Common use of Bankruptcy of Owner Lessor Clause in Contracts

Bankruptcy of Owner Lessor. Each of the Trust Company, the Lessor Manager and the Owner Lessor hereby agrees severally and as to itself only that it shall not voluntarily take any action that shall, or cause any action to be taken that is intended to, submit the Owner Lessor, as debtor, to any proceeding under any Applicable Law involving bankruptcy, insolvency, reorganization or other laws affecting the rights of creditors generally unless a Lease Event of Default or a Significant Lease Default shall have occurred and be continuing (in which case, if the Lien of the Collateral Trust Indenture shall not have been discharged, the Trust Company or the Owner Lessor shall not take any such action unless the Indenture Trustee shall have given its prior written consent to such action in its sole discretion. COVENANTS OF THE OWNER PARTICIPANT

Bankruptcy of Owner Lessor. Each of the Trust Company, the Lessor Owner Manager and the Owner Lessor hereby agrees severally and as to itself only that it shall not voluntarily take any action that shall, or cause any action to be taken that is intended to, submit the Owner Lessor, as debtor, to any proceeding under any Applicable Requirement of Law involving bankruptcy, insolvency, reorganization or other laws affecting the rights of creditors generally unless a Lease Event of Default or a Significant Lease Default shall have occurred and be continuing (in which case, if the Lien of the Collateral Trust Lease Indenture shall not have been discharged, the Trust Company or the Owner Lessor shall not take any such action unless the Lease Indenture Trustee shall have given its prior written consent to such action in its sole discretion. COVENANTS OF THE OWNER PARTICIPANT).

Bankruptcy of Owner Lessor. Each of the Trust OM Company, the Lessor Owner Manager and the Owner Lessor hereby agrees severally and as to itself only that it shall not voluntarily take any action that shall, or cause any action to be taken that is intended to, submit the Owner Lessor, as debtor, to any proceeding under any Applicable Requirement of Law involving bankruptcy, insolvency, reorganization or other laws affecting the rights of creditors generally unless a Lease Event of Default or a Significant Material Lease Default shall have occurred and be continuing (in which case, if the Lien of the Collateral Trust Lease Indenture shall not have been discharged, the Trust OM Company or the Owner Lessor shall not take any such action unless the Lease Indenture Trustee and the Security Agent shall have given its their prior written consent to such action in its their sole discretion. COVENANTS OF THE OWNER PARTICIPANT).