Common use of Subordination Upon Distribution of Assets Clause in Contracts

Subordination Upon Distribution of Assets. Upon any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding-up or total or partial liquidation or reorganization of the Company whether voluntary or involuntary, or in bankruptcy, insolvency, receivership or other proceedings or pursuant to any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Company (any such event is referred to herein as a "Bankruptcy"), all Senior Indebtedness shall first be paid in full in cash before any payment is made on account of this Subordinated Note, or to acquire this Subordinated Note for cash or property and any such payment or distribution which otherwise would be payable or deliverable upon or with respect to this Subordinated Note shall be paid or delivered directly to the holder of the Senior Indebtedness for application to the payment or prepayment of the Senior Indebtedness until the Senior Indebtedness shall have been paid in full in cash.