Common use of Bankruptcy Limitations Clause in Contracts

Bankruptcy Limitations. The Trust Depositor shall not, without the affirmative vote of a majority of the members of the Board of Directors of the Trust Depositor (which must include the affirmative vote of at least two duly appointed Independent directors) (A) dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated bankrupt or insolvent, (B) consent to the institution of bankruptcy or insolvency proceedings against it, (C) file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the corporation or a substantial part of its property, (E) make a general assignment for the benefit of creditors, (F) admit in writing its inability to pay its debts generally as they become due, or (G) take any corporate action in furtherance of the actions set forth in clauses (A) through (F) above; provided, however, that no director may be required by any shareholder of the Trust Depositor to consent to the institution of bankruptcy or insolvency proceedings against the Trust Depositor so long as it is Solvent.

Bankruptcy Limitations. The Trust Depositor shall not, without the affirmative vote of a majority of the members of the Board of Directors of the Trust Depositor (which must include the affirmative vote of at least two duly appointed Independent directors) (A) dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated bankrupt or insolvent, (B) consent to the institution of bankruptcy or insolvency proceedings against it, (C) file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the corporation or a substantial part of its property, (E) make a general assignment for the benefit of creditors, (F) admit in writing its inability to pay its debts generally as they become due, or (G) take any corporate action in furtherance of the actions set forth in clauses (A) through (F) above; providedPROVIDED, howeverHOWEVER, that no director may be required by any shareholder of the Trust Depositor to consent to the institution of bankruptcy or insolvency proceedings against the Trust Depositor so long as it is Solvent.

Bankruptcy Limitations. The Trust Depositor shall not, without the affirmative vote of a majority of the members of the Board of Directors managers of the Trust Depositor (which must include the affirmative vote of at least two (2) duly appointed Independent directorsmanagers) (Aa) dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated bankrupt or insolvent, (Bb) consent to the institution of bankruptcy or insolvency proceedings against it, (Cc) file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy, (Dd) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the corporation limited liability company or a substantial part of its property, (Ee) make a general assignment for the benefit of creditors, (Ff) admit in writing its inability to pay its debts generally as they become due, or (Gg) take any corporate limited liability company action in furtherance of the actions set forth in clauses (Aa) through (Ff) above; provided, however, that no director manager may be required by any shareholder member of the Trust Depositor to consent to the institution of bankruptcy or insolvency proceedings against the Trust Depositor so long as it is Solvent.

Bankruptcy Limitations. The Trust Depositor shall not, without the affirmative vote of a majority of the members of the Board of Directors managers of the Trust Depositor (which must include the affirmative vote of at least two (2) duly appointed Independent directorsmanagers) (A) dissolve or liquidate, in whole or in part, or institute proceedings to be adjudicated bankrupt or insolvent, (B) consent to the institution of bankruptcy or insolvency proceedings against it, (C) file a petition seeking or consent to reorganization or relief under any applicable federal or state law relating to bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the corporation limited liability company or a substantial part of its property, (E) make a general assignment for the benefit of creditors, (F) admit in writing its inability to pay its debts generally as they become due, or (G) take any corporate limited liability company action in furtherance of the actions set forth in clauses (A) through (F) above; provided, however, that no director manager may be required by any shareholder member of the Trust Depositor to consent to the institution of bankruptcy or insolvency proceedings against the Trust Depositor so long as it is Solvent.