Common use of Bankruptcy of Borrower Clause in Contracts

Bankruptcy of Borrower. Notwithstanding that the Guarantee may have been cancelled under paragraph 3, and/or returned to Guarantor, to the extent Borrower has made any payments to Lenders within the one (1) year period following the date this Guarantee was so cancelled, and Guarantor was obligated under this Guarantee for said payments, the liability of Guarantor hereunder shall at all times continue for the amounts so paid by Borrower to Lenders. If, for any reason (e.g. bankruptcy, or otherwise), Lenders are not permitted to retain the payments so made by Borrower during said one (1) year period, Guarantor shall be liable under this Guarantee for the amount of such payments as if this Guarantee had never been cancelled and Lenders shall be entitled to recover said amount so paid by Borrower within said one (1) year period. Anything in this Guarantee to the contrary notwithstanding, if at any time this Guarantee is to be cancelled under the provisions of paragraph 3, Lenders may retain this Guarantee for a period of one hundred twenty (120) days after the date said Guarantee is to be so cancelled and in the event no bankruptcy petition has been filed by or against Borrower for the one (1) year period following the date the Guarantee is to be cancelled, then, in that event, the Guarantee shall be returned to Guarantor. If, however, a bankruptcy petition has been filed by or against Borrower during the one (1) year period, and Borrower has made payments to Lenders during the one (1) year period, this Guarantee shall not be cancelled and/or returned to Guarantor unless and until a decision by a court of competent jurisdiction, or other agreement has been entered or reached, pursuant to which Lenders shall be entitled to retain all such monies paid during the one (1) year period. If, as set forth above, Lenders are obligated to return to Borrower any monies so paid during the one (1) year period, this Guarantee shall not be cancelled (notwithstanding it being marked "Cancelled" and returned to Guarantor) and Guarantor shall continue to be liable to Lenders for all monies paid during the one (1) year period. If Lenders shall have marked this Guarantee "Cancelled" and/or returned this Guarantee to Guarantor, and under the provisions of this paragraph 4 or paragraph 3, Guarantor has continuing liability to Lenders for certain amounts which Lenders have or are obligated to return to Borrower, then, in such case, Lenders may enforce their rights under this Guarantee upon any copy of this Guarantee notwithstanding the fact that the original of this Guarantee may have been marked "Cancelled" and/or returned to Guarantor.

Bankruptcy of Borrower. Notwithstanding that In any bankruptcy, receivership, or other voluntary or involuntary proceeding, in or out of court, for the Guarantee adjustment of debtor-creditor relationships (each, an “Insolvency Proceeding”) in which the filing of claims is required by law, Guarantor shall file all claims which Guarantor may have been cancelled under paragraph 3against Borrower relating to any indebtedness of Borrower to Guarantor and shall assign to the Lenders all rights of Guarantor thereunder. If Guarantor does not file any such claim, and/or returned the Lenders, as attorney-in-fact for Guarantor, is hereby authorized to Guarantordo so in the name of Guarantor or, in the Lenders’ discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the name of the Lenders’ nominee. The foregoing power of attorney is with full power of substitution and coupled with an interest and cannot be revoked. The Lenders or their nominee shall have the right, in its reasonable discretion, to accept or reject any plan proposed in such Insolvency Proceeding and to take any other action which a party filing a claim is entitled to take. In all such cases, whether in administration, bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to the Lenders the amount payable on such claim and, to the full extent Borrower has made any payments to Lenders within the one (1) year period following the date this Guarantee was so cancelled, and Guarantor was obligated under this Guarantee necessary for said payments, the liability of Guarantor hereunder shall at all times continue for the amounts so paid by Borrower to Lenders. If, for any reason (e.g. bankruptcy, or otherwise), Lenders are not permitted to retain the payments so made by Borrower during said one (1) year periodthat purpose, Guarantor shall be liable under this Guarantee for hereby assigns to the amount Lenders all of Guarantor’s rights to any such payments as if this Guarantee had never been cancelled and Lenders shall be entitled to recover said amount so paid by Borrower within said one (1) year period. Anything in this Guarantee to the contrary notwithstanding, if at any time this Guarantee is to be cancelled under the provisions of paragraph 3, Lenders may retain this Guarantee for a period of one hundred twenty (120) days after the date said Guarantee is to be so cancelled and in the event no bankruptcy petition has been filed by or against Borrower for the one (1) year period following the date the Guarantee is to be cancelled, then, in that event, the Guarantee shall be returned to Guarantor. Ifdistributions; provided, however, a bankruptcy petition has been filed by or against Borrower during the one (1) year period, and Borrower has made payments to Lenders during the one (1) year period, this Guarantee that Guarantor’s obligations hereunder shall not be cancelled and/or returned satisfied except to Guarantor unless and until a decision the extent that the Lenders receive cash by a court reason of competent jurisdictionany such payment or distribution. If the Lenders receive anything hereunder other than cash, or other agreement has been entered or reached, pursuant to which Lenders the same shall be entitled held as collateral for amounts due or to retain all such monies paid during the one (1) year period. If, as set forth above, Lenders are obligated to return to Borrower any monies so paid during the one (1) year period, this Guarantee shall not be cancelled (notwithstanding it being marked "Cancelled" and returned to Guarantor) and Guarantor shall continue to be liable to Lenders for all monies paid during the one (1) year period. If Lenders shall have marked this Guarantee "Cancelled" and/or returned this Guarantee to Guarantor, and under the provisions of this paragraph 4 or paragraph 3, Guarantor has continuing liability to Lenders for certain amounts which Lenders have or are obligated to return to Borrower, then, in such case, Lenders may enforce their rights become due under this Guarantee Guaranty. In the event that acceleration of the time for payment of the Loans is stayed under a debtor relief law, Guarantor’s obligations hereunder shall nonetheless be payable immediately upon any copy demand of this Guarantee notwithstanding the fact that the original of this Guarantee may have been marked "Cancelled" and/or returned to GuarantorLenders.

