Common use of Priority of Senior Indebtedness on Dissolution or Insolvency Clause in Contracts

Priority of Senior Indebtedness on Dissolution or Insolvency. a. Notwithstanding anything contained herein to the contrary, in the event of an Insolvency Proceeding or other similar proceeding (a “Proceeding”) relating to a Credit Party, or any of its property (whether voluntary or involuntary, partial or complete), or any other marshaling of the assets and liabilities of a Credit Party, the Senior Indebtedness shall first be paid in full and a Discharge of Senior Indebtedness must have occurred before any Subordinated Debt Party shall be entitled to receive or retain any payment or distribution, whether in cash, debt securities, Equity Interests, obligations, or other property, and whether or not such payment or distribution is Collateral, proceeds of Collateral, or made on account of Collateral, which may be payable or deliverable in respect of the Subordinated Indebtedness or any Lien on Collateral, in each case whether under a Plan of Reorganization or otherwise.

Priority of Senior Indebtedness on Dissolution or Insolvency. a. Notwithstanding anything contained herein to the contrary, in the event of an Insolvency Proceeding or other similar proceeding (a “Proceeding”) relating to a Credit Party, or any of its property (whether voluntary or involuntary, partial or complete), or any other marshaling of the assets and liabilities of a Credit Party, the Senior Beneficiary Indebtedness shall first be paid in full and a Discharge of Senior Indebtedness must have occurred before any Subordinated Debt Party shall be entitled to receive or retain any payment or distribution, whether in cash, debt securities, Equity Interests, obligations, or other property, and whether or not such payment or distribution is Collateral, proceeds of Collateral, or made on account of Collateral, which may be payable or deliverable in respect of the Subordinated Indebtedness or any Lien on Collateral, in each case whether under a Plan of Reorganization or otherwise.

Priority of Senior Indebtedness on Dissolution or Insolvency. a. Notwithstanding anything contained herein to the contrary, in the event of an Insolvency Proceeding or other similar proceeding (a “Proceeding”) relating to a Credit Party, an Obligor or any of its property (whether voluntary or involuntary, partial or complete), or any other marshaling of the assets and liabilities of a Credit Partyan Obligor, the Senior Beneficiary Indebtedness shall first be paid in full and a Discharge of Senior Indebtedness must have occurred before any Subordinated Debt Party shall be entitled to receive or retain any payment or distribution, whether in cash, debt securities, Equity Interests, obligations, or other property, and whether or not such payment or distribution is Collateral, proceeds of Collateral, or made on account of Collateral, which may be payable or deliverable in respect of the Subordinated Indebtedness or any Lien on Collateral, in each case whether under a Plan of Reorganization or otherwise.