Common use of Business Failure, Bankruptcy or Insolvency Clause in Contracts

Business Failure, Bankruptcy or Insolvency. In the event of the business failure of Guarantor or if there shall be pending any bankruptcy or insolvency case or proceeding with respect to Guarantor under federal bankruptcy law or any other applicable law or in connection with the insolvency of Guarantor, or if a liquidator, receiver, or trustee shall have been appointed for Guarantor or Guarantor’s properties or assets, Agent may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of Lenders allowed in any proceedings relative to Guarantor, or any of Guarantor’s properties or assets, and, irrespective of whether the Borrower Obligations shall then be due and payable, by declaration or otherwise, Agent shall be entitled and empowered to file and prove a claim for the whole amount of any sums or sums owing with respect to the Borrower Obligations, and to collect and receive any moneys or other property payable or deliverable on any such claim.

Business Failure, Bankruptcy or Insolvency. In the event of the business failure of Guarantor or if there shall be pending any bankruptcy or insolvency case or proceeding with respect to Guarantor under federal bankruptcy law or any other applicable law or in connection with the insolvency of Guarantor, or if a liquidator, receiver, or trustee shall have been appointed for Guarantor or Guarantor’s 's properties or assets, Agent may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of Lenders Agent allowed in any proceedings relative to Guarantor, or any of Guarantor’s 's properties or assets, and, irrespective of whether the indebtedness or other obligations of Borrower Obligations guaranteed hereby shall then be due and payable, by declaration or otherwise, Agent shall be entitled and empowered to file and prove a claim for the whole amount of any sums or sums owing with respect to the indebtedness or other obligations of Borrower Obligationsguaranteed hereby, and to collect and receive any moneys or other property payable or deliverable on any such claim.

Business Failure, Bankruptcy or Insolvency. In the event of the business failure of Guarantor or if there shall be pending any bankruptcy or insolvency case or proceeding with respect to Guarantor under federal bankruptcy law or any other applicable law or in connection with the insolvency of Guarantor, or if a liquidator, receiver, or trustee shall have been appointed for Guarantor or Guarantor’s 's properties or assets, the Agent or any Lender may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Lenders allowed in any proceedings relative to Guarantor, or any of Guarantor’s 's properties or assets, and, irrespective of whether the Borrower Obligations shall then be due and payable, by declaration or otherwise, the Agent or any Lender shall be entitled and empowered to file and prove a claim for the whole amount of any sums or sums owing with respect to the Borrower Obligations, and to collect and receive any moneys or other property payable or deliverable on any such claim.