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 Borrower. Upon any payment or distribution of assets or securities of the 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 Borrower, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Senior Debt of the Borrower shall first be indefeasibly paid in full (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 Borrower of any Obligations, and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Borrower of any kind or character, whether in cash, property or securities, to which the Lenders would be entitled except for the provisions of this Article V shall be made by the 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 Borrower or their representatives to the extent necessary to pay all of the Senior Debt of the Borrower to the holders of such Senior Debt.

Priority and Payment Over of Proceeds in Certain Events. (a) Subordination on Dissolution, Liquidation or Reorganization of the Borrower. Upon any payment or distribution of assets or securities of the Borrower 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 BorrowerCompany, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Obligations with respect to Senior Debt of the Borrower Indebtedness shall first be indefeasibly paid in full (in cash, or such payment shall first be duly provided for to the satisfaction of the holders of Senior Debt)in cash or 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 Borrower Company of any Obligationsthe 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 Borrower Company of any kind or character, whether in cash, property or securities, to which the Lenders Holders or the Trustee on their behalf would be entitled entitled, except for the provisions of this Article V X, shall be made by the Borrower --------- 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 Borrower Indebtedness or their representatives to the extent necessary to pay all of the such Senior Debt of the Borrower Indebtedness in full after giving effect to any concurrent payment or distribution to the holders of such Senior DebtIndebtedness.

Priority and Payment Over of Proceeds in Certain Events. (a) Subordination on Dissolution, Liquidation or Reorganization of the Borrower. Upon any payment or distribution of assets or securities of the Borrower 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 BorrowerCompany, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Obligations with respect to Senior Debt of the Borrower Indebtedness shall first be indefeasibly paid in full (in cash, or such payment shall first be duly provided for to the satisfaction of the holders of Senior Debt)in cash or 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 Borrower Company of any Obligationsthe 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 Borrower Company of any kind or character, whether in cash, property or securities, to which the Lenders Holders or the trustee on their behalf would be entitled entitled, except for the provisions of this Article V X, shall be made by the Borrower --------- 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 Borrower Indebtedness or their representatives Representatives to the extent necessary to pay all of the such Senior Debt of the Borrower Indebtedness in full after giving effect to any concurrent payment or distribution to the holders of such Senior DebtIndebtedness.

Priority and Payment Over of Proceeds in Certain Events. (a) Subordination on Dissolution, Liquidation or Reorganization of the Borrower. Upon any payment or distribution of assets or securities of the 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 Borrower, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all Senior Debt of the Borrower shall first be indefeasibly paid in full (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 Borrower of any Obligations, and upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Borrower of any kind or character, whether in cash, property or securities, to which the Lenders would be entitled except for the provisions of this Article V shall be made by the 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 Borrower or their representatives to the extent necessary to pay all of the Senior Debt of the Borrower to the holders of such Senior Debt.