Common use of Dissolution or Insolvency Clause in Contracts

Dissolution or Insolvency. Parent agrees that upon any distribution of the assets of Wireless or upon any dissolution, winding up, liquidation or reorganization of Wireless, whether in bankruptcy, insolvency, reorganization, arrangement or receivership proceedings or otherwise, or upon any assignment for the benefit of creditors or any other marshaling of the assets and liabilities of Wireless: (a) the Senior Creditors of Wireless shall first be entitled to receive payment in full in a cash of the Senior Obligations in accordance with the terms of such Senior Obligations before Parent shall be entitled to receive any payment on account of the Subordinated Obligations of Wireless, whether as principal, interest or otherwise; and (b) any payment by, or distribution of the assets of, Wireless of any kind or character, whether in cash, property or securities, received by or on behalf of Parent shall be held in trust for the benefit of, and shall be paid over to, the Senior Creditors of Wireless to the extent necessary to make payment in full in cash of all Senior Obligations remaining unpaid, after giving effect to any concurrent payment or distribution to the Senior Creditors in respect of the Senior Obligations.