Common use of Bankruptcy No Discharge; Repayments Clause in Contracts

Bankruptcy No Discharge; Repayments. So long as any of the Guaranteed Obligations shall be owing to the LHC, the Guarantors shall not, without the prior written consent of the LHC, as applicable, commence or join with any other party in commencing any bankruptcy, reorganization or insolvency proceedings of or against the Borrower or any general partner/managing member. Each Guarantor understands and acknowledges that by virtue of this Guaranty, the Guarantor has specifically assumed any and all risks of a bankruptcy or reorganization case or proceeding with respect the Borrower and any general partner/managing member. As an example and not in any way of limitation, a subsequent modification of the Guaranteed Obligations in any reorganization case concerning the Borrower or any general partner/managing member shall not affect the obligation of the Guarantor to pay and perform the Guaranteed Obligations in accordance with their respective original terms. If a claim is ever made upon the LHC for repayment of any amount or amounts received by the LHC in payment of the Guaranteed Obligations (whether or not all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by the LHC) and the LHC repays all or any part of said amount, then, notwithstanding any revocation or termination of this Guaranty or the cancellation of any other instrument evidencing the Guaranteed Obligations, each Guarantor shall be and remain liable to the LHC for the amount so repaid by the LHC, to the same extent as if such amount had never originally been received by the LHC.

Bankruptcy No Discharge; Repayments. So long as any of the Guaranteed Obligations guaranteed obligations shall be owing to the LHC, the Guarantors shall not, without the prior written consent of the LHC, as applicable, commence or join with any other party in commencing any bankruptcy, reorganization or insolvency proceedings of or against the Borrower or any general partner/managing member. Each Guarantor understands and acknowledges that by virtue of this Guaranty, the Guarantor has specifically assumed any and all risks of a bankruptcy or reorganization case or proceeding with respect the Borrower and any general partner/managing member. As an example and not in any way of limitation, a subsequent modification of the Guaranteed Obligations guaranteed obligations in any reorganization case concerning the Borrower or any general partner/managing member shall not affect the obligation of the Guarantor to pay and perform the Guaranteed Obligations guaranteed obligations in accordance with their respective original terms. If a claim is ever made upon the LHC for repayment of any amount or amounts received by the LHC in payment of the Guaranteed Obligations obligations under this Guaranty (whether or not all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by the LHC) and the LHC repays all or any part of said amount, then, notwithstanding any revocation or termination of this Guaranty or the cancellation of any other instrument evidencing the Guaranteed Obligationsguaranteed obligations, each Guarantor shall be and remain liable to the LHC for the amount so repaid by the LHC, to the same extent as if such amount had never originally been received by the LHC.

Bankruptcy No Discharge; Repayments. So long as any of the Guaranteed Obligations shall be owing to the LHC, the Guarantors shall not, without the prior written consent of the LHC, as applicable, commence or join with any other party in commencing any bankruptcy, reorganization or insolvency proceedings of or against the Borrower or any general partner/managing member. Each Guarantor understands and acknowledges that by virtue of this Guaranty, the Guarantor has specifically assumed any and all risks of a bankruptcy or reorganization case or proceeding with respect the Borrower and any general partner/managing member. As an example and not in any way of limitation, a subsequent modification of the Guaranteed Obligations in any reorganization case concerning the Borrower or any general partner/managing member shall not affect the obligation of the Guarantor to pay and perform the Guaranteed Obligations in accordance with their respective original terms. If a claim is ever made upon the LHC for repayment of any amount or amounts received by the LHC in payment of the Guaranteed Obligations under this Guaranty (whether or not all or any part of such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by the LHC) and the LHC repays all or any part of said amount, then, notwithstanding any revocation or termination of this Guaranty or the cancellation of any other instrument evidencing the Guaranteed Obligations, each Guarantor shall be and remain liable to the LHC for the amount so repaid by the LHC, to the same extent as if such amount had never originally been received by the LHC.