Common use of SENIOR CREDITOR’S PRIORITY Clause in Contracts

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower or the proceeds thereof to the creditors of Borrower, or the readjustment of the Senior Debt and the Subordinated Debt of Borrower, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated Debt, or the application of the property of Borrower to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's business, or upon the sale of all or any substantial part of Borrower's property (any of the foregoing being hereinafter referred to as an "Insolvency Event"), then, and in any such event, Senior Creditor shall be entitled to receive payment in cash or other property or securities in the full amount of the allowed claim of the Senior Debt, before Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof:

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower or the proceeds thereof to the creditors of Borrower, or the readjustment of the Senior Debt and the Subordinated Debt of Borrower, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated Debt, or the application of the property of Borrower to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's ’s business, or upon the sale of all or any substantial part of Borrower's ’s property (any of the foregoing being hereinafter referred to as an "“Insolvency Event"”), then, and in any such event, Senior Creditor shall be entitled to receive the payment in cash or other property or securities in the full amount of the allowed claim of the Senior Debt, Debt before Subordinated Creditor Purchasers shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof:

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower or the proceeds thereof to the creditors of Borrower, or the readjustment of the Senior Debt and the Subordinated Debt of Borrower, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated Debt, or the application of the property of Borrower to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's ’s business, or upon the sale of all or any substantial part of Borrower's ’s property (any of the foregoing being hereinafter referred to as an "“Insolvency Event"”), then, and in any such event, each Senior Creditor shall be entitled to receive the payment in cash or in full (other property or securities in the full amount of the allowed claim than contingent indemnity obligations) of the Senior Debt, Debt before Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof:

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower or the proceeds thereof to the creditors of Borrower, or the readjustment of the a Senior Debt and the Subordinated Debt of Borrower, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the a Senior Debt or the Subordinated Debt, or the application of the property of Borrower to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's business, or upon the sale of all or any substantial part of Borrower's property (any of the foregoing being hereinafter referred to as an "Insolvency Event"), then, and in any such event, each Senior Creditor shall be entitled to receive payment in cash or other property or securities in the full amount of the allowed claim of the any Senior Debt, before Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof:

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower or the proceeds thereof to the creditors of Borrower, or the readjustment of the Senior Debt and the Subordinated Debt of Borrower, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated Debt, or the application of the property of Borrower to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's business, or upon the sale of all or any substantial part of Borrower's property (any of the foregoing being hereinafter referred to as an "Insolvency Event"), then, and in any such event, Senior Creditor shall be entitled to receive the payment in cash or other property or securities in the full amount of the allowed claim of the Senior Debt, Debt before Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof:

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower the Loan Parties or the proceeds thereof to the creditors of Borrowerthe Loan Parties, or the readjustment of the Senior Debt and the Subordinated Debt of Borrowerthe Loan Parties, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated Debt, or the application of the property of Borrower the Loan Parties to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's the Loan Parties’ business, or upon the sale of all or any substantial part of Borrower's the Loan Parties’ property (any of the foregoing being hereinafter referred to as an "“Insolvency Event"”), then, and in any such event, Senior Creditor shall be entitled to receive the payment in cash or other property or securities in the full amount of the allowed claim of the Senior Debt, Debt before Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof:

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower or the proceeds thereof to the creditors of Borrower, or the readjustment of the Senior Debt and the Subordinated Debt of BorrowerDebt, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated Debt, or the application of the property of Borrower to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's ’s business, or upon the sale of all or any substantial part of Borrower's ’s property (any of the foregoing being hereinafter referred to as an "“Insolvency Event"”), then, and in any such event, Senior Creditor shall be entitled to receive the indefeasible payment in cash or other property or securities in the full amount of the allowed claim of the Senior Debt, Debt before Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof:

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower the Loan Parties or the proceeds thereof to the creditors of Borrowerthe Loan Parties, or the readjustment of the Senior Debt and the Subordinated Debt of Borrowerthe Loan Parties, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated Debt, or the application of the property of Borrower the Loan Parties to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's the Loan Parties’ business, or upon the sale of all or any substantial part of Borrower's the Loan Parties’ property (any of the foregoing being hereinafter referred to as an "“Insolvency Event"”), then, and in any such event, Senior Creditor Creditors shall be entitled to receive the payment in cash or other property or securities in the full amount of the allowed claim of the Senior Debt, Debt before Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof:

SENIOR CREDITOR’S PRIORITY. In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the property of Borrower or the proceeds thereof to the creditors of Borrower, or the readjustment of the Senior Debt and the Subordinated Debt of Borrower, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding involving the readjustment of all or any part of the Senior Debt or the Subordinated Debt, or the application of the property of Borrower to the payment or liquidation thereof, or upon the dissolution, liquidation, reorganization, or other winding up of Borrower's ’s business, or upon the sale of all or any substantial part of Borrower's ’s property (any of the foregoing being hereinafter referred to as an "“Insolvency Event"”), then, and in any such event, Senior Creditor shall be entitled to receive the payment in cash or other property or securities in the full amount of the allowed claim of the Senior Debt, Debt before Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Debt, and to that end and in furtherance thereof: