before any payment may be made by the Company of any Obligations (other than Junior Securities)the principal of or interest on the Securities pursuant to the provisions of the previous sentence, and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities (other than Junior Securities)securities, to which the Lenders Holders or the Trustee on their behalf would be entitled entitled, except for the provisions of this Section 8 Article XII, shall be made by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person person making such payment or distribution, directly to the holders of the Senior Debt of the Company Indebtedness or their representatives to the extent necessary to pay all of the such Senior Debt of the Company Indebtedness in full after giving effect to any concurrent payment or distribution to the holders of such Senior Debt of the CompanyIndebtedness.

Priority and Payment Over of Proceeds in Certain Events. (a) Subordination on Dissolution, Liquidation or Reorganization of the Company. Upon any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities, upon any dissolution or winding up or total or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Senior Debt Indebtedness of the Company (including any interest accruing subsequent to an event specified in Section 7.6 or 7.7 whether or not such interest is an allowed claim enforceable against the Company) shall first be indefeasibly paid in full in cash or Cash Equivalent Investments (or such payment shall first be duly provided for to the satisfaction of the holders of Senior Debt)Equivalents, before the Lenders shall be entitled to receive any payment by the Company in respect of any Obligations (other than Junior Securities), and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities (other than Junior Securities)securities, to which the Lenders would be entitled except for the provisions of this Section 8 shall be made by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, directly to the holders of the Senior Debt Indebtedness of the Company or their representatives to the extent necessary to pay all of the Senior Debt Indebtedness of the Company to the holders of such Senior Debt Indebtedness of the Company.

Priority and Payment Over of Proceeds in Certain Events. (a) Subordination on Dissolution, Liquidation or Reorganization of the CompanyBorrower. Upon any payment or distribution of assets or securities of the Company Borrower of any kind or character, whether in cash, property or securities, upon any dissolution or winding up or total or partial liquidation or reorganization of the CompanyBorrower, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Senior Debt of the Company Borrower shall first be indefeasibly paid in full in cash or Cash Equivalent Investments (or such payment shall first be duly provided for to the satisfaction of the holders of Senior Debt), before the Lenders shall be entitled to receive any payment by the Company Borrower of any Obligations (other than Junior Securities)Obligations, and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company Borrower of any kind or character, whether in cash, property or securities (other than Junior Securities)securities, to which the Lenders would be entitled except for the provisions of this Section 8 Article V shall be made by the Company Borrower or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, directly to the holders of the Senior Debt of the Company Borrower or their representatives to the extent necessary to pay all of the Senior Debt of the Company Borrower to the holders of such Senior Debt of the CompanyDebt.