Common use of Bankruptcy; Insolvency; Dissolution Clause in Contracts

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (i) adjudicating Trustor, or any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, or any guarantor (which term when used in this Deed of Trust shall mean guarantor of payment of the indebtedness) bankrupt or insolvent, (ii) appointing a receiver, trustee or liquidator of the Property or of a substantial part of the property of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor, or any guarantor, or (iii) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Beneficiary or of other creditors of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor or any guarantor; or (B) Trustor, any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (ii) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (iii) admit in writing an inability to pay its debts as they mature, or (iv) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against Trustor, or any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor and the same is not vacated or stayed within 30 days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (i1) adjudicating Trustor, or any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, Mortgagor or any guarantor (which term when used in this Deed of Trust Mortgage shall mean guarantor of payment of the indebtedness) bankrupt or insolvent, (ii2) appointing a receiver, trustee or liquidator of the Property or of a substantial part of the property of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor, Mortgagor or any guarantor, or (iii3) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Beneficiary Mortgagee or of other creditors of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor Mortgagor or any guarantor; or (B) Trustor, any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, Mortgagor shall (i1) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (ii2) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (iii3) admit in writing an inability to pay its debts as they mature, or (iv4) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against TrustorMortgagor and the same is not vacated or stayed within thirty (30) days of the filing date. In the event that the Mortgagor is an entity other than Ag-Chem Equipment Co, or Inc., then the provisions of Paragraph 2.02 shall apply to any person, partnership or corporation holding an ownership interest in Trustor Mortgagor or in any partnership comprising Trustor and the same is not vacated or stayed within 30 days of the filing dateMortgagor.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (i1) adjudicating TrustorMortgagor, or any person, partnership or corporation holding an ownership interest in Trustor Mortgagor or in any partnership comprising TrustorMortgagor, or any guarantor (which term when used in this Deed of Trust Mortgage shall mean guarantor of payment of the indebtedness) bankrupt or insolvent, (ii2) appointing a receiver, trustee or liquidator of the Property or of a substantial part of the property of TrustorMortgagor, or any person, partnership or corporation holding an ownership interest in TrustorMortgagor, or in any partnership comprising TrustorMortgagor, or any guarantor, or (iii3) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Beneficiary Mortgagee or of other creditors of TrustorMortgagor, or any person, partnership or corporation holding an ownership interest in TrustorMortgagor, or in any partnership comprising Trustor Mortgagor, or any guarantor; or (B) TrustorMortgagor, any person, partnership or corporation holding an ownership interest in Trustor Mortgagor or in any partnership comprising TrustorMortgagor, shall (i1) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (ii2) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (iii3) admit in writing an inability to pay its debts as they mature, or (iv4) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against TrustorMortgagor, or any person, partnership or corporation holding an ownership interest in Trustor Mortgagor or in any partnership comprising Trustor Mortgagor and the same is not vacated or stayed within 30 thirty (30) days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (i) adjudicating TrustorMortgagor, or any person, partnership or corporation holding an ownership interest in Trustor Mortgagor or in any partnership or limited liability company comprising TrustorMortgagor, or any guarantor (which term when used in this Deed of Trust Mortgage shall mean guarantor of payment of the indebtedness) bankrupt or insolvent, (ii) appointing a receiver, trustee or liquidator of the Property or of a substantial part of the property of TrustorMortgagor, or any person, partnership partnership, limited liability company or corporation holding an ownership interest in TrustorMortgagor, or in any partnership comprising TrustorMortgagor, or any guarantor, or (iii) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Beneficiary Mortgagee or of other creditors of TrustorMortgagor, or any person, partnership partnership, limited liability company or corporation holding an ownership interest in TrustorMortgagor, or in any partnership or limited liability company comprising Trustor Mortgagor or any guarantor; or (B) TrustorMortgagor, any person, partnership partnership, limited liability company or corporation holding an ownership interest in Trustor Mortgagor or in any partnership comprising TrustorMortgagor, shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (ii) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and in any proceeding under such law, (iii) admit in writing an inability to pay its debts as they mature, or (iv) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against TrustorMortgagor, or any person, partnership partnership, limited liability company or corporation holding an ownership interest in Trustor Mortgagor or in any partnership or limited liability company comprising Trustor Mortgagor and the same is not vacated or stayed within 30 thirty (30) days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) Any court of competent jurisdiction shall sign an order (i) adjudicating Trustor, or any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, or any guarantor (which term when used in this Deed of Trust shall mean guarantor of payment of the indebtedness) bankrupt or insolvent, (ii) appointing a receiver, trustee or liquidator of the Property or of a substantial part of the property of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor, or any guarantor, or (iii) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Beneficiary or of other creditors of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor or any guarantor; or (B) Trustor, any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (ii) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (iii) admit in writing an inability to pay its debts as they mature, or (iv) make a general assignment for the benefit of creditors; or (C) An involuntary petition in bankruptcy is filed against Trustor, or any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor and the same is not vacated or stayed within 30 days of the filing date.

Bankruptcy; Insolvency; Dissolution. (A) A. Any court of competent jurisdiction shall sign an order (i1) adjudicating Trustor, or any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, or any guarantor (which term when used in this Deed of Trust shall mean guarantor of payment of the indebtedness) bankrupt or insolvent, (ii2) appointing a receiver, trustee or liquidator of the Property or of a substantial part of the property of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor, or any guarantor, or (iii3) approving a petition for, or effecting an arrangement in bankruptcy, or any other judicial modification or alteration of the rights of Beneficiary or of other creditors of Trustor, or any person, partnership or corporation holding an ownership interest in Trustor, or in any partnership comprising Trustor or any guarantor; or (B) B. Trustor, any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor, shall (i1) apply for or consent to the appointment of a receiver, trustee or liquidator for it or for any of its property, (ii2) as debtor, file a voluntary petition in bankruptcy, or petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it and any proceeding under such law, (iii3) admit in writing an inability to pay its debts as they mature, or (iv4) make a general assignment for the benefit of creditors; or (C) C. An involuntary petition in bankruptcy is filed against Trustor, or any person, partnership or corporation holding an ownership interest in Trustor or in any partnership comprising Trustor and the same is not vacated or stayed within 30 days of the filing date.