Common use of Subordination Upon Any Distribution of Assets of the Borrower Clause in Contracts

Subordination Upon Any Distribution of Assets of the Borrower. In the event of any payment or distribution of assets of the Borrower of any kind or character, whether in cash, property, or securities, upon the dissolution, winding up, or total or partial liquidation or reorganization, readjustment, arrangement, or similar proceeding relating to the Borrower or its property, whether voluntary or involuntary, or in bankruptcy, insolvency, receivership, arrangement, or similar proceedings or upon an assignment for the benefit of creditors, or upon any other marshaling or composition of the assets and liabilities of the Borrower, or otherwise (such events, collectively, the “Insolvency Events”): (i) all amounts owing on account of the Senior Debt shall first be paid in full in cash or payment provided for in cash or in cash equivalents, before any Subordinated Debt Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which a Subordinated Party would be entitled except for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating agent making such payment or distribution directly to Senior Lender for application to the payment of the Senior Debt in accordance with clause (i), after giving effect to any concurrent payment or distribution or provision therefor to the Senior Lender in respect of such Senior Debt; provided however, notwithstanding an Insolvency Event, the holders of Subordinated Debt may receive Permitted Junior Securities.

Subordination Upon Any Distribution of Assets of the Borrower. In the event of any payment or distribution of assets of the Borrower of any kind or character, whether in cash, property, property or securities, upon the dissolution, winding up, up or total or partial liquidation or reorganization, readjustment, arrangement, arrangement or similar proceeding relating to the Borrower or its property, whether voluntary or involuntary, involuntary or in bankruptcy, insolvency, receivership, arrangement, arrangement or similar proceedings or upon an assignment for the benefit of creditors, or upon any other marshaling marshalling or composition of the assets and liabilities of the Borrower, or otherwise (such events, collectively, the “"Insolvency Events”): "): (i) all amounts owing on account of the Senior Debt shall first be paid in full in cash cash, or payment provided for in cash or in cash equivalents, for application in accordance with the Intercreditor Agreement, before any Subordinated Debt Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which a Subordinated Party the Creditor would be entitled except for the provisions hereof, hereof shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, creditors or other liquidating agent making such payment or distribution distribution, as applicable, directly to the Collateral Agent (on behalf of the Senior Lender Lenders) for application to the payment of the Senior Debt in accordance with clause (i), after giving effect to any concurrent payment or distribution or provision therefor to the Collateral Agent or the Senior Lender Lenders in respect of such Senior Debt; provided however, notwithstanding an Insolvency Event, the holders of Subordinated Debt may receive Permitted Junior Securities.

Subordination Upon Any Distribution of Assets of the Borrower. In the event of any payment or distribution of assets of the Borrower of any kind or character, whether in cash, property, property or securities, upon the dissolution, winding up, up or total or partial liquidation or reorganization, readjustment, arrangement, arrangement or similar proceeding relating to the Borrower or its property, whether voluntary or involuntary, involuntary or in bankruptcy, insolvency, receivership, arrangement, arrangement or similar proceedings or upon an assignment for the benefit of creditors, or upon any other marshaling marshalling or composition of the assets and liabilities of the Borrower, or otherwise (such events, collectively, the “"Insolvency Events”"): (i) all amounts owing on account of the Senior Debt shall first be paid in full in cash cash, or payment provided for in cash or in cash equivalents, for application in accordance with the Intercreditor Agreement, before any Subordinated Debt Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which a Subordinated Party the Creditor would be entitled except for the provisions hereof, hereof shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, creditors or other liquidating agent making such payment or distribution distribution, as applicable, directly to the Collateral Agent (on behalf of the Senior Lender Lenders) for application to the payment of the Senior Debt in accordance with clause (i), after giving effect to any concurrent payment or distribution or provision therefor to the Collateral Agent or the Senior Lender Lenders in respect of such Senior Debt; provided however, notwithstanding an Insolvency Event, the holders of Subordinated Debt may receive Permitted Junior Securities.

Subordination Upon Any Distribution of Assets of the Borrower. In the event of any payment or distribution of assets of the Borrower of any kind or character, whether in cash, property, or securities, upon the dissolution, winding up, or total or partial liquidation or reorganization, readjustment, arrangement, or similar proceeding relating to the Borrower or its property, whether voluntary or involuntary, or in bankruptcy, insolvency, receivership, arrangement, or similar proceedings or upon an assignment for the benefit of creditors, or upon any other marshaling or composition of the assets and liabilities of the Borrower, or otherwise (such events, collectively, the “Insolvency Events”): (i) all amounts owing on account of the Senior Debt shall first be paid in full in cash or payment provided for in cash or in cash equivalents, before any Subordinated Debt Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which a Subordinated Party would be entitled except for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating agent making such payment or distribution directly to Senior Lender for application to the payment of the Senior Debt in accordance with clause (i), after giving effect to any concurrent payment or distribution or provision therefor to the Senior Lender in respect of such Senior Debt; provided however, notwithstanding an Insolvency Event, the holders of Subordinated Debt may receive Permitted Junior Securities.

Subordination Upon Any Distribution of Assets of the Borrower. In the event of any payment or distribution of assets of the Borrower of any kind or character, whether in cash, property, property or securities, upon the dissolution, winding up, up or total or partial liquidation or reorganization, readjustment, arrangement, arrangement or similar proceeding relating to the Borrower or its property, whether voluntary or involuntary, involuntary or in bankruptcy, insolvency, receivership, arrangement, arrangement or similar proceedings or upon an assignment for the benefit of creditors, or upon any other marshaling marshalling or composition of the assets and liabilities of the Borrower, or otherwise (such events, collectively, the “"Insolvency Events”): "): (i) all amounts owing on account of the Senior Debt shall first be indefeasibly paid in full in cash cash, or payment provided for in cash or in cash equivalents, before any Subordinated Debt Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which a Subordinated Party the Creditor would be entitled except for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, creditors or other liquidating agent making such payment or distribution directly to Senior Lender the Agent (on behalf of the Banks) for application to the payment of the Senior Debt in accordance with clause (i), after giving effect to any concurrent payment or distribution or provision therefor to the Senior Lender Agent or the Banks in respect of such Senior Debt; provided however, notwithstanding an Insolvency Event, the holders of Subordinated Debt may receive Permitted Junior Securities.