Common use of Dissolution or Insolvency Clause in Contracts

Dissolution or Insolvency. Upon any distribution of the assets of any Borrower Company or upon any dissolution, winding up, liquidation or reorganization of any Borrower Company, 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 any Borrower Company, or otherwise: (a) the Senior Creditors of such Borrower Company shall first be entitled to receive payment in full in cash of the Senior Obligations of such Borrower Company in accordance with the terms of such Senior Obligations and the Support Documents before any Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Obligations of such Borrower Company, whether as principal, interest or otherwise; and (b) any payment by, or distribution of the assets of, such Borrower Company of any kind or character, whether in cash, property or securities, to which any Subordinated Creditor would be entitled except for the provisions of this Agreement shall be paid or delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Collateral Agent to the extent necessary to make payment in full in cash of all Senior Obligations of such Borrower Company remaining unpaid, after giving effect to any concurrent payment or distribution to the Senior Creditors in respect of the Senior Obligations, to be held and applied by the Collateral Agent as provided in the Collateral Agency and Intercreditor Agreement.

Dissolution or Insolvency. Upon To the extent permitted by applicable law, upon any distribution of the assets of any Borrower Company or upon any dissolution, winding up, liquidation or reorganization of any Borrower Company, 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 any Borrower Company, or otherwise: (a) the Senior Creditors of such Borrower Company shall first be entitled to receive payment in full in cash of the Senior Obligations of such Borrower Company in accordance with the terms of such Senior Obligations and the Support Documents before any Subordinated Creditor shall be entitled to receive any payment on account of the Subordinated Obligations of such Borrower Company, whether as principal, interest or otherwise; and (b) any payment by, or distribution of the assets of, such Borrower Company of any kind or character, whether in cash, property or securities, to which any Subordinated Creditor would be entitled except for the provisions of this Agreement shall be 4 274 paid or delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian or liquidating trustee or otherwise) directly to the Collateral Agent to the extent necessary to make payment in full in cash of all Senior Obligations of such Borrower Company remaining unpaid, after giving effect to any concurrent payment or distribution to the Senior Creditors in respect of the Senior Obligations, to be held and applied by the Collateral Agent as provided in the Collateral Agency and Intercreditor AgreementAgreement .