Admission of Cause Sample Clauses

Admission of Cause. If: (a) there is filed by or against Borrower or Guarantor a petition or answer or consent seeking relief under the U.S. Bankruptcy Code or any other applicable debtor relief law; (b) Borrower or Guarantor consents to the institution of proceedings thereunder or the filing of such petition or order; (c) Borrower or Guarantor makes an assignment for the benefit of creditors; (d) Borrower or Guarantor fails generally to pay its debts as they come due; (e) there shall be instituted a proceeding for the winding up or liquidation of the affairs of Borrower or Guarantor; or (f) there shall be instituted a proceeding for the appointment of any liquidator, assignee, trustee, sequestrator (or similar official) with respect to Borrower or Guarantor or any portion of their respective properties, then Guarantor hereby stipulates and agrees to the fullest extent permitted by law that, to the extent such stay may be applicable as between Lender and Borrower or Guarantor, this constitutes "Cause" under Section 362(d) of the Bankruptcy Code to lift the automatic stay and Lender shall be entitled, subject to approval of the Bankruptcy Court, and, to the extent court relief from the stay is necessary or deemed advisable by Lender, Guarantor irrevocably consents to relief from, and Guarantor shall not defend against or oppose any motion to lift, any automatic stay imposed by Section 362 of the Bankruptcy Code, or otherwise, to allow Lender to exercise all rights and remedies available to Lender, including foreclosure, as provided in the Loan Documents and as otherwise provided by law, and Guarantor hereby irrevocably waive any right to object to relief from such automatic stay.
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Related to Admission of Cause

  • Admission of Member The Member is deemed admitted as the Member of the Company upon its execution and delivery of this Agreement.

  • Admission of Members Other persons may be admitted as Members from time to time pursuant to the provisions of this Agreement.

  • Admission of Partners 48 12.1 Admission of Successor General Partner........................... 48 12.2 Admission of Additional Limited Partners......................... 48 12.3 Amendment of Agreement and Certificate of Limited Partnership.... 49 ARTICLE 13

  • Admission of Substitute Member A person who acquires the Member’s entire limited liability company interest by transfer or assignment shall be admitted to the Company as a member upon the execution of this Agreement or a counterpart of this Agreement and thereupon shall become the “Member” for purposes of this Agreement.

  • Admission of Substitute Members As to Permitted Transfers, a transferee of Units shall be admitted as a substitute Member provided that such transferee has complied with the following provisions:

  • Admission of Substituted Members Subject to the other provisions of this Article 10 a transferee of a Membership Interest may be admitted to the Company as a substituted Member only upon satisfaction of the conditions set forth in this Section 10.5.

  • Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

  • Nonadmission of Wrongdoing The Parties agree that neither this Agreement nor the furnishing of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by Releasees of wrongdoing or evidence of any liability or unlawful conduct of any kind.

  • Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner.

  • Dissolution of Partnership The Partnership shall be dissolved upon the expiration of its term or the earlier occurrence of any of the following events.

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