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. 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. 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. 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: 1. Lender shall be entitled to the immediate termination of the automatic stay to enable it to exercise any and all of its rights and remedies under the Credit Agreement, the other Loan Documents, this Agreement, and applicable law; 2. Lender shall be entitled to the immediate dismissal of any such case pursuant to section 305(a)(1) of the Bankruptcy Code (with all attorneys’ fees and expenses attendant thereto), and Xxxxxx agrees that such dismissal will be in the interests of each Credit Party, their respective Affiliates, and each of their respective creditors; and 3. Xxxxxx shall be entitled to the immediate dismissal of any such case pursuant to section 1112(b) of the Bankruptcy Code for cause, and each Credit Party agrees that the filing of such a case shall be deemed per se to have been commenced in bad faith and solely for the improper purpose of impeding Lender in the exercise of its rights and remedies with attendant unnecessary delay and expense. 4. Upon the filing of any motion or other pleading or the taking of any other action by Lender in any bankruptcy case of any Credit Party for relief from the automatic stay or for a modification or lifting of the automatic stay or any stay otherwise provided for by applicable law as it relates to Lender and affects its rights and remedies against any Credit Party or the Collateral, no Credit Party shall in any manner whatsoever oppose or object (or request or cause any other party to oppose or obj...

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.

Related to Bankruptcy/Insolvency Proceedings

Insolvency Proceedings In case there shall be pending, relative to the Borrower or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Borrower, its property or such other obligor or Person, or in case of any other comparable judicial proceedings relative to the Borrower or other obligor upon the Notes, or to the creditors of property of the Borrower or such other obligor, the Collateral Agent irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered but without any obligation, subject to Section 13.9(a), by intervention in such proceedings or otherwise: (a) to file and prove a claim or claims for the whole amount of principal and Interest owing and unpaid in respect of the Notes, all other amounts owing to the Lenders and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent (including any claim for reimbursement of all expenses (including the fees and expenses of counsel) and liabilities incurred, and all advances, if any, made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own gross negligence or willful misconduct) and of each of the other Secured Parties allowed in such proceedings; (b) unless prohibited by Applicable Law and regulations, to vote (with the consent of the Agent) on behalf of the holders of the Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; (c) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Secured Parties on their behalf; and (d) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Collateral Agent or the Secured Parties allowed in any judicial proceedings relative to the Borrower, its creditors and its property; and any trustee, receiver, liquidator, collateral agent or trustee or other similar official in any such proceeding is hereby authorized by each of such Secured Parties to make payments to the Collateral Agent and, in the event that the Collateral Agent shall consent to the making of payments directly to such Secured Parties, to pay to the Collateral Agent such amounts as shall be sufficient to cover all reasonable expenses and liabilities incurred, and all advances made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own negligence or willful misconduct.
No Insolvency Proceedings No attachments, execution proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings are pending, or to the Company’s Knowledge, threatened against the Company or any of the Company Subsidiaries, nor are any such proceedings contemplated by the Company or any of the Company Subsidiaries.
Insolvency Proceedings, Etc Any Loan Party or any of its Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or
Bankruptcy; Insolvency The Lessee agrees that in the event all or a substantial portion of the Lessee’s assets are placed in the hands of a receiver or a Trustee, and such status continues for a period of 30 days, or should the Lessee make an assignment for the benefit of creditors or be adjudicated bankrupt; or should the Lessee institute any proceedings under the bankruptcy act or any amendment thereto, then such Lease or interest in and to the leased Premises shall not become an asset in any such proceedings and, in such event, and in addition to any and all other remedies of the Lessor hereunder or by law provided, it shall be lawful for the Lessor to declare the term hereof ended and to re-enter the leased land and take possession thereof and all improvements thereon and to remove all persons therefrom and the Lessee shall have no further claim thereon.
Bankruptcy Proceedings The commencement of any proceedings by or against Guarantor under any applicable bankruptcy, reorganization, liquidation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, trustee or other similar official is sought to be appointed for it;
Voluntary Bankruptcy or Insolvency Proceedings The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or
Involuntary Bankruptcy or Insolvency Proceedings Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.
Bankruptcy, Insolvency or Reorganization Proceedings If an Event of Default specified under Section 9.1.12 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and
Bankruptcy, Insolvency, etc The Borrower or any of the Principal Subsidiaries (or any of its other Subsidiaries to the extent that the relevant event described below would have a Material Adverse Effect) shall: (a) generally fail to pay, or admit in writing its inability to pay, its debts as they become due; (b) apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for it or any of its property, or make a general assignment for the benefit of creditors; (c) in the absence of such application, consent or acquiescence, permit or suffer to exist the appointment of a trustee, receiver, sequestrator or other custodian for it or for a substantial part of its property, and such trustee, receiver, sequestrator or other custodian shall not be discharged within 30 days, provided that the Borrower hereby expressly authorizes the Administrative Agent and each Lender to appear in any court conducting any relevant proceeding during such 30-day period to preserve, protect and defend their respective rights under the Loan Documents; (d) permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Borrower or any of such Subsidiaries, and, if any such case or proceeding is not commenced by the Borrower or such Subsidiary, such case or proceeding shall be consented to or acquiesced in by the Borrower or such Subsidiary or shall result in the entry of an order for relief or shall remain for 30 days undismissed, provided that the Borrower hereby expressly authorizes the Administrative Agent and each Lender to appear in any court conducting any such case or proceeding during such 30-day period to preserve, protect and defend their respective rights under the Loan Documents; or (e) take any corporate action authorizing, or in furtherance of, any of the foregoing.
No Bankruptcy Proceedings No Person shall have commenced a proceeding against the Company pursuant to or within the meaning of any Bankruptcy Law. The Company shall not have, pursuant to or within the meaning of any Bankruptcy Law, (a) commenced a voluntary case, (b) consented to the entry of an order for relief against it in an involuntary case, (c) consented to the appointment of a Custodian of the Company or for all or substantially all of its property, or (d) made a general assignment for the benefit of its creditors. A court of competent jurisdiction shall not have entered an order or decree under any Bankruptcy Law that (I) is for relief against the Company in an involuntary case, (II) appoints a Custodian of the Company or for all or substantially all of its property, or (III) orders the liquidation of the Company or any of its Subsidiaries.

Bankruptcy/Insolvency Proceedings Sample Clauses

Filter & Search

Related Clauses

Parent Clauses

Sub-Clauses

Related to Bankruptcy/Insolvency Proceedings