Common use of Priority of Payment Clause in Contracts

Priority of Payment. The Holders of Guaranteed Obligations shall be entitled to receive payment of all amounts due or to become due on or in respect of the Guaranteed Obligations (including all Post-Petition Interest and Expense Claims), in full and in cash, before any Guarantor is entitled to receive any payment or distribution of any kind or character, whether in cash, property or securities or otherwise, on account of any of the Subordinated Liabilities; and

Priority of Payment. The Holders of Guaranteed Obligations shall be entitled to receive payment of all amounts due or to become due on or in respect of the Guaranteed Obligations (including all Post-Petition Interest and Expense Claims), in full and in cash, before any the Guarantor is entitled to receive any payment or distribution of any kind or character, whether in cash, property or securities or otherwise, on account of any of the Subordinated Liabilities; and