Bankruptcy/Insolvency Proceedings. Until ninety-one (91) days following the satisfaction in full of the Senior Mortgage, Agent hereby covenants and agrees that it will not acquiesce, or petition or otherwise invoke the process of the United States of America, any state or other political subdivision thereof or any other jurisdiction, or of any entity exercising executive, legislative, judicial, regulatory or administrate functions of government for the purpose of commencing or sustaining a case against Mortgagor under any Insolvency Proceeding. In the event of any Proceeding with respect to Mortgagor or any significant part of Mortgagor’s properties or assets, the Senior Mortgage shall be paid in full in cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made on account of this Mortgage. Agent further agrees that it shall not object to any request or motion by Park for an order establishing that proceeds, product, offspring, rents and profits of the Property constitute cash collateral under §363 of the Bankruptcy Code (“Cash Collateral”) and Agent hereby consents to any application by Park to have such Cash Collateral applied to the payment of the Senior Mortgage debt prior to the application of any such sums to this Mortgage until the Senior Mortgage debt is paid in full.
Bankruptcy/Insolvency Proceedings. The Company has not taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor does the Company have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor to do so.
Bankruptcy/Insolvency Proceedings. Except as otherwise provided by applicable law, 1) any duty or liability of Compost, under and pursuant to this Guaranty, shall not be affected by the liquidation, readjustment, reorganization, receivership, bankruptcy, other insolvency proceeding, or otherwise, of Miami and/or Bedminster, or the acceptance of any settlement or composition offered or paid by Miami or Bedminster pursuant to any such liquidation, readjustment, reorganization, receivership, bankruptcy, other insolvency proceeding, or otherwise, and 2) any duty or liability of Miami, under and pursuant to this Guaranty, shall not be affected by the liquidation, readjustment, reorganization, receivership, bankruptcy, other insolvency proceeding, or otherwise, of Compost and/or Bedminster, or the acceptance of any settlement or composition offered or paid by Compost or Bedminster, pursuant to any such liquidation, readjustment, reorganization, receivership, bankruptcy, other insolvency proceeding, or otherwise.
Bankruptcy/Insolvency Proceedings. No Seller has filed any petition in bankruptcy or commenced any other insolvency proceedings or proceedings for reorganization or for the appointment of a receiver or trustee for all or any substantial part of its property, nor has any Seller made any general assignment for the benefit of its creditors, or entered into an arrangement with its creditors, or filed a petition for an arrangement with its creditors, or otherwise admitted in writing its inability to pay its debts as they become due.
Bankruptcy/Insolvency Proceedings. In consideration of Lender entering into this Agreement, and for other good and valuable consideration, each Credit Party hereby agrees that if any Credit Party (i) has an order for relief entered, or has an involuntary petition filed against it, in a case under the Bankruptcy Code, (ii) files or is the subject of any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the Bankruptcy Code or any other applicable federal or state law relating to bankruptcy, insolvency, or other debtor relief, or (iii) seeks or consents to the appointment of any trustee, receiver, conservator, or liquidator, then Lender shall be immediately and absolutely entitled to, and each Credit Party hereby consents to, the following relief, whether singly, alternatively or cumulatively, and no Credit Party shall assert or request or cause any other Person to assert that any automatic stay operate to stay, condition, reduce or inhibit the following rights of Lender:
