Subordination on Insolvency. If there occurs any payment, distribution, division or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the assets of any kind or character of the Company or the proceeds thereof, to creditors of the Company, by reason of the liquidation, dissolution or other winding-up of the Company or its businesses or any bankruptcy, reorganisation, receivership or insolvency or similar proceeding or any assignment for the benefit of creditors or there is a marshalling of the assets and liabilities of the Company, or the Company becomes subject to any event mentioned in clause 22.6 (Insolvency proceedings) of the Agreement or a voluntary arrangement, then and in any such event:
2.4.1 the Subordinated Debt shall continue to be subordinated to the Senior Debt;
2.4.2 any payment or distribution of any kind or character and all and any rights in respect thereof, whether in cash, securities or other property which is payable or deliverable upon or with respect to the Subordinated Debt or any part thereof by a liquidator, administrator or receiver (or the equivalent thereof) of the Company or its estate (the “rights”) made to or paid to, or received by the Subordinated Creditor or to which the Subordinated Creditor is entitled shall be held on trust by the Subordinated Creditor for the Lenders and shall forthwith be paid or, as the case may be, transferred or assigned to the Lenders to be applied against the Senior Debt;
2.4.3 if the trust referred to in paragraph 2.4.2 above or paragraph 2.3.4 of Clause 2.3 above fails or cannot be given effect to or if the Subordinated Creditor receives and retains the relevant payment or distribution, the Subordinated Creditor will pay over such rights in the form received to the Facility Agent (acting on behalf of the Lenders) to be applied against the Senior Debt;
2.4.4 the Subordinated Creditor acknowledges the rights of the Facility Agent (acting on behalf of the Lenders) to demand, xxx and prove for, collect and receive every payment or distribution referred to in paragraph 2.4.2 above and give acquittance therefore and to file claims and take such other proceedings, in the Facility Agent’s own name or otherwise, as the Facility Agent may deem necessary or advisable for the enforcement of this Deed; and
2.4.5 the Subordinated Creditor by way of security for its obligations under this Deed irrevocably appoints the Facility Agent to be its attorney in order to enable th...
Subordination on Insolvency. If any of the events set out in Clauses 20.6 (Insolvency) to 20.10 (Analogous proceedings) (inclusive) of the Credit Agreement occurs THEN
(a) the Junior Debt will be subordinate in right of payment to the Senior Debt; (b) the Agent may, and is irrevocably authorised on behalf of the Junior Creditor to, (i) claim, enforce and prove for the Junior Debt, (ii) file claims and proofs, give receipts and take all such proceedings and do all such things as the Agent reasonably sees fit to recover the Junior Debt and (iii) receive all distributions on the Junior Debt for application towards the Senior Debt; (c) if and to the extent that the Agent is not entitled to do any of the foregoing, the Junior Creditor will do so in good time as reasonably directed by the Agent; (d) the Junior Creditor will hold all distributions in cash or in kind received or receivable by it in respect of the Junior Debt from the Company or from any other source in trust for the Finance Parties and will (at the Junior Creditor's expense) pay and transfer the same to the Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full; and (e) the trustee in bankruptcy, liquidator, assignee or other person distributing the assets of the Company or their proceeds is directed to pay distributions on the Junior Debt direct to the Agent for application towards the Senior Debt until the Senior Debt is irrevocably paid in full. The Junior Creditor will give all such notices and do all such things as the Agent may reasonably direct to give effect to this provision.
Subordination on Insolvency. If an Event of Default occurs and is continuing, then:
Subordination on Insolvency. 6.1 Upon the occurrence of an Insolvency Event in relation to the Company, the Intercompany Debts will fully and unconditionally be subordinate in right of payment to any and all claims of the Collateral Agent.
Subordination on Insolvency. 25 8. Enforcement by the Sponsors............................................................ 27
Subordination on Insolvency. (a) Upon any payment or distribution of the assets of the Issuer to creditors upon a total or partial liquidation or a total or partial dissolution of the Issuer or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Issuer or its property:
(1) holders of Senior Indebtedness of the Issuer (including the Senior Securities) shall be entitled to receive payment in full of such Senior Indebtedness before Holders shall be entitled to receive any payment of principal of or interest on the Securities; and
(2) until the Senior Indebtedness of the Issuer is paid in full, any payment or distribution to which Holders would be entitled but for this Section 11.02 (other than payments in respect of a Subordinated Guarantee) shall be made to holders of such Senior Indebtedness or their respective Representatives.
(b) Upon any payment or distribution of the assets of a Subordinated Guarantor to creditors upon a total or partial liquidation or a total or partial dissolution of such Subordinated Guarantor or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to such Subordinated Guarantor or its property:
(1) holders of Senior Indebtedness and Senior Subordinated Indebtedness (including any guarantees of the Senior Securities) of a Subordinated Guarantor shall be entitled to receive payment in full of such Senior Indebtedness and Senior Subordinated Indebtedness before Holders of the Securities shall be entitled to receive any payment in respect of any such Subordinated Guarantee, except that Holders of the Securities may receive Permitted Junior Securities;
(2) the trustee in any bankruptcy, liquidator, administrator, receiver or similar person distributing assets of a Subordinated Guarantor shall be required to turnover any amounts due and unpaid in respect of any Subordinated Guarantee in accordance with Section 11.05; and
(3) the Trustee and any Holders of the Securities receiving a payment or distribution by reason of a proceeding referred to in this Section 11.02(b) shall be required to turnover an amount equal to any such payment or distribution received in respect of such Subordinated Guarantee in accordance with Section 11.05.
(c) This Section 11.02 shall not apply to payments from money or European Government Obligations deposited or with the Trustee, as applicable, for the payment of principal of and interest on, the Securities pursuant to Section 8.01 if the provisions of this Sect...
Subordination on Insolvency. 5.1 Subordination events
(a) In this Clause “Insolvent Obligor” means an Obligor in respect of which any of the events listed below occur (each such event being an “Insolvency Event”):
Subordination on Insolvency. 7.1 If:-
Subordination on Insolvency. If a Default is outstanding THEN
Subordination on Insolvency. 7.1 Subordination Events Until the Senior Discharge Date, if:
7.1.1 any resolution is passed or order made or proceedings commenced for the Winding-up (whether solvent or insolvent) of an Intra-Group Borrower;