Bankruptcy of Borrower. Notwithstanding that the Guarantee Guaranty may have been cancelled under paragraph 32, and/or returned to the Guarantor, to the extent the Borrower has made any payments to the Lenders within the one (1) year period following the date this Guarantee Guaranty was so cancelled, and the Guarantor was obligated under this Guarantee Guaranty for said payments, the liability of the Guarantor hereunder shall at all times continue for the amounts so paid by the Borrower to the Lenders. If, for any reason reason, (e.g. bankruptcy, or otherwise), the Lenders are not permitted to retain the payments so made by the Borrower during said one (1) year period, the Guarantor shall be liable under this Guarantee Guaranty for the amount of such payments as if this Guarantee Guaranty had never been cancelled and the Lenders shall be entitled to recover said amount so paid by the Borrower within said one (1) year period. Anything in this Guarantee Guaranty to the contrary notwithstanding, if at any time this Guarantee Guaranty is to be cancelled under the provisions of paragraph 32, the Lenders may retain this Guarantee Guaranty for a period of one hundred twenty (120) days after the date said Guarantee Guaranty is to be so cancelled and in the event no bankruptcy petition has been filed by or against the Borrower for the one (1) year period following the date the Guarantee Guaranty is to be cancelled, then, in that event, the Guarantee Guaranty shall be returned to the Guarantor. If, however, a bankruptcy petition has been filed by or against the Borrower during the one (1) year period, and the Borrower has made payments to the Lenders during the one (1) year period, this Guarantee Guaranty shall not be cancelled and/or returned to the Guarantor unless and until a decision by a court of competent jurisdiction, or other agreement has been entered or reached, pursuant to which the Lenders shall be entitled to retain all such monies paid during the one (1) year period. If, as set forth above, the Lenders are obligated to return to the Borrower any monies so paid during the one (1) year period, this Guarantee Guaranty shall not be cancelled (notwithstanding it being marked "Cancelled" and returned to the Guarantor) and the Guarantor shall continue to be liable to the Lenders for all monies paid during the one (1) year period. If the Lenders shall have marked this Guarantee Guaranty "Cancelled" and/or returned this Guarantee Guaranty to the Guarantor, and under the provisions of this paragraph 4 3 or paragraph 32, the Guarantor has continuing liability to the Lenders for certain amounts which the Lenders have or are obligated to return to the Borrower, then, in such case, the Lenders may enforce their rights under this Guarantee Guaranty upon any copy of this Guarantee Guaranty notwithstanding the fact that the original of this Guarantee Guaranty may have been marked "Cancelled" and/or returned to the Guarantor.

Bankruptcy of Borrower. Notwithstanding that the Guarantee Guaranty may have been cancelled under paragraph 3, and/or returned to the Guarantor, to the extent the Borrower has made any payments to the Lenders within the one (1) year period following the date this Guarantee Guaranty was so cancelled, and the Guarantor was obligated under this Guarantee Guaranty for said payments, the liability of 42 the Guarantor hereunder shall at all times continue for the amounts so paid by the Borrower to the Lenders. If, for any reason reason, (e.g. bankruptcy, or otherwise), the Lenders are not permitted to retain the payments so made by the Borrower during said one (1) year period, the Guarantor shall be liable under this Guarantee Guaranty for the amount of such payments as if this Guarantee Guaranty had never been cancelled and the Lenders shall be entitled to recover said amount so paid by the Borrower within said one (1) year period. Anything in this Guarantee Guaranty to the contrary notwithstanding, if at any time this Guarantee Guaranty is to be cancelled under the provisions of paragraph 3, the Lenders may retain this Guarantee Guaranty for a period of one hundred twenty (120) days after the date said Guarantee Guaranty is to be so cancelled and in the event no bankruptcy petition has been filed by or against the Borrower for the one (1) year period following the date the Guarantee Guaranty is to be cancelled, then, in that event, the Guarantee Guaranty shall be returned to the Guarantor. If, however, a bankruptcy petition has been filed by or against the Borrower during the one (1) year period, and the Borrower has made payments to the Lenders during the one (1) year period, this Guarantee Guaranty shall not be cancelled and/or returned to the Guarantor unless and until a decision by a court of competent jurisdiction, or other agreement has been entered or reached, pursuant to which the Lenders shall be entitled to retain all such monies paid during the one (1) year period. If, as set forth above, the Lenders are obligated to return to the Borrower any monies so paid during the one (1) year period, this Guarantee Guaranty shall not be cancelled (notwithstanding it being marked arked "Cancelled" and returned to the Guarantor) and the Guarantor shall continue to be liable to the Lenders for all monies paid during the one (1) year period. If the Lenders shall have marked this Guarantee Guaranty "Cancelled" and/or returned this Guarantee Guaranty to the Guarantor, and under the provisions of this paragraph 4 or paragraph 3, the Guarantor has continuing liability to the Lenders for certain amounts which the Lenders have or are obligated to return to the Borrower, then, in such case, the Lenders may enforce their rights under this Guarantee Guaranty upon any copy of this Guarantee Guaranty notwithstanding the fact that the original of this Guarantee Guaranty may have been marked "Cancelled" and/or returned to the Guarantor.