BORROWERS BANKRUPTCY. Each Borrower expressly agrees that its liability and obligations under the Note and this Agreement shall not in any way be affected by the institution by or against the other Borrower or any other person or entity of any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or any other similar proceedings for relief under any bankruptcy law or similar law for the relief of debtors, or any action taken or not taken by Lender in connection therewith, and that any discharge of either Borrower's joint and several liability pursuant to any such bankruptcy or similar law or other laws shall not discharge or otherwise affect in any way the obligations of the other Borrower under the Note and this Agreement, and that upon or at any time after the institution of any of the above actions, at Lender's sole discretion, the Borrowers' joint and several obligations shall be enforceable against either Borrower that is not itself the subject of such proceedings. Each Borrower expressly waives any right to argue that Lender's enforcement of any remedies against that Borrower is stayed by reason of the pendency of any such proceedings against the other Borrower.
BORROWERS BANKRUPTCY. Upon the occurrence of an Event of Default (as defined in the Loan Agreement), Lender may immediately pursue its rights under this
BORROWERS BANKRUPTCY. Each Borrower agrees that, in the event that any Borrower (i) files, or there is filed against any Borrower, a voluntary or involuntary petition under the Bankruptcy Code, or any other state or federal law seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief, or (ii) seeks or consents to or acquiesces in the appointment of any trustee, receiver, conservator, or liquidator, the Agent and the Lenders shall thereupon be entitled and each Borrower hereby irrevocably consents to immediate relief from any automatic stay imposed by Section 362 of the Bankruptcy Code, or otherwise, on or against the exercise of the rights and remedies otherwise available to Agent or any Lender with respect to the Collateral, as provided in this Agreement and/or the Loan Documents, or any related document(s), and as otherwise provided by law, and each Borrower hereby irrevocably waives its rights to object to such relief. [In this connection, each Borrower acknowledges that, for purposes of Section 362 of the Bankruptcy Code, and any other applicable law, there is no equity in the Collateral, the Collateral is not necessary for an effective reorganization, and Borrowers cannot provide adequate protection of the Agent's and the Lenders' interest in the Collateral.
BORROWERS BANKRUPTCY. In the event Borrower becomes subject to a voluntary or involuntary case under the Bankruptcy Code, TMCC may immediately pursue its rights under this Guaranty, even though TMCC may be stayed from accelerating or collecting the Guarantied Obligations from Borrower.
BORROWERS BANKRUPTCY. Upon the occurrence and during the continuance of an Event of Default (as defined in the Loan Agreement), Agent, for the benefit of the Lenders, may immediately pursue its rights under this Guaranty, even though Agent and Lenders may be stayed from accelerating or collecting the Guaranteed Obligations from Borrowers.
BORROWERS BANKRUPTCY. In the event Borrower becomes subject to a voluntary or involuntary case under the Bankruptcy Code, Creditor may immediately pursue its rights under this Guaranty, even though Creditor may be stayed from accelerating or collecting the Guarantied Obligations from Borrower.
